Homeowners in New York state are about to get massive amounts of money saved to be put in their pockets.
If you are looking to be purchasing a home anytime soon you are in luck because the fed interest rate is about to go down. Another downward turn for the interest rate means that homeowners are going to save thousands and thousands of dollars on their interest when buying a new home. In addition this is going to save people with credit cards and other sorts of debt that will be also affected because of the new interest rate.
People who bought a house within the past 4 years have seen record high interest rates for the past 10 years not to mention especially in New York State, the price of homes has skyrocketed and hit record highs. In Western New York alone the average sale price for a home was well over $330,000 on average. It was about a 4 to 10% increase in price within the summer months year-over-year at least in the Western New York area. People are going to start looking to buy homes even more now that the interest rate is going to go down.
In addition a brand new law in New York state is going to make it more affordable for seniors and a lot of places to live. A lot of elderly who still own their homes have a fixed income but their taxes from local towns and villages keep going up year over year. New York State announced that the tax deduction credit will go up to 65% from the previous 50%. The law though, is up to local governments to put in place.