Bad News For Those Selling Homes In New York State
Your home is your oasis! There is nothing like coming home after a long day and being in the comfort of your own space and relaxing. But perhaps you have grown out of your space and want to get something a little bigger or, in some cases you may be downsizing. The news for those who are trying to sell a home is not trending well.
For the last two years, selling a home was easy and profitable. But the demand for homes is going down as prices and interest rates have started to worry buyers. Recently, Newsweek ran an article stating that:
"As monetary tightening and inflation chip away at homebuyers' confidence and buying power, home sales numbers have decreased significantly," Adam Benjamin Shaw, deputy director of the London School of Economics' Global Economic Governance Commission, told Newsweek.
The amount of applications for mortgages is also coming down.
But according to some in the real estate industry, there is some good news for those looking to buy. If you were denied on an offer previously, you may want to circle back and see if the asking price has dropped. If you have some cash on hand for a good down payment and you have been patient, things could be getting better for you as we get closer to 2023.
Selling and buying are both frustrating at times. But after the close of the deal and the keys are exchanged, there is no feeling like making a house your home and pulling into the driveway for the first time. If you get the right house, that feeling happens every day you come home.