Don’t sell your house right now, Hamptons brokers warn

Hamptons brokers told homeowners to hold off on selling at a real estate panel in the East Hampton Library last week. “We’re entering the third year of a slow cycle,” Peter Turino, the president of Brown Harris Stevens in the Hamptons said. “There’s a shortage of buyers and a lot of overpricing. Prices must come down.” On average, it’s taking about 29 months to sell a home, Diane Saatchi of Saunders & Associates added. But it’s not all bad news. Turino told the crowd that the sales slump should end by next summer, the East Hampton Star reported. [EHS]