Real Estate Trends Make It A Good Time To Buy A Starter Home In New York
Paying rent is expensive and provides little in return for the money spent. Buying a home is a smart investment and can help to increase your financial security and overall net worth over the years. Our Bronx & Westchester real estate attorneys explain how recent circumstances have combined to make it a good time to buy a starter home in our area.
Good News For Buyers Seeking Smaller, Starter Homes
The COVID-19 pandemic wreaked havoc on the real estate market. At first, it brought about a dramatic drop in activity, only to be followed by a surge in sales. As lockdown orders lifted, many homeowners sought to flee the city and looked for larger properties in the suburbs that could accommodate home officers and homeschooling children.
Vaccinations have been a success in New York and case counts have dramatically decreased, but many potential buyers are still searching for larger homes in outlying areas. According to an August 13, 2021 New York Times report, this is good news for first-time buyers seeking smaller, starter homes in the city. Advantages to investing in a home at this time include:
- An abundance of properties located within city limits;
- Reasonable prices, as sellers are more motivated;
- Lower interest rates, providing you with better returns on your investment;
- Motivated lenders, making it easier to obtain a home loan.
Tips For Buying Your First Home
If you have been considering investing in your first home, now is one of the best times. The following are tips to help you guide you through the process:
Consider your wants and needs: In addition to space and style, give thought to what area you want to live in, the amount of time you want to spend commuting to and from work, the quality of schools if you have children or plan on starting a family, and stores, public parks, or other places you want nearby.
Look into government programs: There is an abundance of federal first-time homebuyer programs that can help you along your journey. The city of New York also provides some valuable incentives. An example is the Home First Down Payment Assistance Program, which offers up to $40,000 for eligible buyers to put toward a down payment or closing costs on a home, a condominium, or coop in one of the five boroughs.
Begin saving money now: Even with downpayment assistance programs, having your own money saved can help in securing a mortgage, keeping monthly payments low, and meeting any expected costs that arise.
Get help from a professional: Buying your first home is a major step. To protect yourself throughout the process and to help ensure the best possible outcome, get our professional New York real estate attorneys on your side.
Contact Us Today for Help
Our experienced New York real estate attorneys provide the trusted legal guidance you need when investing in your first home. Call or contact Cavallo & Cavallo online to request a consultation in our Bronx or Westchester office today.