The fundamentals of the NYC Real Estate market have been growing stronger for the past two years. The inventory (number of units available on the market) has been slowly shrinking and prices have started a new upward trend over the past 12 months.

Financing has become more feasible, even for buyers that cannot afford 20% in down payment. Lenders are now offering mortgages at very enticing low rates and the transactions activity is good.

The switch away from a buyer’s market is significant but the impression is that buyers can still get a very good deal if they are determined in pursuing the right property and act fast. They can still negotiate a bit, even if the discounts are not comparable to 2009. Therefore I say it is almost a seller’s market, we are getting there but it wouldn’t be fair to call it that way yet.

In the core areas of NYC like Manhattan and the nicest parts of Brooklyn and Queens, there are no expected new foreclosures, or at least the number of those is very irrelevant. In the Big Apple the shift towards a seller’s market is the new dynamic of the market, it is not a passing flicker. This is how the Manhattan market works; it is historically less volatile than most markets in the world.

If you can afford to buy in New York City, you are running out of excuses not to. At which speed I don’t know but the prices will do nothing but go higher in the foreseeable future.

We are available to answer your questions on New York City Real Estate. Whether you are interested in buying, selling or renting, we will be pleased to hear from you or anybody you know who can take advantage of our services. Thank You for reading.

Warmest Regards,
Riccardo Ravasini