Do you have a home in the Hamptons you’ve been considering putting on the market? Due to many seasonal and environmental factors, now is the perfect time to list your home and appeal to those who are searching for Hampton luxury estates. Here’s why now is the time to sell and how you can maximize your experience.
Home Buyers Are Fleeing the Metro
Once the pandemic hit and millions of people started working from home, they quickly realized they no longer needed to live in the same city where their offices were located. This caused mass migration from metro areas like Manhattan and drove traffic to smaller suburbs, where housing prices were less high, and to vacation areas like the Hamptons, where lifestyles were more laid-back. As a result, homes for sale in the Hamptons became hot commodities, and prices soared in the latter half of 2020. Though the influx of New York City residents has slowed somewhat and the seller’s market has settled down, Hamptons homes are still in high demand, which is unlikely to change soon. When you list your home with a Hampton real estate agent, they can easily find motivated buyers in the luxury market who are either ready to quit the city for good or who want to own second homes to escape to during holidays and weekends.
Mortgage Interest Rates Are Still Low
Hampton luxury estates are in demand due in part to the continued low mortgage interest rates. Those interested in ultra-exclusive properties can usually afford to buy no matter what rates are currently doing, but the low rates do provide greater incentive to make a move and either save on monthly mortgage costs or be able to look at more expensive homes. With rates on 30-year fixed-rate mortgages hovering around the 3% mark and 15-year mortgages even lower, buyers will continue to be motivated to buy homes for sale in the Hamptons before the rates increase.
Spring and Summer are the Busiest Times in Real Estate
Spring has long been considered the best time to sell a home throughout the U.S., and the first two weeks of May are usually the busiest time of the year. People are itching to get out of the city and spend the warmer months somewhere with ample recreational options. With its numerous parks, historic sites, ferries, water activities, and shopping experiences, the Hamptons will be a big draw for those searching for a permanent resort-type lifestyle. The winter has been a long one and, thanks to the continuing pandemic, buyers will be ready to make a move as soon as the weather begins to warm up. With spring here and May quickly approaching, now is the time to list your Hampton home to take advantage of these motivated buyers.
Inventory is Still Limited
Many high-end properties lingering on the market for years were snapped up in the 2020 buying frenzy, leaving few options for those who have not yet purchased a Hamptons home. This means that buyers looking for Hampton luxury estates will be ready to pay more when they finally find a home that meets their needs and will likely make quick offers before their competition has a chance to bid against them. Bidding wars become common in environments like this, leading to offers far above the asking price. Your Hampton real estate agent will tell you this creates a perfect storm for sellers and that they should take advantage of this low inventory point before the market changes.
Tips for Selling Your Hamptons Home
Convinced that now is the best time to work with a Hampton real estate agent and sell your home? Here are some tips that will help you facilitate the process.
◻️ Work with a professional stager.
Buyers of Hampton luxury estates have high expectations, and they need to be able to picture themselves living in your home to be motivated to make an offer. A stager will arrange your furniture and décor in a way that is most appealing to your target market. They’ll also ensure that each room in your home has a designated use to help buyers imagine their lifestyle should they move into the house.
◻️ Market it online.
These days, most prospective buyers find homes they’re interested in online and then narrow their options down to a select few they want to see in person. If you want your home to compete against other homes for sale in the Hamptons, you have to employ an effective online marketing strategy that includes social media ads, landing pages, and targeted messages. To make your online marketing stand out, budget for high-quality photography and videography of your home, and make sure to write detailed descriptions of your property.
◻️ Partner with an experienced Hampton broker.
A knowledgeable broker will know everything about the current Southampton market and how to optimize your home for listing. He or she will also have a wide array of connections and may be able to identify potential buyers through other real estate agents or real estate professionals. A real estate agent will also be able to take much of the listing and marketing work off your shoulders and make the experience less stressful.
◻️ Price it fairly.
With limited inventory and motivated buyers, it’s tempting to overprice your home in hopes of making a large profit. However, the best way to draw interest to your home and encourage offers is to price it fairly. Keep in mind that bidding wars are common and that you’ll likely get offers above the asking price.
If you’re ready to sell your Southampton home, there are plenty of motivated buyers who are likely to jump at the chance to make an offer. Remember to work with an experienced Southampton real estate agent like Deborah Srb, who can help you prepare your home for listing and ensure you get the highest possible offers.
*Header Image: 396 Meadow Lane, Southampton · Exclusively Offered for Rent · Aug - LD: $500,000
