There are certain parts of the Big Apple where the housing market is hot and areas where it’s relatively tepid. There are many factors that affect the New York real estate market, one of which includes inventory, and there seems to be a shortage of properties on the market right now that are in a mid-price range, while a glut of higher-end properties continue to remain unsold. A new federal tax law capping tax deductions locally have also been negatively affecting the market, according to experts.
The New York suburbs seem to be faring well in terms of market activity, along with the lower Hudson Valley area. With the advent of spring, the market seems to have rallied and properties in those areas are starting to shift. But the areas in which homes are more high-end seem to still be on the cool side — homes with values in excess of $1 million.
Homes valued at more than $2 million could take a couple of years to sell, if market conditions are any indication. With interest rates creeping up to 5% last fall, many believed the market would become stagnant. But having fallen to 4%, it gave some hope that sales would increase. A lack of homes in the $400,000-$800,000 price range also had some realtors worried, but that inventory is increasing.
No matter what the real estate market is doing at any given moment, deals will be penned and closed. A New York lawyer experienced in real estate law, can help a client to make the best deal possible in keeping with the laws of the state. A lawyer can assist both sellers and buyers in all aspects of real estate — from reviewing contracts to handing over the keys on closing.