Investment in real estate at the right time can yield handsome returns to the investor. However, when you are to make the big decision regarding the purchase or sale of a property in a particular area, you must make yourself aware of the latest real estate trends. With some knowledge regarding the market conditions, you can narrow down the chances of making a bad investment or a wrong decision regarding the property of your choice.
The current situation of the market is in the favor of the seller. People are making healthy investments in real estate in the Western New York area. Thousands of properties are changing hands, which is a clear sign of the market conditions being just right for potential investors.
In November 2015, twenty five percent of growth was seen in signed contracts, closed deals and new listings. Pending sales were also up by more than 25, which is a record for the region. Wny real estate companies are expecting another strong year in 2016. There is an upward trend everywhere in the market as peoples’ confidence is back. The reason behind so much activity in the real estate segment is the availability of low-interest rates, growth in jobs and income coupled with economic and infrastructural development in the region.
You can also expect to see some properties linger a few months before they are sold. However, the overall market position seems to be good and there is enough confidence and purchasing capability in the people to keep this trend moving forward.
2015 was already an excellent year for sellers and buyers alike. This spike in the market’s performance has been the best since 2007. During the month of November in 2015, there were limited options available to a prospective buyer. Lack of inventory in the city is keeping the buyers at bay from making the buying decision. However, the shortage is also leading to better sale prices for the people willing to sell their property.
This could be an opportune time for a seller and buyer alike to make the big decision. The market is in good form, ready to welcome a lot of activity. Low interest rates are compelling home buyers to bid more than the asking price very confidently. Considering the market conditions, buyers are turning a blind eye to some of the problems in the property they are willing to buy. People in the business of buying and selling property in the Western New York region say that the market is crazy. They have never experienced such market conditions in the past 30 years. Potential properties are being snatched by bidders. Some people are also offering cash up front for the property of their choice.
Executives from real estate agencies are encouraging people to make use of this opportunity as it is not going to last forever. Some people are skeptical about the market and thus are not able to make the decision.
If you are looking to make an investment in Wny real estate, get ahead and start the search. Deals are closing in less than a week’s time. So, hurry up before it is too late.