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There have been several factors affecting real estate transactions so far this year. The most significant issue is how the real estate market has been affected by Covid-19, the inventory of houses on the market and the rise in mortgage interest rates due to actions by the Federal Reserve to ease inflation.
First, due to the strong real estate market for the sale and purchase of homes on Long Island over the last two years as a result of the Covid-19 pandemic and very low mortgage interest rates, many homeowners who wanted to sell their homes found the market to be very favorable. Even with house prices rising rapidly, people who wanted to purchase homes were able to afford to buy homes on Long Island due to extremely low mortgage interest rates.
Now that so many people who wanted to sell their homes over the last two years have been able to do so, the number of houses on the market in the spring of 2022 has dwindled. As a result, there are fewer choices for purchasers looking to buy a home on Long Island. This would normally lead to higher home prices, but due to the rise in mortgage interest rates, buyers may not be able to afford higher home prices. It is our advice that families looking to purchase a home in this environment consult with an experienced real estate lawyer before making any offers to buy in order to better understand the market and issues facing you at this time. Purchasers should obtain advice from an attorney in the present market in advance of exploring their options to purchase a home on Long Island.
The real estate department at Glynn, Mercep, Purcell and Morrison has extremely experienced and knowledgeable attorneys, as well as excellent and helpful staff. So, if you are contemplating selling your home or purchasing a new one, contact the veteran attorneys at Glynn, Mercep, Purcell and Morrison for advice before you sign any agreements to buy or sell.