12987, Upper Jay, NY

The 12987 zip code of Upper Jay, NY is located in the Southern Tier region of New York. The area has a population of approximately 2,000 people and is made up of small villages and farms. Home prices in this zip code have increased significantly over the past few years, reaching an average price of $269,000 as of March 2017. This increase in home prices can be attributed to a number of factors, including strong demand from buyers and limited supply due to zoning restrictions.

Home equity is one important factor that affects home prices. Homeowners who have equity in their homes can use that equity to borrow money against their property or use it to pay down other debts such as mortgages or credit card bills. In general, homeowners with more equity are able to sell their homes for more than they paid for them because there is some cushioning against future market fluctuations.

Another factor that affects home prices is interest rates. When interest rates are high, it makes it harder for people to borrow money against their homes and buy new ones. When interest rates are low, however, it becomes easier for people to borrow money and buy new homes. Interest rates have been low for a long time now which has contributed to the recent increase in home prices in Upper Jay.