If you’ve owned your Long Island home for years, watched your equity grow, and considered downsizing or relocating, you’re not alone. Many longtime homeowners are sitting on significant gains, but with interest rates near 7% and economic uncertainty in the air, most have hesitated to make a move.
Abraham Kanfer, a realtor with Daniel Gale Sotheby’s International Realty and a New York real estate veteran since the 1980s, says this widespread hesitation is a primary reason inventory remains tight across Long Island. But the market is starting to change. Sellers are beginning to realize they hold more leverage than they thought, and serious buyers are standing by—ready to act when the right property becomes available.
Homes on Long Island are taking a bit longer to sell than during the peak of the pandemic frenzy, but not by much. Inventory is still especially low in Nassau County and the Gold Coast. Well-priced homes continue to attract multiple offers, but buyers are no longer jumping at the first available listing. Instead, they’re patient, waiting for the right fit or a reasonable deal.
Sellers, on the other hand, are cautious. Many assume that selling now would force them to buy another home at a higher interest rate or at a less desirable price. Kanfer points out that most homeowners focus on market headlines and rates, not on their own financial details. “Sellers are not willing to sell unless they’re forced to,” he says. “They’re thinking about interest rates and the economy, but they’re not running the numbers on their own situation.”
One notable trend is the high percentage of all-cash offers. These buyers aren’t only wealthy investors; many are homeowners who have built up equity or saved aggressively. For them, rising mortgage rates are less of a concern—they’re ready to close when the right home appears.
Three main shifts are shaping the current landscape:
Transactions are moving at a more deliberate pace than during the height of the pandemic. Buyers now tour multiple homes, compare options, and negotiate more assertively. Sellers expecting instant bidding wars may be disappointed, with some offering credits for repairs or closing costs to secure a deal.
However, buyers with cash or solid pre-approval can still move quickly. All-cash offers remain common, and sellers often prefer them, even at slightly lower prices, for their speed and certainty. “Speed is what gets you in a better position,” Kanfer says.
For Sellers: Take a close look at your equity. If your mortgage is paid off or nearly so, selling could unlock funds for a smaller home, a move out of state, or retirement. Don’t let headlines about interest rates prevent you from exploring your actual numbers. “Sellers are sitting pretty,” Kanfer says. “They just haven’t realized it yet.”
For Buyers: Get pre-approved and have all your documentation ready. In a competitive environment, the ability to act quickly is crucial. Expanding your search radius may also help, especially since remote work allows for more flexibility. If you can make an all-cash offer, you’ll stand out from the competition.
For First-Time Buyers: If single-family homes are out of reach, consider co-ops, particularly in Nassau County. While the board approval process can be an extra step, it’s manageable, and co-ops provide a lower-cost entry point into homeownership. “Co-ops have always been good for first-time buyers,” Kanfer notes.
Long Island’s housing market isn’t stalled — it’s waiting for sellers to recognize the real value they hold. With inventory still tight and plenty of buyers willing to move, the key obstacle is psychological. Many sellers have not yet realized how much their equity can do for them, whether that means downsizing, relocating, or freeing up cash for other needs. Once more, homeowners run the numbers and understand their options, the pace of new listings could pick up, unlocking opportunities for both sides of the market.
About the Expert: Abraham Kanfer is a realtor with Daniel Gale Sotheby’s International Realty, specializing in residential sales, investment properties, and co-ops in Nassau County and the Gold Coast. He has worked in New York real estate since the mid-1980s.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
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