The Hamptons real estate market is still strong despite limited inventory, with fine-tuned pricing critical in driving buyer demand. Sales prices have remained intact and buyers can now look at various options without feeling the pressure to move quickly. Buyers are waiting for the market to crash, but sellers are harder to come by due to the benefits of real estate’s value against inflation and super-low borrowing rates. The law of supply and demand is not always applicable, as buyers are not willing to overpay just because inventory is low. The soft rental market may prompt some owners to sell if they don’t rent this summer.
behindthehedges.com, the Hamptons real estate market is still going strong, despite the economic impacts of the COVID-19 pandemic. As Memorial Day weekend marks the unofficial start of summer in the Hamptons, it is the perfect time to check in on the market.
As per the analysis by James Keogh from The Atlantic Team at Douglas Elliman in East Hampton, the market has continued to show strength in transactions, despite limited sale inventory. Keogh believes that fine-tuned sales pricing has been critical in driving continued buyer demand, and that houses priced to perfection are often sold in weeks, sometimes with multiple bids over ask. While sales prices have plateaued, they are certainly not moving down. Keogh encourages clients to list while momentum is still in the seasonal favor, as the good news for buyers is that inventory is starting to come online. For the first time in years, buyers can look around at various options and not feel the pressure to move as quickly.
Kieran Brew from SERHANT in Water Mill describes the market as stubborn, with buyers waiting for the market to crash and sellers thinking it will come roaring back. In this market, sellers are harder to come by as the benefits of real estate’s value against inflation, coupled with super-low borrowing rates, make many unwilling to part with their assets. While buyers still outnumber sellers 5-1, they are not willing to overpay just because inventory is low. Brew believes that the soft rental market might prompt some owners to sell if they do not rent this summer, but rentals are starting to fill up.
Despite the different perspectives, it is clear that the Hamptons real estate market is still in high demand. The Hamptons are still the spot everyone wants to be, and there is nothing wrong with some breathing room for everyone to find their perfect home or upgrade property. As the inventory continues to come online, buyers may have more options to choose from, but it is still important to act fast in a market that is unpredictable.
Consequently, the Hamptons real estate market is still strong, with limited sale inventory and continued buyer demand. Fine-tuned sales pricing has been critical in driving sales, and houses priced to perfection are often sold in weeks, sometimes with multiple bids over ask. While sales prices have plateaued, they are certainly not moving down. Despite the different perspectives on the market, it is clear that the Hamptons are still the spot everyone wants to be, and there is nothing wrong with some breathing room for everyone to find their perfect home or upgrade property. As the inventory continues to come online, buyers may have more options to choose from, but it is still important to act fast in a market that is unpredictable.
