Liverpool New York Real Estate Trends 2021
The housing market in New York state has reached yet another milestone as sale prices increased while inventory continued to reach record lows, according to current market data.
The New York State Association of Realtors reported the median sale price for a home reached $385,000 in June, a 28.3% increase from the same month in 2020, when the state was in the midst of government-mandated COVID-19 restrictions.
An increase in demand for housing in New York combined with low inventory has meant that buyers, on average, have been paying more than they usually do. There were 42,598 homes listed for sale at the end of June, a 21% drop from the year prior. The trade association reported buyers have paid over 99% of the asking price listed since the third quarter of 2020.
Real Estate Trends In Liverpool
These numbers are great for home sellers. The same trend can be observed in some villages in New York, like Liverpool. According to Realtor.com, the current median listing price for homes in this area is $185,000, trending up 12.2% year-over-year. Homes in Liverpool, NY sold for 7.59% above asking price on average. Liverpool, NY is a seller's market in 2021, which means that there are more people looking to buy than there are homes available. As for rent, the average market rent is at $1,122 / per month.
If you’re living in or planning to live in Liverpool, here are some trends you should watch out for.
In 2021, inventory for homes has reached an all time low. There just aren’t enough homes for interested home buyers! To be more specific, inventory was down nearly 30% in the early months of 2021 compared to the previous year.
Why is this important to note? Well, this means that you won’t have enough choices when house hunting. You’ll have to sacrifice a lot of “wants” and “must-haves” because there just aren’t enough homes for you to choose from. This is especially true if you’re particular with the location and school district. You’ll have to let go of a few house must-haves because the inventory is limited.
High Home Prices.
Because homes listed for sale on the market are limited, home prices have exponentially gone up. Supply does not meet demand, which means there are more home buyers than there are homes, making competition for available homes fierce. To be specific, average home prices grew by nearly 20% compared to last year, easily rising to a national median of $300,000–400,000.
If you’re looking to buy a home in this current market, know your budget. Commit to staying within budget despite seeing beautiful but expensive homes being bought off the market.
Record Low Mortgage Interest Rates.
Despite listed houses being scarce and prices soaring an all time high, there are positive trends you should watch out for. For instance, 2021 brings low mortgage interest rates. In fact, the average rate for a 15-year fixed mortgage dropped to 2.2% in January 2021. This is the lowest it’s been in 30 years. And now economists think interest rates will continue to be around 3% for the rest of 2021, which is still pretty low. Now is the time to talk about the advantages of taking out a mortgage with your mortgage lender.
Low interest rates can lead to more affordable homes, however, keep in mind that this may not always be the case. If you’re interested in buying a home in today’s market, don’t focus all of your attention into the low interest rates. Remember, a low interest rate on a house you can’t afford is still a bad deal. You may want to reach out to mortgage brokers to scope out on the best deals in the market.
Variety of buying options.
Last but not least on our list of real estate trends are the accessibility of other buying options. These include rent-to-own homes and loans for down payments. Although these might look appealing on the surface, you have to keep your budget in mind. And if you’re a seller, you still need to make a profit, so offer rates that will allow you to make a decent sale.
NEED MORE INFO?
Need more information about the mortgage loan process and looking to start one for yourself? Wondering where to find a mortgage lender? Looking for a real estate agent in Liverpool, NY? You’ve come to the right place. Let the team at Procopio Real Estate help you with your mortgage loan application needs. We help our clients in every step of the home-buying process. We work with several trusted partners here at Procopio.
If you have a question, want to find out more about the mortgage loan process, or want to get to know our trusted partners, we’d be happy to take your call and answer your questions! Give us a call at 315-928-5394 and we would be happy to assist you with your inquiries.