With 2018 in full swing, some consumers in New York may be contemplating buying homes this year. Residential real estate experts have emphasized that this year may be a smart time to move forward with home purchases due to factors such as moderate home price hikes and the current low unemployment rate. However, one of the biggest reasons to buy a house sooner than later is that inventory levels are starting to increase.
The housing market in the United States has experienced a shortage of inventory since the year 2015. Thus, some buyers have been forced to settle for homes they may not necessarily have loved. Meanwhile, others could not even get in the real estate game.
However, by the fall of 2018, many markets should begin to recover. Most inventory growth is expected to take place in the upper-tier or middle-tier home price point. These price points include homes valued at $350,000 and above. Furthermore, the construction of new homes is anticipated to expand. However, this will take place slowly due to factors such as the lack of land available, building material price hikes and tight financing for construction loans.
Still, overall, confidence among builders is currently at its most robust level since the year 1999. This may provide hope for many consumers who want to buy residential real estate this year. Although the home purchase process can understandably be complex and overwhelming, an attorney in New York can walk a home buyer through it to ensure that the best outcome for the buyer is attained considering the circumstances surrounding his or her deal.
Source: realtor.com, “The 3 Best Reasons to Buy a Home in 2018 (but You’d Better Hurry)“, Holly Amaya, Jan. 4, 2018