THE NEW MARKET
■ Buyers are increasingly looking to buy a home somewhere else
■ Home shoppers from the Northeast and the Northwest were most likely looking at buying a home in another place
■ Those leaving New York in 2022 are mostly headed to Florida, California, and Texas, in that order. Together, they comprise over 40% of moves out of NY
■ According to the U.S. Census, New York lost more residents than any other state from April 2020-July 2021
■ During this time, the state registered the biggest numeric decline in the country, at a 319,020-population loss
■ Affordability is a major driver influencing both buyers and sellers
Buyers
■ Buyers appear to be taking more time when shopping
■ Approximately 56% of buyers are taking more time to buy a home
■ And now buyers are 55% more likely to make an offer below list price
■ Agents are reporting that 40% of today’s buyers are including more contingencies in their offers
Sellers
■ Have outdated expectations
■ Agents say sellers expect multiple offers on their home (81%)
■ Sellers are expecting an offer above market value (79%)
■ Sellers are also thinking they will have a quick sale (79%)
■ And that they will not need to reduce their list price (74%).
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/