Although the residential real estate market is making a comeback in many parts of the U.S., this is not true across the board. Instead, many areas are still dealing with the decline that has taken place over the past few years.
Our New York readers may be happy to hear that residents are once again beginning to look favorably upon the local market. This is a breath of fresh air for many people, including those who are selling a home, as well as real estate agents and other industry professionals.
According to a recent poll from the Siena Research Institute, New York residents had a positive view of the real estate market during the third quarter of 2013. The overall real estate sentiment score for New York, based on the poll conducted by the Siena Research Institute, was 17.7. While this may not mean much to you as a single number, you have to take into consideration that this is a 4.2 point increase over the second quarter. This shows that residents are beginning to feel better about where the real estate industry is headed.
A score of 17.7 is favorable when you consider the fact that a score of zero shows an equal level of pessimism and optimism. Since hitting a low point several years ago when the New York market was struggling, much like the rest of the country, scores have steadily increased. With this score, it indicates that the New York real estate market is sitting in the "thriving zone."
There is no denying the fact that the New York real estate market differs from one location to the next. For example, the upstate market will not be the same as the market in New York City. With all this in mind, it is nice to see the market making a comeback after so many years of struggling.
For those who own residential real estate or have an interest in a development project, attorneys experienced in real estate law can provide beneficial advice and options.
Source: Syracuse.com, "Siena poll: New York real estate market in 'thriving zone'" Kevin Tampone, Oct. 23, 2013