“We still are at near-record levels of inventory. So the sellers are going down to meet the buyers at their prices. The buyers have options.”
That’s what Christopher Kromer, a top real estate broker, said during his recent interview with CNBC.
If you’re looking to buy a home in New York, one of the most common questions that come to mind is whether now is a good time to buy a new home. New York was one of the major cities that was hit the hardest by the covid-19 pandemic but people are coming back and more people are looking for homes in NYC.
This isn’t a surprise because home prices in New York remain low in comparison to last year before the pandemic hit the city. The real estate market in New York is thriving and we’re seeing no signs of slowing in the third quarter of 2021. There is a rising demand for homes and attractive pricing opportunities as more people want to go back to their lives in New York.
Real estate prices in New York decreased during the height of the covid-19 pandemic and this presents a potential opportunity for home buyers. Pending sales waiting to close have been increasing every week and this indicates that the real estate market in NYC is getting more attractive this quarter. At most, people will be able to buy a home at a lower price compared to what it was two or three years ago.
However, real estate prices are subject to volatilities as there are a lot of factors that affect the market such as the economic condition, politics, location, and natural events like the pandemic. For instance, despite the overall trend in the real estate prices in New York, the median home sale price in Queens was $569K in the second quarter of 2021, up 10% year-over-year. The home sales in Queens also increased to 158% with prices up by 12.1% compared to the same quarter last year before the pandemic.
So like always, real estate prices vary from year to year or month to month. For example, on average, listing prices in New York were $62,564 less expensive in June while listing prices in October are $99,832 higher than the annual average.
So, is now a good time to buy a home or invest in a property in New York?
Real estate prices are still lower than the pre-pandemic year so now is a good time to buy a property in New York. But competition is increasing and eventually, homes will be sold over the asking prices. Prices also go higher with inflation and competition so understanding the trends of the local market you’re interested in will provide a great advantage to you as a home buyer.
While now is a good time to buy a new home, the best time to buy a house still depends on your priorities. To get the best deal and more space for your money, you need a real estate professional who knows the ins and outs of the local market and can manage the buying process.
If you’re looking for friendly and professional agents in NYC, call Trusted Property Advisors at 917-979-6666. Whether you are buying or selling a home, Trusted Property Advisors has the experience, knowledge, and infra-structure to offer you great opportunities in your real estate endeavors. Call us today.