Is NYC a Buyer's Market or Seller's Market?
OCTOBER 31, 2016 WRITTEN BY  
PETER ALLEY
The most common question I am asked by all of my clients in regards to the NYC real estate market is whether it is a buyer's market or a seller's market. Right now, the answer is that leverage is currently in the hands of the buyer, especially given the increase in supply over the last few months. Available units are currently up 15% from this time last year and that number has risen 6% in the last month alone! Naturally, with increasing supply and stable demand, the balance of power officially shifts to the buyer. Given this shift in the market, sellers have to adjust their behaviors to match the new market landscape. Lately I have seen less aggressive pricing from sellers and a higher acceptance rate for mortgage contingencies, which was much less common in past years.

With the market trending downward, buyers might be tempted to wait for prices to fall even more, but no one can truly predict this complex market. My advice is to buy now. Waiting only risks the possibility of rising prices or rising interest rates. That being said, as a buyer, it is important that you work with an agent who can expertly guide you through the process. At LG Fairmont, we specialize in working with buyers. We have the experience, training and resources to find a home you’ll love that’s also a great investment.

If you’re ready to start the search, one up-and-coming area that I would like to recommend is East Harlem, especially for buyers who are not looking to venture out of Manhattan. Unlike its neighbors, Yorkville and Central Harlem, where the median sales price is north of $750,000 (Central Harlem is actually just over $900,000!), the median sales price in East Harlem sits comfortably just under $500,000. Several new developments have come to the area, such as The Art House, where you can find two bedrooms for under $800,000, truly amazing for this city! All of the units come equipped with top-of-the-line appliances, including in-unit washer/dryers, hardwood floors, high ceilings, marble floors and central air. Residents can enjoy luxe building amenities, including a fitness center, 24-hour doorman, rooftop deck and coffee lounge. Many buyers who are being priced out of areas like Long Island City and Brooklyn are flooding to East Harlem to take advantage of the ideal pricing on gorgeous new developments like The Art House. My advice to you is to act now before it’s too late!

If you have any questions, please do not hesitate to reach out to me. I am always available and happy to assist you with your real estate needs.
ABOUT THE AUTHOR
Peter Alley
palley@lgfairmont.com
(518) 225-4353
Born and bred in New York State, Peter is intimately familiar with the city. Growing up with a real estate attorney for a father and an interior designer for a mother,...
Born and bred in New York State, Peter is intimately familiar with the city. Growing up with a real estate attorney for a father and an interior designer for a mother, Peter was immersed at a young age in the intricacies of buying and selling real estate and how design...
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Contact Peter
Contact Peter