It certainly feels that way. I usually like to drive around on Sundays throughout Manhattan and visit for sale by owner’s open houses. What I have noticed is that traffic is pretty slow with sellers offering incentives that I have not seen in a long time. One of the many reasons the market has slowed down is the new federal tax overhaul showing the lowest sales numbers in the past 6 years. Adding to this is the small increase in mortgage rates.
This is my opinion of course and while I do watch the news and read the papers, there is nothing like visiting apartment sellers and see for myself that this seems indeed like a buyer’s market. I believe there is great opportunity out there right now, with sellers being more realistic about pricing their properties and making brokers more aware that overpriced real estate will just not sell. You may want to do a search and see if there is anything that may just work for you.
It appears that buyers in this market have a preference for downtown neighborhoods. Also most buyers seem to focus mostly in Manhattan and Brooklyn but I believe the best investments with most value per square foot are now in Queens. In the end I believe there are great values everywhere right now, particularly with sellers that really need to move and that are not just listing property to get a feel for the market.
Are you looking to buy a home or invest in the New York city real estate market? I am a 25 year veteran who can show you a home quickly – call me at 917-361-0072 or visit my website.
You can also search search every apartment for sale In NYC, Brooklyn or Queens just like I do. I am fast, quick, accessible and will help you negotiate a lower price. If you need to sell your New York city apartment, I will let you know what price you’ll get today. Message me if you need any local real estate advice. I am here to help! Jaime