Many New York City residents are moving into surrounding suburbs and exurbs in efforts to escape the coronavirus hotspot. What does this mass exodus mean for New York City real estate?
The demand for New York City apartments is down, creating an oversupply situation. Right now, it is an excellent time to purchase property in New York City. Inventory is at its highest, and interest rates are historically low. Currently, listings are staying on the market longer than usual, putting negotiating power in the hands of buyers. Sellers are becoming more determined and willing to accept lower offers, the longer their homes remain on the market. With an imbalance between buyers and a growing number of sellers in an inventory-laden market, amazing apartment deals are becoming more prevalent in New York City.
The pandemic has become a temporary derailment for many, as buyers are postponing their decisions to purchase real estate. However, under these unusual circumstances, buyers can find incredible deals.
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