Those looking to purchase a home in New York are in for a wild and possibly frustrating ride. According to Mansion Global, the price growth rate of homes on the market this year remains in the double digits, and low inventory coupled with low interest rates have contributed to the skyrocketing home prices. Ultimately, potential buyers need to be prepared for more than just sticker shock on their homebuying journey. Not only are buyers paying tens of thousands over the asking price, but those hoping to have their offer accepted are also waiving inspections and other concessions.
Additional factors have also contributed to the sharp reduction in inventory on the market, including:
- An influx of remote workers moving from expensive urban areas into more affordable suburbs.
- A shortage of raw materials for new construction.
- Corporate investors buying homes with cash offers.
Despite these hurdles, many buyers are hesitant to wait out the frenzy. Instead, they are racing the clock, trying to lock in mortgage rates before interest rates rise any further.
Dealing with Buyer's Remorse and Worse
The harried home buying market leaves many with buyer's remorse, or worse. Buyers who get caught up in a bidding war can be too quick to waive concessions or may offer more money than a home is truly worth. Granted, real estate value is dictated by the market, but according to a recent New York Times article, about one-third of recent homebuyers wish they hadn't rushed the process.
Buyer's remorse may mean you wish you'd invested in more square footage, but other times it can be more serious. Those who waived inspections can find themselves suffering through expensive repairs just to make their new homes habitable.
Get Professional Legal Help with NYC Real Estate Concerns
If you're experiencing issues related to the tumultuous New York real estate market, you should talk to an experienced NYC real estate lawyer. The dedicated real estate team at the office of Melvin Monachan, Attorney at Law, can help you navigate the complicated and stressful process of today's market pitfalls. Call us today at (347) 389-1682, or contact us online.