New York Home Buyers are seeking lower prices in 2024. Many would be buyers exited the housing market in mid to late 2022 due to the spike in mortgage interest rates. Buyers are now looking for turnkey, smaller houses that fit their budget in conjunction with seller’s concessions to assist with closing costs and to get as much as possible out of the transaction. Buyers cannot afford the same house as compared to a year or two ago with record low mortgage interest rates vs the current rates of today.
We expect an influx of properties to hit the market by Q4 of 2024 deriving from Banks selling their REO’s, homeowners who are on fixed incomes will be selling their properties at discounted prices because they cannot afford their basic living expenses (groceries, gas, cost of living), due to rampant inflation and many short sales will be coming into to the mix due to buyers overpaying for properties during the pandemic which will soon be under water where the value will be less than what they paid for the asset. These circumstances will provide many options to potential home buyers that were priced out over the past 2 years allowing them to buy a home below market value to later refinance their high interest mortgage to a lower one once rates drop.
- New York Homebuyers’ Preferences in 2024:
- New York Homebuyers are actively seeking lower prices in 2024, likely in response to the spike in mortgage interest rates in mid to late 2022.
- The focus on turnkey, smaller houses that fit within buyers’ budgets suggests a trend toward more practical and cost-conscious purchasing decisions.
- Impact of Mortgage Interest Rates:
- The exit of many potential buyers from the housing market in 2022 due to the spike in mortgage interest rates highlights the sensitivity of buyer behavior to financing costs.
- The expectation of an influx of properties in 2024, including REOs from banks, discounted sales from homeowners on fixed incomes, and short sales, may create opportunities for buyers looking for more affordable options.
- Seller’s Concessions and Closing Costs:
- The mention of sellers providing concessions to assist with closing costs reflects a potential shift in negotiation dynamics, with buyers seeking additional financial support to make home purchases more feasible.
- Inflation and Impact on Fixed-Income Homeowners:
- The observation that fixed-income homeowners may be forced to sell their properties at discounted prices due to the impact of inflation on basic living expenses adds a socio-economic dimension to the market dynamics.
- Potential for Refinancing:
- The strategy of buyers purchasing homes below market value with the intention of refinancing to a lower interest rate once rates drop suggests a longer-term investment approach.
- Market Dynamics and Economic Factors:
- The market conditions described, including the impact of inflation, short sales, and financial challenges faced by some homeowners, highlight the importance of considering broader economic factors in real estate analysis.
- Opportunities for Buyers Priced Out in Previous Years:
- The anticipated increase in property options and potential for buying below market value may present opportunities for buyers who were previously priced out of the market.
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