â– Buyers are increasingly looking to buy a home somewhere else
â– Home shoppers from the Northeast and the Northwest were most likely looking at buying a home in another place.
â– â– 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
â– According to the U.S. Census, New York lost more residents than any other state from April 2020-July 2021 population estimates
â– During this time, the state registered the biggest numeric decline in the country, at a 319,020 population loss
â– Affordability is a major driver influencing both buyers and sellers
Buyers
â– Buyers do appear to be taking advantage of today’s more favorable market.
â– Approximately 56% agents say buyers are taking more time when buying a home
â– Nearly 55% of buyers are making offers below list price
â– Over 40% of agents say today’s buyers are including more contingencies in their offers (43 percent), such as inspection and appraisal contingencies designed to protect buyers from unexpected costs.
Sellers
â– sellers are still expecting
â– Multiple offers on their home (81%)
â– Price above market value (79%)
â– A fast sale (79 percent), and no need to cut their price (74 percent).
61% Moving Away
Migration From Northeast Metro
