A report commissioned by a realty company apparently shows a pretty hefty drop in prices in the Big Apple. In the last three years or so, the real estate market in New York City has seen between a 10 and 20 percent plummet in prices, which translates into a buyer’s market. It doesn’t look as though that’s going to change anytime soon, either.
To try to turn the heads of would-be buyers, many vendors have lowered the prices on their properties more than once. But, according to this recent report, it is expected the market will continue on a slippery slope for months yet. But since the real estate market in New York is a mixed bag of sorts, there are still some bright spots like Brooklyn’s brownstones, for example, or the luxurious offerings of Central Park West. Properties in these areas are still fetching top bucks.
Analysts believe that the market will continue to decline for the next six months, after which time it should start to rally. Meanwhile, in the city proper, home prices dropped 3 percent in the last couple months of 2018. There were 18 percent more listings on the market this past November compared to Nov. 2017.
Market fluctuations go hand-in-hand with economic activity. No matter what the economic climate, real estate activity never stagnates. Buyer and sellers seem to roll with the punches and contracts continue to get inked. It important to get the advice of an experienced New York real estate attorney for any potential contractual obligations. A lawyer can explain the often complicated laws that accompany real estate deals ensuring his or her client makes prudent decisions.