Over the past several months, real estate experts have been fearful of the slowdown of the housing market and its potential effect on the economy. The good news is that this slowdown now appears to be on the verge of ending. Both residential real estate sellers and buyers in New York can benefit from this positive market trend.
The softening of the residential real estate market began in the summer of 2018. More homes for sale were cropping up, but the number of sales was subpar when compared with the past. Fortunately, this trend is expected to reverse in the fall, meaning that the sales of homes -- and their prices -- should be on the rise.
One reason why the real estate market is expected to fare well in the months ahead is because interest rates are staying on the low side -- a great thing for buyers. In fact, a low of 3.75% was reported in the first few days of July. Another reason for the strengthening of the real estate market is that fewer houses will likely become available in the next few months. Simply put, the supply of homes will decrease, and this will cause a rise in demand and thus home prices -- a great thing for sellers.
In light of the current residential real estate market conditions, New York sellers and buyers may be wise to jump on opportunities to unload and purchase homes, respectively. Real estate transactions can be overwhelming, understandably, and just one mistake may end up costing a buyer or seller more than he or she bargained for. However, an attorney can help a buyer or seller to navigate the legal aspects of a real estate transaction so that the client's best interests are protected from beginning to end.