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For those wondering what the 2019 Home Value Trends in New York are, the big apple differs drastically from the rest of the state. While the city is in the throughs of a major downturn, prices and demand across the state remains strong. Even in New York City, prices in Manhattan hover near $1 million with other areas well over the state average. With an expensive market, obtaining the most value for your money is crucial. The law offices of David J. Aronstam helps clients obtain the best contract in such a demanding market.
New York City tends to be a popular choice for young people without families. As an epicenter of wealth, culture, and employment, there is no shortage of inhabitants moving to the city even as many continue to move out. However, after average home prices reached a peak in 2015, people started to leave the city, leveling population growth. The effect on the housing market was nearly instant. Housing prices dropped by 10 to 20 percent throughout the city.
There is no sign that the trend will stop. Home prices in Manhattan fell under $1 million to $990,000 while the average cost in Queens fell to less than $350000. Still, the population continues to grow slightly. The number of people is just increasing at a lower rate with many choosing to leave at the same time. This fluctuation creates more supply.
2019 Home Value Trends in New York state are experiencing the opposite effect. Despite a drastic population decline in cities such as Buffalo and Rochester, statewide home prices rose by 6.8 percent with a 4.1 percent increase in availability. This trend falls in line with the rest of the country where states with strong employment see a rapid increase in housing prices. The recent economic recovery continues to support prices. Desirable homes are simply selling for more than in the past.
Still, if population decline continues and the country enters a recession, this trend will not hold. It is likely that any decrease in demand will accompany a steep drop in prices. Meanwhile, the market favors sellers over buyers.
With New York City still an attractive location and the current state of the housing market, finding your dream home may appear daunting. Buyers can expect counteroffers on any decent home. Still, with a declining population, some properties will not benefit from the boom.
The state follows the four corners law, the legal idea that the terms of the contract trump any unincluded information. There may appear to be pressure to make or receive a verbal promise, but this statement will not always hold up in a court of law.
There are protections available for buyers. Lawyers help obtain assurances without risking losing a chance to obtain your desired property. Conditional contracts give you the opportunity to purchase a property after repairs are made or requirements met. I help my clients avoid paying for necessary improvements, avoid contract loopholes, and ensure that the terms of any contract are clear. I also help with title searches and other common tasks that can create a headache in the process or down the road.
Never enter the purchasing process alone. Get in touch with me today to discuss your real estate transaction.
David J. Aronstam, Esq.
Attorney at Law
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