Is this the right time to buy a home in the Hamptons? When buyers take a look at homes in the Hamptons this year, many are finding that now does seem like an exceptionally good time to buy.
Clear signs that the housing market is definitively on the upswing is a tagline that everyone would like to hear. The words, backed up by data, seem to provide welcome relief for homeowners trying to sell – while giving recent buyers warm, fuzzy feelings about their new purchases.
This sort of news and data tends to become visible well after the trend has been established, too late for most to take advantage of the very bottom.
But buying at the very bottom and selling at the very top is as unrealistic in the real estate market as in any other. Uncertainty still lingers, the near term frothy frenzied top is well behind us, the world probably won’t end soon and that the Hamptons is an incredible place to own a wonderful home at a reasonable price. Recently I have been working with buyers and renters following a new trend: a sane attitude and approach to getting the home in the Hamptons that they really want.
Quality of life, for most, clearly outweighs getting in at the very bottom; The Hamptons or “The Beach” as many call it provide a very high quality of life. Since the 1800s people have chosen the Hamptons as a vacation destination and retreat from the New York City. The natural beauty, miles of pristine beaches and main streets of the Villages are unique to the entire world. More international vacationers are appreciating these attributes than ever before. The fundamental reasons that make the Hamptons attractive have not changed and hopefully never will.
Enjoying life in beautiful surroundings in reasonably close proximity to the City is a value proposition that requires little explanation. Hampton’s real estate has proven to appreciate at a very healthy rate over the long term making it a good choice as a hedge against inflation.
For homebuyers still fixated on getting in at the very bottom, it is worth considering that unlike other asset classes and markets where there are instant opportunities to click and buy when fear is high, real estate and specifically the Hamptons market is largely different. Slower movements in price, the relatively long transaction times, the financial makeup of the population and the desirability of the Hamptons all contribute to the price stability that now seems to have been firmly established.
Today, as opposed to a year ago, most sellers are unhappy but more accepting when they hear what price their homes can in fact be sold for and most buyers and renters are not surprised when they hear what they need to pay for a home they want. Bidding wars and severe distress sales very infrequently happen today. The majority of short sales have been cleared out and peak season rental house vacancy rates are low overall, with incredibly low availability of prime houses.
When buyers I am working with re-evaluate their decision to buy now, one surprisingly common theme is the realization that they had been discounting their enjoyment of life too heavily. Overcompensating for fear provoked by 2008, many are now returning with a level headed approach and are ready return to their Hamptons summers. If your home in the Hamptons is for enjoyment, not speculation, luxury and sanity are back. With interest rates this low, now is the time to capitalize on one of life’s most precious assets: time.
Enjoying life, a hedge against inflation and good investments and are all important; a home in the Hamptons serves all of these.
Gabriel Falco is a real estate agent with Corcoran Group. The opinions presented herein are solely those of Gabriel Falco.
Gabriel Falco, Sales Agent
Corcoran
2405 Main Street
PO Box 1698
Bridgehampton NY 11932