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Residential real estate market highly competitive

The home buying season this spring may be among the most competitive ones during the past several years. However, buyers in New York and elsewhere remain optimistic that they can still claim their dream homes. This information comes from a recently conducted residential real estate market survey.

A chief economist stated that, just a handful of weeks into March, the residential real estate market is already beginning to heat up. Thus, buyers who are hoping to find deals this spring might not have many options. In other words, paying top dollar or making other concessions may be their only options.

According to the survey, 40 percent of respondents claimed that their home searches had dragged on for over seven months. Meanwhile, 34 percent of the respondents had been searching for between four and six months. About 25 percent had been searching for homes for no fewer than three months.

Many prospective home buyers have already lost out on their potential dream homes due to the stiff competition they are facing. The positive thing in this, though, is that they have had more time to save up money to go toward their home purchases. In addition, they have had more time to hone their bidding strategies.

Searching for a new home can understandably be exciting yet frustrating at the same time. This is particularly true in high-demand, competitive markets in New York. However, an attorney can provide the guidance needed to navigate a residential real estate transaction so that one's rights and best interests are protected from a financial and legal standpoint.

Source: realtor.com, "Home Buyers Are Planning Strategies as Spring Market Heats Up", Cicely Wedgeworth, March 22, 2018

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