The coming summer season may offer something that many would-be homebuyers are eager to see -- more homes for sale. Research shows that the declines in inventory experienced in recent years are beginning to lose their momentum. This may be exciting news, especially for first-time homebuyers who are ready to take part in real estate transactions in New York.
Some prices of homes across the United States recently hit a high of a whopping $297,000. However, they began to sell faster than ever before in the month of May, being on the market for just 55 days. About 557,000 new home listings hit the real estate market in May -- the largest listing number in one month's time since June of 2015.
According to industry experts, the United States is in the middle of the biggest home-purchasing season in history. With median prices continuing to show solid annual growth, it is unlikely that the values of homes will decrease in the near future. However, at least the increasing number of new listings is giving more buyers the opportunity to enter the market.
Buying a home is an exhilarating experience, but it can also be fraught with challenges and risks. This is true whether an individual is purchasing a home for the first time or for the 15th time, as every real estate deal is unique. An attorney can help home buyers to navigate the legal aspects of even today's most complex real estate transactions so that their homeownership dreams will become realities in New York.
Source: themreport.com, "Is Inventory Relief on the Way?", Radhika Ojha, May 30, 2018