Buyers are in control says report
The New York housing market is showing signs of a tipping point for renters wanting to become home owners.
Buyers are in a stronger position now as higher inventory is prompting more sellers to discount prices with a third of homes in some parts of the city showing cuts.
A report from the local StreetEasy market place reveals that in the second quarter of 2018, a record number of homes for sale were being offered at a discount.
The StreetEasy Price Index fell 1.1% in Manhattan to $1,160,419; the largest year-over-year decrease since the financial crisis. Prices stagnated in Brooklyn at $724,733 while in Queens prices increased 7.3% to $530,556 - the highest level on record.
"The dynamics of the city's real estate market have favored renting over buying for some time now, though the tide may be starting to turn," says StreetEasy Senior Economist Grant Long. "New Yorkers with the means for a down payment now have more options to choose from than at any point in the past seven years — and this trend isn't just contained at the high-end, where we've been seeing rising inventory for several years now.”
He added that heading into the fall buyers can afford to find the right home and negotiate on the price.
