The New York real estate market has improved for both the buyers and sellers in this year as per the survey carried on by the Siena College Poll. As per the survey, more than two thirds of the New York residents believe that the real estate NYC has improved. The respondents were asked about their feelings on both the current and future buying and selling markets in this city by using the statistical analysis to award scores as -100 to 100. Where the score 100 is awarded if everyone polled responds positively and the score -100 is awarded if all responds negatively.
The New York state’s overall real estate sentiment was pegged at 17.7 percent during the third quarter of 2013 that reflects the citizens’ optimism about the New York real estate market. The real estate is in the thriving zone with people seeing a steady growth in the real estate values with both buyers and sellers coming out in the open. However, with the advantage for buyers over sellers having gone, New Yorkers see real estate as an attractive investment option. The latest three-month report released by the State Association of Realtors also reflected the positive real estate sentiments with market showing signs of returning to normalcy. Closed and pending housing sales jumped to 17.4 percent in July, August and September-2013 compared to the same period in 2012.
The Siena poll predicts that the real estate market will only continue to stabilize and grow. Across the state, the overall future score was 24.8 in the third quarter that is down by 4.8 points from the previous three months. The real estate NYC is facing the aftereffects of the completion of one year of post Hurricane Sandy with New York area homeowners drowning under the wave of foreclosure notices. In the hurricane-ravaged Queens, foreclosure activity was up by 61% while the median price of homes went up by 16%.
The foreclosure activity in the New York City and the Long Island surged 33% in the first nine months of 2013 compared with the same period last year indicating that Sandy victims are unable to keep up with their mortgage payments or are choosing to abandon their damaged homes as per the special report from RealtyTrac. Manhattan was the only borough surveyed by RealtyTrac where foreclosure activity was down post-Sandy implying that Sandy victims in Manhattan were more financially stable and those who are not able to make their payments were able to find real estate buyers for their homes. Real estate buyers are purchasing the foreclosed homes sold by banks in a big way because they are priced below the actual market price. According to CoreLogic (California based real estate data provider) overall, there were 48,000 completed foreclosures in the United States in August, down from 72,000 in August -2012 which is still higher than the national rate of 2.36 percent. The states with the highest foreclosure inventory as a percentage of mortgaged homes are Florida (7.9%), New Jersey (6.2%), and New York (4.9%).