The data suggests that the housing market is changing. NY, along with San Francisco and Miami has typically been one of the first markets to be impacted when markets change. That makes it even more important to address your property tax assessment and bills.
Buyers, Renters & Investors Are Pulling Out Of The Housing Market
Last week we covered how the Consumer Confidence Index was dropping off, as well as the 180 degree turn in pending home sales activity that started appearing in April 2021.
New data supports this trend, and suggests it is even wider spread. According to Seeking Alpha and Zillow, NY held the title for fastest declining rents in America in April. Down almost 9%.
ATTOM Data reports that even investors have been pulling out of the market, with home flipping activity dropping to the lowest since 2000, if not the lowest on record ever.
Other new studies show that millions of households expect to be evicted or foreclosed on in the next couple of months as moratoriums end. That activity is likely to drag down property values and prices as distressed sales kick in.
The Treasury Secretary recently called for more interest rate increases, saying that inflation has been too slow. Following that the Fed announced it is moving up its plan to hike interest rates, with two rate increases on the horizon. That will only make everything more expensive, and make it harder to refinance or afford a home at these current prices. Similar interest rate hikes are what crashed the housing market last time around.
For Home Sellers
The peak moment for selling a home in NY may have already passed. If you are interested in selling before values come down, and to beat any new taxes and tax hikes that could take a big bite out of your proceeds, it is vital to reduce your tax assessment to make your home listing competitive and stand out.
For Those Staying Put
Any decline in your home’s value doesn’t have to hurt you if you plan on keeping the property long term. In fact, declining home values can earn you a reduction in your tax assessment and annual property tax bill. However, you have to appeal and demand that your assessment be corrected to those new levels. Property Tax Adjusters Ltd. can help you with that.