Selling a home in Rockland County last year was a breeze, as home prices rested around the $400,000 mark and homes didn’t stay empty for long. People are being attracted to the area for economic reasons, and they are buying available properties quickly. This is what realtors refer to as a seller’s market, where people are getting top dollar for property, and buyers are scurrying for their dream homes.
A Strong Economy and Low Unemployment in the Greater New York Area
The main reason behind this push for housing is the low unemployment and economic development in the area. Programs such as the Economic Development Loan Program, paired with the Rockland Economic Development Corporation, have attracted small to medium businesses to the area. The Economic Development Loan Program offers low interest loans for business owners willing to set up shop within Rockland County’s borders. The Rockland Economic Development Corporation helps these businesses stay in the area with ongoing programs and assistance. Naturally, business owners new to the area need homes, as do their employees. This is creating a need that is currently surpassing the demand. Further, the unemployment rate continues to plummet, down to 4% in 2017. This is a six percent drop in only eight years. The county is also working toward reducing homeowner taxes to entice families to stay. It makes sense that people are coming into the county to stay.
Sellers and Buyers Gain
Sellers gain a fair price for the home, while buyers gain an investment to last. Historically, homes in the Hudson Valley area are priced higher due to their proximity to both New York City and the coast. States on or near coasts, such as New Jersey, New York, Texas, and California have properties that retain a higher market value. When compared to a landlocked area such as Phoenix, where the average Arizona home price of similar size is around $200,000 in an area, the investment is an obviously wise decision. Current mortgage rates for the Hudson Valley are also attractive right now, drawing more home buyers into long-term contracts. Anyone interested in selling a home has the market in his or her hands. Buyers will invest in a piece of property that will maintain its value over time.
Moving to Rockland County includes attractive incentives, if a buyer can find a home. As this is a seller’s market, homes may be hard to find. That’s why, when that perfect home is found, buyers are moving on it right away. The county continues to grow economically and in population as programs continue to help build communities.