Just as of January 2018, more than 8,698 sales closed in terms of New York State home sales. This number falls just shy of the record set by January of 2017, 8,940 closes, meaning the market is remaining strong from last year. This is great news for people who are trying to sell their homes, but what does this mean for buyers?
Unfortunately, living in a seller’s market means that buyers have a difficult time finding a house at an affordable price. In Upstate New York, the low inventory but high demand for houses proves to be a serious struggle for those looking to purchase a home. According to the Democrat and Chronicle, this problem has been present in the NYS housing market for the last two years. The inventory has fallen 12.4% in 2017 compared to 2016.
Roughly 78% of recent home buyers said that their real estate agent was a very useful source of information, but those real estate agents can’t do anything about the supply and demand problem Upstate NY is experiencing. Sales of existing single-family homes fell 2.9% since 2017 while the market was dealing with the low inventory problem. This has helped boost the median sale price, which is beneficial to sellers but not necessarily to buyers.
Multiple-offer situations are arising since buyers basically have to compete and outbid each other so they can get the house, and this is largely contributing to the median sale price increase. New York State saw a record number of houses sold with 134,066 sales for the second year in a row in 2017. And that marked the fifth year in a row of growing sales, according to the state Association of Realtors.
If you’re thinking about selling your house, put it on the market now; don’t wait. Buyer demand is high and strong, so you should take advantage of it. If you are looking to buy a house, make sure your finances are in order and be prepared to write your best offer the first time around. Act quickly, or your American dream of buying a house might just slip out from under you.