During the past several years, home purchasers in New York and elsewhere heard over and over again that home prices were going up. However, the cost of purchasing a newly built residential real estate property has dropped to its lowest level during the past year. This is excellent news for those interested in buying brand-new homes.
The median new home price dropped almost seven percent between March and April. It now rests at a little more than $312,000. This was up just 0.4 percent from last April, which is under inflation.
What does this mean? It may be an indicator that today’s builders are attempting to create homes at lower prices. This would be particularly helpful for aspiring buyers, especially first-time homebuyers and those who are on tight budgets and thus cannot get into the housing market.
Most people looking to buy homes today are on the prowl for entry-level abodes. In fact, 5 percent of the sales of new homes were for homes under $150,000. This is the largest share seen in this highly coveted price range since Aug. 2016.
Purchasing a new home can be both thrilling and unsettling, as it is a major investment — typically the biggest one that the average person in New York and elsewhere will make. A seemingly minor mistake may unfortunately cost an aspiring homebuyer financially, or it may even cause the residential real estate deal to collapse altogether. However, an attorney can provide purchasers or sellers with the guidance they need to navigate the legal aspect of a residential real estate transaction successfully in the Empire State.
Source: realtor.com, “Get One While You Can: New Home Sale Prices Have Fallen This Low“, Clare Trapasso, May 23, 2018