Housing prices in New York and elsewhere this summer have been relatively robust, which has made some question whether there is any more room for prices to climb. According to new research, there is. In fact, experts anticipate the pricing of residential real estate to climb more in the coming months.
Research shows that home prices may climb by over 5% between now and July 2020. This is the opposite of the trend that analysts have seen so far in 2019 — especially in New York, where home prices have actually dropped. Clearly, real estate sales activity has been modestly picking up.
A top reason for the anticipated increase in home prices is the currently low interest rates. The average interest rate for mortgages has actually fallen during the majority of the year, which is expected to continue to spur demand among buyers and thus keep housing prices strong. Analysts are not sure what the ceiling for housing price growth is at the moment, but that growth will eventually slow down as housing prices continue to escalate.
Now appears to be a great time for would-be homebuyers in New York to get into the market due to the low interest rates, as well as the fact that prices may be higher next year. Homeowners would also be wise to consider selling their homes now or next year while housing prices remain high. Either way, going through a residential real estate transaction can certainly seem daunting, especially for those with little or no experience with the process. Fortunately, a real estate attorney can help buyers or sellers to make wise decisions at each stage of their transactions so that they can feel confident when it is time to sign on the dotted line.