As you may now, New York is a highly competitive residential and commercial real estate market.
In spite of this, CNN reports that real estate sales dropped in January.
Some experts believe that the 2018 rise in interest rates are to blame for this.
However, interest rates recently dropped to around 4.31% for the first time in a year, rekindling hope that the real estate market would recover.
Lower rates attract buyers who have been waiting out the market, particularly millennials who may have difficulty paying the higher real estate costs associated with increased interest rates.
Typically, a decrease in interest rates leads to an increase in real estate transactions, and might make it a good time for you to begin looking – or resume your search – for a home before interest rates go up again.
If a drop in interest rates, or any other factor, has prompted you to pursue a real estate purchase, Bashian P.C. offers a host of real estate transaction legal services – both residential and commercial – and can assist you in what might just be the most important investment of your life.
New home construction has also been on the rise in New York, despite a year-after-year decline in many other states. These new constructions and their completion rates are further indicators of the market’s long-term strength. In fact, one banker reported that loan application volume rose by 2.3% before the start of spring.
Now that real estate has reclaimed the property values lost after the 2008 recession, affordable housing continues to be a problem. With New York boasting some of the most expensive residential and commercial property listings in America, if not the world, the problem is especially felt here. If the interest rates do not continue to fall, then it may be some time before the New York housing market experiences a long-term mend in a way that benefits buyers.
This article provides information on the real estate market in New York and should not be interpreted as legal advice.