Surprise! Many buyers are starting to see a light at the end of the tunnel. The Real Estate Market has been in full swing, and despite the projected economic collapse that real estate professionals predicted we would see at the beginning of 2020, the last year has proved nothing of the sort. Over the last several months it seems as if listings were selling before they even hit the market or had time to schedule showings, and even then, many listings were going for well above asking.
Related: Why is Real Estate Inventory Low?
As New York starts to adapt to phased openings of the economy, many buyers are also choosing to start their home hunting journey again as the market seems to be stable and has properties to offer. While we wouldn’t necessarily say it’s a buyer’s market quite yet and the sellers still seem to have the upper hand, having time to breathe before instantly placing offers has brought a sigh of relief to many potential buyers.
While more inventory is starting to become available, the pricing hasn’t changed much. The average home sale within New York rose by just above 18% bringing the median sale price to just shy of $450,000. The good news for many buyers is that the first quarter showed a decrease in the number of days listings were on the market, simply meaning that the properties are sitting on the market longer. This gives buyers more time to house hunt before placing an offer and simply hoping they get a house, even if it isn’t the home they had envisioned.
In addition to homes selling for more, the median home value within the state also increased to just shy of $360,000, which is a 30% increase from this time last year, proving that the Real Estate Market is thriving. Whether you’re a first-time home buyer, are hoping to downsize, looking for a new home, or have addition buying needs, the market is showing that now is a great time to begin your house hunting journey.
While inventory is indeed rising, it is important to remember that the key in all Real Estate transactions is to work alongside a reputable agent who is knowledgeable of the local market trends so that they can help guide you through the buying process and ensure you end up in a home you love, at the right price.
If you’re currently searching for a new home, are ready to sell your home and need a qualified, local seller’s agent, or if you have any questions regarding New York Real Estate, please feel free to contact our office at any time.