If you are wondering if or not to enter the city’s real estate market, one of the questions you should ask yourself is whether NYC is a buyer’s or seller’s market now. If it’s a seller’s market and you can afford to wait, it might be prudent to do so.
Buyer vs. Seller’s Market
A buyer’s market is when there are more buyers than sellers or the ratio is in buyer’s favors. This gives more power to the buyers and they may get the sellers to lower the price or offer other incentives.
The seller’s market is when there are many sellers per property in the market. It can lead to bidding wars and allow sellers to fetch top prices. The sellers might even be able to sell the property as-is in a seller’s market.
What kind of market is it in right now?
According to Realtor.com, New York was a buyer’s market in November because homes sold for 2.4% less than their asking prices (on average). But based on our review of a random set of recently sold properties in Manhattan, most sold for the asking price and some even sold for a higher price. This indicates that it’s becoming a seller’s market.
However, the most prudent thing to do would be to look into these trends in your preferred property category and area. It might be a seller’s market for apartments but a buyer’s market for single-family homes.
A New York City broker can be instrumental in this research. They can give you a more accurate assessment of the market, based on their knowledge and experience.
Also Read: Are NYC real estate prices dropping?
