Michael Daly, our ever-affable, rock-star agent on Long Island, is seeing a lot of activity in the western part of Nassau County. The towns of Freeport, Westbury and Mineola are really popular right now, especially with buyers looking in the $275,000 – $375,000 range.
If you’re looking to buy in these communities, Michael says it important to understand sellers are more realistic about pricing than they were three months ago. Right now, it’s not as common to negotiate a big discount off list price:
You can still get a good deal on a home right now, but you’re not going to get seller to come down much. Sellers have dropped their prices to market value and are holding firm. Right now, homes in Nassau County are selling for 95% of list price. If you can afford a $325,000 home, you should be looking in that range, not at $385,000 homes.
Federal & County First-Time Home-Buyer Incentives
A lot of Michael’s clients are buying for the first time and are trying to take advantage of the Federal first-time home-buyer tax credit which is set to expire on November 30th. To qualify, you need to close on your home by that date.
First-time buyers on Long Island should also check out the incentives in Nassau & Suffolk Counties.
- The Nassau County program will provide up to $25,000 towards the down payment or closing costs on single-family homes under $410,000.
- The Suffolk County program will provide up to $14,000 towards the down payment on single-family homes, condos or co-ops under $380,000.
We’d love to hear from anyone who’s taken advantage of these county programs.