New York’s property market is continuing to strengthen as the state begins to reopen after recent restrictions. There was a 17% increase in new listings from 20,210 units in July last year up to 23,637 homes this year, a new report from the New York State Association of Realtors reveals. Area residents can also benefit from historically low mortgage rates and affordable home improvement loans as shelter-in-place orders trigger a surge in home repair and remodeling projects.
Jump in pending home sales
As realtors in the River Towns and wider New York state began to show properties in person again (while adhering to NYS guidance), pending home sales jumped from 13,343 units to 18,679 homes in July — that’s a whopping 40% increase in just one year. However, the total number of homes for sale still experienced a decline of 21.3% from 67,168 homes in July 2019 to 52,879 homes in July 2020. As for the average sales price of New York state homes, July saw a 3.4% increase of up to $300,000 — that’s compared to a median of $290,000 in July 2019.
Affordable mortgage rates
Home buyers in New York can benefit from historical positive changes to mortgage rates. The rate on a 30-year fixed rate mortgage recently fell to 2.98% — an exciting record low. In fact, this is the seventh time the 30-year fixed rate mortgage has fallen to a new low in the last few months, the Washington Post reports. This is also good news for home buyers intending to repair or renovate their new properties and wanting to do so as cost effectively as possible. A cash-out refinance, for example, replaces the mortgage with a different one totaling more than the outstanding loan balance. The difference between the two mortgages can then be withdrawn in cash and used to remodel the home. Check out this site to research, contrast and compare different home improvement loans to find the right one for your home renovation needs.
Sudden increase in home repair and remodeling projects
In fact, River Town residents considering fixing up their homes at this time certainly aren’t alone. Shelter-in-place orders have caused Americans to take a closer look at their homes and resulted in a surge in home repair and remodeling projects. Almost 75% of 1,300 American homeowners polled in May by LightStream, a consumer lending division of SunTrust bank, are planning to pursue some type of home-improvement project this year. The average cost of these home improvement projects totals roughly $12,000.
With a jump in pending home sales and affordable mortgage rates, Westchester’s property market is certainly improving. And, with many residents now sheltering at home, there’s never been a better time to invest in repair and remodeling projects that make the home a cozier, more comfortable and enjoyable place for families to spend time.