Home prices in Nassau, Suffolk seeing huge rise as bidding process hits fever pitch

Real estate agent Andrew Ragusa says buyers are knocking down doors to purchase homes on the Island. In fact, according to the multiple listing services, home prices in Nassau County last month were up 12%, while in Suffolk they rose 18%.

News 12 Staff

Dec 18, 2020, 10:39 PM

Updated 1,275 days ago

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Long Island's housing market is hot, and as more people flock to Nassau and Suffolk, homes are selling for tens of thousands above asking price.
Real estate agent Andrew Ragusa says buyers are knocking down doors to purchase homes on the Island. In fact, according to the Multiple Listing Service, home prices in Nassau County last month were up 12%, while in Suffolk they rose 18%.
"I mean it wasn't like this prior to the pandemic that's for sure," says Ragusa, of REMI Realty.
Marc Levitt is in the process of selling his home. He got multiple offers and settled on a buyer offering $50,000 over the asking price. He says he decided to sell after his three kids moved out and with demand high from people wanting to come to the Island from areas like New York City, he figured now was the time.
The home was on the market for only a few weeks before it sold.
"Out of nowhere, bidding was unreal," says Levitt. "It definitely was the right move financially and for a million other reasons."
What can you do to secure your dream home in this very competitive real estate market? Agents say to be prepared to bring your top offer right off the bat.
"The days of negotiating the price down to try and see what you could pay with the homeowner -- those days are gone," says Ragusa.
Helen Han and her husband Hobin have had a lengthy process of trying to find a home. They are now in contract for a home in Levittown after five other tries that ended in being outbid. They're keeping their fingers crossed.
"As much as we love this house, we are in the process that we are in now. We just want to temper back our any excitement," says Han.


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