Home prices keep dropping throughout the United States. This may be music to the ears of home buyers in New York and elsewhere who have been waiting for a buyer's market to finally return so that they can take part in residential real estate transactions. Existing homes' median prices dropped by 0.24% to reach nearly $250,000 from September to October.
Home prices have been plummeting every month since reaching a peak of more than $260,000 back in June. This is not completely atypical, though, as home prices often increase in the summer season, when large numbers of buyers are shopping for homes and trying to close prior to the start of the school year. Then, prices typically drop during the autumn season.
The challenge that buyers face still, however, is that not many home options are available. Many buyers are seeking smaller homes that cost less money these days. Existing houses are typically less expensive than homes that are newly constructed, whose median cost was nearly a whopping $320,000 back in September.
Those interested in purchasing homes may be excited to see prices drop, and with job growth causing wages to climb, now may be an excellent time to purchase a house. However, they may not be able to make the current market work in their favor if they do not understand how to appropriately complete a deal to their benefit. An attorney in New York can provide the guidance needed to navigate residential real estate transactions in a way that meets a client's personal goals and protects his or her wallet in the process.
Source: realtor.com, "Existing Home Prices Are Dropping: How Far Are They Falling?", Clare Trapasso, Nov. 21, 2017