New-York:   the poorest for real estate property since 200! Why the -York real estate market cooled so during in the Big Apple?

good for the economy, the keyword repeating the media every day. The resonance becomes an that everybody repeats when there talking everything.

However for real estate living in -York. 2018 the worst for the business since the last recession. 2018 not warmly for property in the York metropolitan area. Including the 5 boroughs area.

Indeed CNBC reported in October that the New-York real estate market had cooled so drastic. That the data comparable to the levels seen since 200 after the last recession. Frankly, this situation is unprecedented.

This cooldown is somehow atypical. Because we observe is homes prices continue to go up for sale. , their up for sale much longer than 6 to months. This absolutely unusual for New York real estate market in this period .

According to another data providing Yanex Real Estate , . The data matrix shows New-York real estate market homes priced. At $1 or more the market for 120 days. Those priced between $8 $12 , the market. Indeed, the market longer, often taking 200 days before being bought.

Sells to close nowadays resultant tough situation. That force, sellers to cut the price to potential . Otherwise the properties with sitting the market, for an undetermined .

Nevertheless, this big hit this slowdown market affects Manhattan more than everywhere in New-York. The developers in the west side midtown Manhattan. Real estate sales in this area are down double-digits. The cycle is continuing to decline further down for four consecutive quarters.

Outside Manhattan inside the other 4 boroughs real estate sales “fell 11 percent the third quarter of 2017 to the third quarter of 2018.” According to CNBC news. Resales of existing declined dramatically during that unprecedented period . The last time we saw something similar. That was actually in 2011, during the recession crisis recovery process.

factors are in the basket that makes the New York real estate market is cold now. But further analysis makes the New York real estate market slow down be subject of another next .

For the time being, if are for home it a good time for to buy. If are a seller I do not know to tell . Depend your situation you should pay a close attention to market , do not sell impromptu alarming yourself.

time interrogate your numbers, to do not indeterminately because anything can happen the price can drop down more. The economy is not so as may think, the debt is too high. correction must be done to stop the inflation if not we can prepare for another recession soon.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.