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Real estate transactions occurring quickly, at higher prices

Homes in New York and other parts of the United States are selling like hotcakes these days. In fact, research shows that, on average, they sold in only 54 days. In addition, the median listing price in residential real estate transactions was $299,000.

The high median price for home listings this month is among the highest it has been in recent years. In addition, the 54 days that it took to sell a home this month is six days fewer than it was last June. In other words, the time that a house spends on a market has decreased 10 percent over last year at this time.

The sales pace during the early summer period is especially unforgiving and fierce this year. This is particularly true for entry-level homebuyers. The good thing about the current market for buyers, though, is that buyers witnessed more new home listings this June than they did last June. Nonetheless, listing prices have increased 9 percent year over year, and they do not appear to be slowing down anytime soon, thus forcing aspiring buyers to adjust their home-buying budgets accordingly.

The summer months are generally an excellent time to buy a home due to the larger inventory of homes on the market at this time of year versus the fall and winter. However, now is also an ideal time for sellers to make their move given the high median price of homes in June. Of course, navigating residential real estate transactions can prove tricky due to the many moving parts of any real estate deal. However, an attorney can provide sellers and buyers with the direction they need to close the deal and reap the benefits of today's bustling property market in New York.

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