The purchase of a home hardly spells a casual endeavor, does it?
That property-linked reality is underscored by an authoritative New York City metro and New Jersey legal source on real estate matters. It duly notes that buying a home is for most people “one of the most important financial and lifestyle-changing decisions that you make in your life.”
As such, prospective home buyers routinely pay exacting attention to market conditions and trends in areas where they are considering a home purchase. What does current buy/sell activity suggest? Is inventory plentiful or scarce? Are prices trending higher or lower, or do they seem essentially stabilized?
Legions of individuals and families across the vast New York City area always focus upon those and related questions as they conduct a home search. Notably, their focus has been appreciably sharpened for many months now, given the fallout spawned by the unprecedented COVID-19 scourge.
A recent media report addressing that topic duly notes that the virus has put a “pinch on New York City’s real estate market.”
Yet is also stresses this: Near-dormant market activity featuring throughout most of 2020 is now loosening, with empirical data suggesting that sales volume and transactions will steadily increase across NYC’s boroughs this year.
Industry insiders and commentators are clearly hopeful that such will be the case. New York Real Estate Board President James Whelan says that a strong uptick in recent home sales indicates “that the city has begun down a long road to recovery.”
That development is unquestionably encouraging.