Interview of Rosina Jaglall, Realtor®, East Meadow, NY - How is the East Meadow market trending
Rosina Jaglall, Realtor® - Phone: 516-263-0865
In this video interview, Rosina Jaglall, KW Realtor® specializing in East Meadow, NY, discusses the current trends in her market, the types of properties most appreciating, and the situation of the supply and demand.East Meadow is a sought-after hamlet in the Town of Hempstead in Nassau County, on Long Island, NY. Rosina has followed the family tradition, her folks were also Realtors. Her brokerage is Keller Williams.
Phil Chavanne:
Okay, good. So here's my first question for you. What's going on in your area in terms of property sales these days?
Rosina Jaglall:
Yeah. So right now, the market has not slowed down. It's a complete seller's market. The demand for homes are still extremely high. Currently, we're in April 2022, and right now, our absorption rate is about a month and a half. So what does that mean? That's just a ratio between the amount of inventory versus the demand that we have. Right now, our average sales price in East Meadow is about 672,000. That's up 9% from just a year ago. So that's where we're at right now.
Phil Chavanne:
So is it positive, in your opinion?
Rosina Jaglall:
Oh, absolutely. Absolutely. It's a great time to sell. For buyers, I always set my expectations that we may have to jump over a few hurdles and we may get outbided a few times. But that's the nature of the game, and eventually, we'll get there. I promise them.
Phil Chavanne:
Okay. All right. Good. Well, tell us about one of your leaders to transactions. Tell us how it went.
Rosina Jaglall:
So my latest transaction was a young couple that was moving from Queens to East Meadow. They chose East Meadow not only because of the neighborhood, the school districts, it's centrally located to all the major highways. They're first-time home buyers with a young daughter. They were absolutely ecstatic. And going back to my previous question about the market, myself and these buyers, we put in a few offers and we got outbid, but ultimately, the house that they ended up with, and they would have to agree themselves too, was the best house for them. I just spoke to them actually about two or three weeks ago and they've settled in nicely, their daughter's enrolled in daycare, and they're just absolutely loving the neighborhood.
Phil Chavanne:
Oh, wonderful. Thank you. My next question is interim investments. What type of properties would you advise first time buyers to look at and to consider investing in?
Rosina Jaglall:
Right. So here in East Meadow, we don't really have many multi-families and usually, people think of an investment or something that will help bring them passive income is a multi-family. We don't have those here. So what we've seen is that a lot of investors are one of two things. They're either buying smaller capes, original capes, and because it's such a sought after neighborhood, they can do a little bit of renovations on it. So their mortgage may be 25, 26, $2,700, and entire house is here in East Meadow are renting for upwards of maybe $3,500. So that's a good way to create a little bit of income or extra money in their pocket. We've seen some builders come in and find larger lots, knocking down smaller cape homes and building little mini mansions on them, which is another great thing. But those are all for end users.
Rosina Jaglall:
Another option for first time investors, if you're looking to try to at least be a homeowner, what we do have are mother daughters, similar to two families. The only difference is that the additional apartment cannot be rented out to a stranger. It's usually only utilized for a family member. So essentially, what the name says, mother daughter. So some people have done that and at least help subsidize their mortgage payment by having that family member contribute, which is great.
Rosina Jaglall:
I know that Cliffco Bank, actually, if people are looking to get into rehabbing a property, Cliffco has a lot of different programs that they can utilize. So some people think that, oh, I found a house, but it needs a little TLC, but I don't have the money. You can always reach out to Cliffco and they've got tons of products and tons of different loan types that they can help you with.
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