What’s Happening with the Housing Market in New York
To say the real estate market has been volatile over the past few years is an understatement. Glimmers of hope have turned out to be nothing and minor trends have developed into mini-crises.
The New York Real Estate Market
Perhaps nowhere has this been more true than the New York real estate market. People have found properties to buy, only to spend six months or more dealing with the red tape of mortgages. With fewer lenders willing to lend – and those who are willing to lend being more and more hesitant – getting that last signature on the closing documents is harder than ever.
External Factors Affecting the NY Real Estate Market
And on top of the overall attitude of the market, there are external conditions impacting the housing market. With the current unrest in the Middle East, the price of oil has steadily been climbing up. While you may not immediately think this affects the real estate market, people are going to be less likely to buy more affordable homes in the suburbs if it means a hefty monthly gas bill. While this means an increased demand for properties in or near the city, it doesn’t make the process of securing a mortgage and finalizing on a property any easier.
However, all in all it appears that New York real estate is at least stabilized, if not on the rise. Prices have gone up for several quarters and the market seems to be trending back into a seller’s market. So even though the price of oil is likely to rise in the future, it looks as though the housing market is once again on its way up.
This is a good indicator for the rest of the country. As housing prices rise in New York, it will have a positive effect on the surrounding areas and the rest of the country. So if you’re looking to invest, now may be the time to do it.
Scott Spjut is a writer and editor who has been featured in various magazines, newspapers and websites – including Newsweek, the Washington Post, CBS News and the Las Vegas Review-Journal. Scott currently works with Professional Marketing International helping people change their lives.