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Sellers cut prices for sale New York real estate market continues to explore

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2019-03-27 05:31:24

According to statistics, housing prices in New York City fell by 10% to 20% in the past three years, while on the other hand, they quickly built residential houses. The housing market is likely to continue to bottom out. (Getty Images)

The New York City real estate market is likely to face another wave of bear market. The latest report from Warburg Realty pointed out the downturn in New York City's real estate. It is estimated that local house prices have fallen by 10% to 20% since the peak of 2015, and it is expected that house prices will pick up at least six months.

The report said that most of the time in 2018, Big Apple's housing has become a buyer's market, and sellers began to cut prices for sale. In the future, those buyers may ask homeowners for lower prices.

The Warburg report pointed out the seriousness of the problem: New York City housing prices have fallen by 10% to 20% since the peak of 2015. Since the fall of 2018, sellers who are reluctant to let prices have begun to make concessions and offer more bargaining space. The report said that the city's real estate will continue to explore in the coming months.

Regarding the current situation of the New York City real estate market in the fourth quarter, Warburg CEO Frederick Peters wrote in the report: “After Thanksgiving, the price has become a means of facilitating the transaction.” In December, the seller successfully sold. The real estate case reflects this reality, especially if stocks are still limited.
The New York City residential market appears to be mixed. Huabao pointed out that there are several highlights such as Brownstone in Brooklyn and the top luxury mansion in the west end of Central Park. The sales are fast and the transaction price is also very high.
In general, the US real estate market is in a period of recession, and New York City has become a microcosm. According to Street Easy, house prices in Manhattan fell by more than 3% in November compared to the same period last year, and the number of publicly available homes increased by 18%.
 "Although I don't think the market will fall further, it will take at least six months to stabilize to a new level, and then it may rise again," Peters added. Despite this, New York City is building new homes at an extremely fast rate, and vacancy rates may rise in the coming months. According to a report by the analyst firm CoStar Group at the beginning of the year, there were more than 60,000 housing units under construction in New York City. Although CoStar's data shows that New York City's vacancy rate fluctuates between 2% and 4%, Warburg believes that the market is slow to absorb new homes, especially in the newly built Camp Apartments. “This type of housing inventory takes a few years to fully absorb,” Peters wrote. “Looking forward to the next few months, lowering the selling price is still the key. Sellers who have not been able to accept the market have turned their backs and may find that their property is difficult to sell in the market,” he said. 
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Tags: new york city real estate market in new york residential market frederick peters housing market
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