Over the past few years, there has been considerable volatility in the Long Island real estate market. The pandemic has caused a large number of people to work remotely. This had an impact on the real estate market where we were working from home. People wanted to go purchase their dream homes and adore the home they were staying in. This made the stunning homes in Suffolk and Nassau County an easy selling point for buyers. It made Long island's environment even more desirable and generated this hot market. There is never a bad moment to invest or purchase real estate. It is known that the rising mortgage rates are reducing investors' purchasing power so it is essential to realize that the real estate market is not accurately reflected by its buying power. The current market is stabilizing based on Long Island real estate closing prices. It is not moving backward and it seems unlikely that it will. Prices are not decreasing, but they will stop rising. Interest rates are increasing, and the effect of this is that the number of buyers as well as their buying power will decline. The impact is that the time it takes to sell a property will be longer. This is why it's crucial to work with a qualified and reliable realtor who will sell your property quickly.