Trading up: How to get the Best Deals in a Buyer’s Market by the Fallon Team
Jan 10, 2019 brooklyn,brooklyn real estate,brooklyn real estate market,buyers agents,buyers market,fallon team,jane herro,new york,new york real estate,real estate,real estate agents,realty collective,tina fallon
Around the country, housing is scarce and prices are skyrocketing. Unemployment is low, salaries are up, and people keep moving to New York City. So why is the NYC market so slow?
Rising interest rates, oversupply in the high-end market and concern about the potential effects of the tax reform bill have left many buyers feeling hesitant to commit to purchasing a home. First time buyers lack the training they need to lock in a great deal, and experienced homeowners are afraid to put their homes on the market in order to trade up for more space, or downsize into something more manageable. In the meantime, rents keep rising.
There are some seriously great properties waiting to be scooped up right now. Dynamics in the NYC real estate market continue to pivot in favor of buyers, particularly in Manhattan and Brooklyn. A record number of homes are for sale in NYC right now, and prices continue to dip.