New York City has always been notorious for its ridiculous property prices. It is just one of the costs of living in the greatest city on the planet. However, throughout the City’s history, the real estate prices did drop drastically on more than one occasion. So, what did the NYC real estate market look like in the year 2018?

Throughout the year

Before you call your moving experts from Manhattan and schedule your NYC moving day, make sure you know the market. Since the beginning of the year, the NYC market has looked ready to slide. Because of the popularity of this city, property prices went way up in the previous years.

• Winter - this is where the drop started. If you bought a home in January, you already regretted it in March, because the prices dropped by 5%.
• Spring - even though people usually buy more properties in the spring, the drop in sales continues for the NYC real estate market.
• Summer - buying your home before all the students arrive and take up all the good properties is a good idea. However, the prices for New York properties still continue dropping.
• Fall - halfway through the season and NYC homebuyers can already get an apartment for 15% cheaper than last year. There are 30% fewer sales than at this time last year.

 As you can see, this year has been pretty rough on the prices of property in the Big Apple.

The current state of the NYC real estate market

The sales of apartments and condos had been dropping since the beginning of spring and this decline increased in the summer. From January until October, the overall sales of condos in NYC have dropped by 30%. But what does this mean for you, a potential home buyer?

Since the sales are dropping so quickly, it means that the building developers are more inclined to offer discounts or special conditions for purchasing their properties. An empty apartment only costs you a lot of money. No self-respecting developer would leave it unattended for a long time. That’s why you’re likely to find amazing offers when buying a home in the NYC real estate market in 2018.

When looking to buy a house

The prices are dropping and everyone wants just to sell their units. However, there are still a lot of overpriced pieces of advice. You’ll need to know how to choose the best cost to quality ratio. First, you’ll need to decide in which of the NYC neighborhoods you’d like to buy a home.

Consult your real estate agent about the best neighborhood for you.

This isn’t as easy as it sounds, so feel free to consult a real estate agent for help in these situations. The best choice would be the obvious one. Put your trust in the local real estate agents who already know the NYC real estate market. Real estate agents such as Imma Giocoli have a good insight in the state of the real estate market. Their knowledge could prove crucial in choosing your new home. Feel free to get in touch with us if you need any help with purchasing a property in any of the boroughs.

Selling a home

Because of the drop in the sales throughout the year, the current NYC real estate market is rough on the home sellers. With the prices being so competitive, it’s hard for sellers to get the price they might want for the home. In addition to this, there’s been an increase in the property tax for New Yorkers. Namely, both the state and the city tax have increased a bit. This is another huge challenge for those trying to sell property in NY. This additional tax drives the price up further and many of the home buyers in New York get discouraged. So, the sellers need to either lower the prices of their property or risk not selling it. Fortunately, you can learn how to increase the value of your home before you put it on the market. A few small investments can go a long way in making your home attractive for a buyer. This can help you get your asking price in even the most competitive markets!

 Investing a bit in your place can get you a better price once you decide to sell it.

Once you buy a property

Buying a home in the NYC real estate market is just the beginning. You’ll need to furnish your place, pay the property tax and get all your things to your new home. With this, you’ll need some help.

Buying all the new appliances won’t be cheap, so make sure you don’t blow your entire budget on the apartment itself. However, if you’re moving to the City, you’ll likely bring all your appliances with you. If you’re doing this, make sure you have the best movers transport your belongings. The entire city is built vertically, so you’ll need to haul a lot of heavy items a long way up the stairs. In addition to this, with its narrow streets and alleys, New York isn’t the place for inexperienced individuals to attempt a relocation. Thus, you’ll need a reliable moving company like Big Apple Movers NYC to move your things.

Because of the current state of the NYC real estate market, as well as its state through the year, we can conclude that this is a great time for buying property in NYC. It’s not likely that the prices will keep dropping in one of the greatest cities in the world. So, use this opportunity to buy a New York apartment or house. Get the property you’ve always wanted for a lot less than you’d usually have to pay!