FERRIS SAID BEACH PERMITS ARE GOING FAST!

Almost as coveted as a
Covid vaccine!

So East Hampton Village beach passes went on sale just a few days ago.   So, how is it going?   Um, it’s sick. My best friend’s sister’s boyfriend’s brother’s girlfriend heard from this guy who knows this kid who’s going with the girl who saw Ferris at 31 Flavors last night and he said they sold a crazy number of passes already. So,  I guess it’s pretty serious.     According to the friend of Ferris, 2500 beach passes were gone after only two days of sales.   In a normal year, that number would be closer to 200.   So if you’re looking forward to sunning in the sands of any of the village beaches, you better run to Village Town Hall (86 Main St., East Hampton) with your license, registration or check and get your permit.  You can also try going on line by clicking here:

https://easthampton.permits.basgov.com/

Meanwhile, the real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry especially here in the Hamptons, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:

“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.”

What Does This Mean for You?

If You’re a Buyer:

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. The good news is, more inventory is likely headed to the market soon, Lawrence Yun, Chief Economist at NAR, notes:

“To their credit, homebuilders and construction companies have increased efforts to build, with housing starts hitting an annual rate of near 1.7 million in December, with more focus on single-family homes…However, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand.”

If You’re a Seller:

Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.

Love (& REAL ESTATE) in the Time of Corona.

Like a fine wine or a new Nicholas Sparks novel, all good things take time.    It’s been months since I’ve taken pen to paper to put down my thoughts in the gem that is known as Hamptons Chatter.     Well, there is no time like now to get started and leave 2020 behind and look toward 2021!     Will the Hamptons steroid infused market continue?    What about the rental season?    While I wouldn’t dare to say I have any sort of crystal ball I am comfortable in telling you what some top economists and real estate experts are predicting.     Reminder these are about “National Trends.”   The Hamptons is traditionally a unique market.     But, right now due to Covid-19 epidemic a large number of NYC residents have now claimed the East End as their primary residence.   That has now pushed us IMHO to a more traditional “primary home” market.      As for rentals the inventory is limited, demand is high.   So,  look for another banner year for Hamptons rentals demanding higher than normal prices.   

Recently Sold home in Bridgheampton.

Four Expert Views on the 2021 Housing Market

The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.

Lawrence Yun, Chief Economist, National Association of Realtors (NAR)

“In 2021, I think rates will be similar or modestly higher, maybe 3%…So, mortgage rates will continue to be historically favorable.”

Danielle Hale, Chief Economistrealtor.com

“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”

Robert Dietz, Senior Vice President and Chief EconomistNational Association of Home Builders (NAHB)

“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”

Mark Fleming, Chief Economist, First American

“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”

Bottom Line: Whether you’re ready to buy, sell or rent a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.

www.eatalyathome.com

Some good news if you’re a city dweller missing your fix of salumi , mozzarella or panna cotta from NYC. In particular, if you miss the goodies at Eataly. The italian emporium is now doing weekly runs to here in the Hamptons. Just go online to www.eatalyathome.com by Tuesday 12 noon and create a shipment or pick one of their curated boxes and place your order. Then on Friday afternoon go to the designated drop off point in your area and pick up your belissima bundle.