If you are looking to buy or sell a New York property, it is important to understand the housing market affordability of the current days, mostly knowing that inflations have climbed and hence, sales declined.
Therefore, with the correct help of experts in the field, you can both sell and buy a New York property without losing on budget and still finding the house you were looking for. To help you to understand what to expect, Team Rivera experts have pulled some great information to help you.
New York Property Mortgage Rates 2022
One of the most important conditions when buying a New York property is the mortgage rate. The increase in a mortgage can impact the costs of the house, as well as the obvious challenge that many people face to be eligible for them, which has made the affordability index drop by 25.6% QoQ to 93.
The mortgage rates may keep increasing accordingly to experts.
New York Property Inflation in 2022
The increasing inflation of the market has affected the prices of New York properties, slowing down their resale. The deceleration was caused by the large number of buyers that have lost their mortgage eligibility, as well as the higher prices of properties, which only tend to rise in the next few months, while one of the big players of home prices increase was the pandemic.
Number wise… The average sales price of New York properties has increased up to 6.2%, making their average sale value $530,937. The sales decreased by up to 10.9%, and the days on the market decreased by 10.9%.
There was also a 14.4% decline in properties for sale in September 2022, whereas the price of the properties raised 2,4% in comparison to the previous period.
New York Property Experts
If you would like to know more about the New York property market, or to buy and sell a property, do not hesitate to get in touch with our team of experts. We are in the field for years, and our team have a wide knowledge and they are very committed to helping our clients.
Team Rivera is one of the leading New York property realtors, with an extensive range of properties available exposed in market research websites such as Zillow, Trulia, and Keller Williams. We are also a certified Probate Real Estate Agent in New York, and we aim to help you no matter your requirements!