The following was originally published on TheStreet on September 28, 2016. You can read the original piece here.
Another big issue – home sales in highly-populated areas of the country may be muted due to solid price increases, as owners look to rebuild equity.
“Domestically, housing prices are increasing thanks to restricted supply and a low-rate lending environment,” notes Rich Murdocco, a real estate specialist for CBS 2 and Newsday, in New York City and on Long Island. “In older suburban areas in the Northeast, homeowners are looking at the growing economy as an opportunity for their home to gain some of the value lost during the recession years.”
Homeowners shouldn’t get too excited about home prices soaring to record heights, Murdocco adds. “As new construction remains restricted and housing demand continues to increase, prices are expected to continue to climb, but not anywhere close to pre-recession levels,” he adds.
EDITOR’S NOTE: the journalist who wrote the piece incorrectly stated my relationship with both CBS NY and Newsday. I have contacted the editorial team at TheStreet regarding making the necessary corrections.