3 New York Real Estate Trends to Watch
Is now a good time for younger buyers to become virgin buyers? With the economy picking up and home buyers feeling secure that they can receive low mortgage rates, more couples, families, even singles, are opting to buy a home. Would it surprise anyone to learn the Gen X’ers are doing the most home buying and selling? They are even buying at a faster rate than Gen Y’ers or Baby Boomers? According to the National Association of Realtors, a whooping 31% of buyers ages 33 to 47 were looking to buy a new home. This percentage is higher than the 28% for the Y Generation or 18% of younger Baby Boomers. Since the housing market’s bubble beginning in 2005, many of the older generation have shifted away from owning a home. On fixed incomes and fighting upside down mortgages, older New York residents may not believe they can afford a new home. Some seniors may not even think they can afford a smaller, older home in Western New York on a fixed income.
Why is owning a house a possibility for younger buyers and less of a reality for the 14% of older Baby Boomers? One reason younger home buyers are buying their own place is they are waiting longer to start families. With no children or unmarried, it may mean there is more money to put toward owning a first home or simply getting the perfect home. Another trend is buyers wanting property choose to downsize. With the economy still in recovery mode, many New Yorkers do not want to overextend themselves. New York’s property taxes can range from 4% to 17 %, depending on the property type: commercial, residential, and industrial building sites and location. Buyers may pay dearly if they aren’t expecting additional costs to keep them from home ownership. Properties nearer to New York
City will be higher than around Buffalo, at around 10% to 17%.
Find a Home Quickly Using a Smartphone
Few buyers, these days, will use a newspaper to find some of New York’s best residential, commercial, or even industrial properties on the market. Instead, they will turn to apps and known housing websites in the Buffalo, NY area to find homes near Niagara Falls and other NY tourist attractions. How popular is it for young home buyers to use their phones to find homes? Between late 2012 and early 2013, The Search Agency, (an online marketing firm) reported users used their phones to find homes 10.7% more than in previous years.
Another added plus for new and veteran homeowners who are looking for property is many real estate companies are moving towards paperless transactions. Buyers can file their paperwork online faster and not have to bother with setting foot into the office to sign multiple copies of an earnest money agreement or residential offer. Thanks to programs, such as Resnet, a real estate agent can link a profile and keep in contact with clients electronically. Programs, such as DocuSign, allow realtors and home buyers to create and transmit documents electronically from any device. This technology may be helpful for any New York realtors who aren’t in the office and need to send paperwork quickly.
House on the Market?
Is now a good time to sell? With the rise of homeowners putting their houses on the market, the housing inventory is starting to rise. Could homeowners see their fortunes rise through selling? The number of house listings in New York has risen by 4.9% to almost 2 million homes on the market in June. As housing prices rise and more home buyers join the hunt to find affordable housing, more homeowners may consider selling.
Should you sell a home or fulfill those dreams of home ownership? Get with knowledgeable realtors, such as ourselves at to look at finances and it may help you make an informed decision. If you want to own a home, our realtors can help you develop a plan to own your own home. We have high-skilled real estate agents at Arcane Properties who can answer your questions about home ownership, help you find a home, and assist with the home closing process from start to finish. Have you ever bought a home before? Isn’t it nice to know you can purchase or rent a home before your credit is ruined by past events? For more information about how we may assist you with the home buying or selling experience, fill out the form to the right and we will be in touch!