The current trend in New York is for city dwellers to migrate north. This is taking place because they are in search of less costly homes or even second homes. As a result, one county in particular, Putnam County, experienced one of its highest rates of residential real estate transactions in the past 11 years.
Specifically, Putnam County witnessed its second-highest count of second-quarter sales in the real estate market in recent years. It saw a whopping 266 home sales during the second quarter, an increase of more than 21 percent during the first quarter of the year 2017. This figure was second to that of the second quarter of last year — 269 — which was the largest number of sales since the year 2006.
Real estate experts reported that the condition of the market has improved during the past few years, with some areas of the Big Apple’s northern suburbs consistently showing increasing prices. These areas are also showing falling inventory and high sales volume. This trend is expected to continue.
As New York’s suburban areas draw more attention due to greater affordability, now may be an ideal time for those who live outside of New York City to take advantage of the residential real estate market. However, those on either the buying side or the selling side of real estate transactions can easily run into hurdles that can cause their dream deals to become nightmare processes that end up being unfruitful. An attorney can help both buyers and sellers to strategically bring their real estate buying and selling goals to pass.
Source: tapinto.net, “Putnam Real Estate Market Continues to Grow“, Bob Dumas, July 27, 2017