“Start spreading the news, I am leaving today, I want to be a part of it, New York, New York”
Thanks to low mortgage rates in New York, the SONYMA Tax Credit Advance Loan program, and the extension and expansion of the Homebuyer Tax Credit, now is a great time to purchase or refinance in New York and become a part of it yourself as a homeowner.
It is important to keep in mind that the New York housing market ended on a positive note in 2009. Despite low home loan rates in New York throughout the year, the first half of 2009 saw little homebuyer activity in the Empire State as potential homebuyers feared a national housing collapse and continued economic uncertainty. As 2009 progressed, however, buyers began to take advantage of incentive programs, tax credits and a buyer’s market to fuel the state’s current recovery efforts.
While total home sales decreased by 3.2% from the 2008 total, it is important to keep in mind that home sales increased significantly in the second half of the year. Consider this: the Q4 2009 sales total of 22,626 homes represented a 20% increase from the 2008 Q4 total sales volume of 18,789. Despite the 2009 annual statewide median sales price per home falling 6.6% from 2008 as a result of the sluggish first half of the year, the fact that the median sales price grew for both Q4 2009 and December 2009 indicate that the New York housing market is continuing to improve.
Most importantly, these positive results continued into 2010, with January 2010 sales besting the January 2009 sales by more than 11%. Additionally, the statewide median sales price increased more than 30% when compared to January 2009. With the April 30, 2010 tax credit deadline approaching, now is the time to take advantage of current mortgage rates in New York and become a homeowner. Remember, buyers must be under contract by April 30, 2010 and close before June 30, 2010 to be eligible for the tax credit.
New Yorkers know a thing or two about winning teams. When it comes to purchasing or refinancing your home in New York State, Total Mortgage Services is the right team for you thanks to our in-house services. Whether you require a Jumbo loan in Westchester County or are looking for an FHA in Queens, call 877-868-2503 today to speak with one of our mortgage professionals today.
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