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ANNOUNCEMENT: We are dedicated to your legal needs and available during this difficult time. In order to do our part to help stop the spread of COVID-19, we are offering virtual consultations for both new and existing clients upon request. Click HERE to contact us and request a video consultation.

Still blazing: the hottest housing market in years

| May 20, 2021 | Real Estate |

Candid query: Has there ever been a residential real estate market like this one?

Even seasoned buyers and sellers across New York, New Jersey and virtually every other pocket of the country can reasonably pose that question to themselves.

Certainly there have been cyclical markets that alternatively favor sellers and purchasers. Conditions are sometimes thrown up that render transactional activity favorable to one or the other of those demographics.

But how often do factors weigh in favor of both those groups at the same time?

Reasons why both home sellers and buyers are encouraged

Home prices are up and progressively rising. There’s no question about that. A recent New York Times article on home buying/selling presently stresses that price tags on residences up for grabs are at “heart-stopping levels in many markets.” We are in the midst, notes the Times, “of a national seller’s market.”

Yet that tells only one side of the story. Although many prospective buyers are indeed in sticker shock and don’t quite know how to get started in the currently frenzied home-buying competition, legions more are energized by the hunt.

And this is what has their attention: Interest rates that are compellingly low and that have dropped multiple times in recent months. From the standpoint of what mortgage lenders are offering, things have seldom – if ever – looked better historically for would-be buyers.

How to proceed in a turbulent residential market

Get help. Enlisting proven and client-empathetic assistance that goes far toward maximally promoting best interests and safeguarding legal rights is key for a real estate participant in any market. In the current atmosphere of froth and rapid change, having a seasoned team of legal professionals on hand to help guide and manage a transaction is an imperative.

Going it alone can make for a hefty challenge and spawn some materially adverse downsides. The Times duly notes that the present residential market “is not for the faint of heart.”

Conversely, it unquestionably favors prepared parties on either side of a transaction, especially those who do their homework and timely ally with professionals having a fiduciary duty to promote their best interests.