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Purchasing a home in New York State is as popular as ever. The allure of Niagara Falls, the call of the Adirondacks, and the siren scream of the big city continue to draw people even as prices drive out some residents. Finding a home in the seller’s market is difficult. The law office of David J. Aronstam helps with everything from contract negotiation to lending.
The market in the state varies drastically. The average number of listings grew by 4.1 percent in the first quarter of 2018 despite a general cooling off in New York City. Median sales prices also grew. The current median price sits at $275,000, a 6.8 percent increase in a quarter-to-quarter analysis.
The market is hot. People come and go, making finding an affordable home difficult. Wealth and the popularity of New York city keep the market from dropping. Forty-eight thousand people left the state in 2018, but that has not phased buyers and sellers, especially in a high-wealth economy.
With the current state of the economy, this trend is not likely to change within the coming months. New York is a financial hotbed. Generally, the state population is level with many people choosing to remain.
In a seller’s market, it can be difficult to obtain the best deal. Average time on market drops as prices rise. It becomes difficult to obtain assurances that guarantee quality and value.
A lawyer helps in every step of the process. Conditional contracts keep your potential home from going to someone else as repairs are made. These contracts predicate sale on the completion of specific tasks and allow buyers to retain access to their dream home.
New York state allows for conditional contracts. Our courts also follow the four corners rule. Any items not within the confines of a written agreement are not considered by the courts if going against the contract.
We help clients obtain the assurances they need. Obtaining your dream home should not be difficult. There is no need to burden yourself with unnecessary repairs.
Many considerations go into purchasing a home in the state. Contracts, documents, and title are all required before the deal is closed. Requirements are more difficult when purchasing a co-op space or condo. Bylaws and associations place strict regulations on what can be done even while taking care of maintenance and ensuring that your potential home is in good condition.
A lawyer helps prepare and review all documents. Contracts, promises, and agreements are not to be taken lightly. There is no reason to place loopholes in your documents.
Loan officers are not as lenient as before the economic crash of 2018. Institutions want to ensure that you can make payments. To do so, they require a plethora of documentation.
You should never give out more than is necessary. Information reveals a lot about who we. Privacy is important. A lawyer reviews and helps prepare documents to give you a leg up in the lending process. There is no need to reveal everything about your life.
A lawyer helps you get a leg up when purchasing a home. Contact me today to find out more.
Javier, David. A new report says New York City’s real estate downturn is deepening, and may not hit rock bottom for months. CNBC. 30 Dec. 2018, https://www.cnbc.com/2018/12/30/nyc-housing-prices-slide-further-may-last-for-months-warburg-realty.html
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