Are we approaching a turning point in Manhattan’s housing market? Are prices nearing the bottom? Only with the benefit of hindsight can we determine highs and lows, but it feels very much like 2009 when home prices sank and remained flat until regaining traction and climbing past the peaks of 2007 to new highs seven years later in 2014.
Much has been made in the press of late of the shifting New York real estate market. Although buyer’s decidedly have the edge today, all is not lost for sellers. If you are in the fortuitous position of trading up to a larger property, while you may not do as well as you would hope for on the sale, you will more than likely make up for that deficiency on the buy. In this current climate, two important strategies can boost sales: pricing realistically and doing your best to convert that first offer into a sale.
We’re just past the 10-year anniversary of Lehman’s 2008 collapse and into the 9th year of U.S. economic recovery which trumpets at least three robust measures: a 3.7% unemployment rate that’s the lowest in nearly 70 years, a 20% rise in GDP, and a bull stock market that’s up more than 50% from 2007 even after the last two-day downward slide.... The current housing slowdown which began in NYC at the upper end of the market is now palpable in every market category... Since 2009, there's never been a better time to purchase a home, despite spiking interest rates and tax reform concerns.