National Real Estate Market
Trends Finally Reflect Manhattan Trends
According to the WSJ, in four of the first five months of 2018, national resale home prices nationwide have been in decline. And sales of new homes only grew 6.8 percent in the second quarter. With resales making up the bulk of total sales, this equates to Q2 results that are essentially stuck in neutral.
Oh, really??!! This information seems like yesterday’s news if you’re a seller in the New York City market. The Manhattan sales market has seemingly been "stuck in neutral" for quite some time. And with many economists predicting (dare I say it?) a recession, it’s no wonder things are in neutral.
But let's take a step back. The economy is still very strong: The stock market is up and we're experiencing the lowest unemployment rate in decades. So why the hesitation? Why is the national market stuck in neutral?
In Manhattan, we have overbuilding to contend with and an overall buyer sentiment across all price points that a market correction is due. The market is about at the end of a 10-year cycle, so that is a good argument. Rentals have already corrected over the last two years, so many think sale prices are next. We spoke to a HUD representative, and she told us, "A correction is imminent."
What does this mean for you? If you're in market to buy, it's a good time to make deal. If you're selling, be realistic and be prepared to negotiate.
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Don't Miss Out On These Events
July 1 - 15, 2018
Celebrate summer by getting outdoors! Happening now through July 15th, enjoy fantastic music, comedy, theater, dance, lectures, and films during SummerStage in city parks. The (mostly) free concerts are popular, so be sure to arrive early! Tickets can be purchased online.
Broadway in Bryant Park
July 12 - August 16, 2018
From July 12 through August 16, bring the whole family to the Bryant Park lawn and watch popular on- and off-Broadway shows perform their biggest hits on Thursday afternoons for free! Find the schedule here.
Summer Restaurant Week
July 23 - August 17, 2018
Love a three-course meal but hate the price? From July 23-August 17, take advantage of lunch or dinner specials at 300 of the city's top restaurants during NYC Restaurant Week. For more information, click here.