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Residential real estate transactions involving costlier homes

As the weather heats up this spring, so is the cost of constructing new homes. This may be good news for homeowners in New York and elsewhere who are interested in taking part in real estate transactions this spring to unload their homes. The median home price reached more than $337,000.

The jump to more than $337,000 is an increase of almost 3.5 percent from the month of February. It is also a jump of nearly 5 percent from the same time last year. The prices of homes have a tendency to increase during the summer and spring months, as the kinds of homes being sold are different from what is sold during the fall and winter months. Specifically, springtime homes are usually more family-oriented and, thus, are larger, which means they cost a bit more.

New residences also tend to be more costly than existing ones are. The median cost of an existing home was $250,400 back in March. This is around 34 percent less than that of a new house. The reason for this is that builders must deal with limited labor and land supplies as well as regulatory delays. All of these factors cause prices to rise.

Now appears to be an excellent time to sell homes in light of the increasing home prices. However, it may also be a wise time to buy, especially for young families who prefer not to move during the school year. Of course, navigating residential real estate transactions can sometimes be complicated. An attorney in New York can provide the guidance needed to complete residential real estate deals in the most personally beneficial manner possible.

Source: realtor.com, "New-Home Prices Are Also Heating Up Along With the Weather", Clare Trapasso, April 24, 2018

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