Following Labor Day weekend and Hurricane Ophelia’s persistent rains, Shelter Island displays clear autumnal signs. Trees a little farther west on Long Island showcase tips of leaves turning to vibrant shades of red and orange as a sort of “coming soon attraction” while local farm stands now have a variety of pumpkins, colorful mums, autumn apples, and harvest-time vegetables on display.
The Shelter Island real estate market has gradually transitioned to the changes of the seasons that it experienced prior to the pandemic. Back then, a customer’s focus on purchasing a new property was one of convenience, around central, home-based activities such as holidays, back-to-school schedules, family gatherings and work obligations.
During the pandemic, there was a sense of immediacy to home-buying goals that seems to now be more opportunistic. With limited inventory available, potential buyers who have specific criteria in mind often wait for a listing online that matches these goals before reaching out to a real estate agent or making a physical visit. If a property appeals to multiple customers, competitive offers still abound, with cash buyers often prevailing. Home buyers’ demand currently exceeds the available inventory, resulting in increased competition, which drives up prices. Rebalancing affordability will depend on sufficient available inventory in each category.
While many attribute the inventory shortage to high interest rates, the real estate dynamics are more nuanced. In markets like Shelter Island where second homes buyers are prevalent, individuals frequently shift between homes within the area, be it for upsizing, downsizing, or just a change. Some homeowners, upon evaluating the market, now opt to remain in their current homes after considering the financial ramifications. One contact, who is an empty-nester, said, “Although our house is now too large for our needs, the financial logistics of selling and purchasing a smaller home, factoring in transfer taxes, discourage us from making a move.”
Columbus Day-Indigenous Peoples’ Day weekend serves as a poignant reminder for us to acknowledge and appreciate the deep rooted history and invaluable contributions of Native Americans, who inhabited and had a profound connection to this land and its abundant natural resources, particularly as we continue to explore the future goals of Shelter Island.
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