286 Fifth Avenue 8th Floor | New York, NY 10001 | P: (212)300-6412 | F: (212)937-3757 | www.opgny.com
Is Right Now a Good Time to Buy an Apartment in NYC? If you're coming across this article, chances are you're wondering to yourself whether right now is a good time to take your hard-earned money and buy into New York City real estate. Given the economics of buying property in NYC, this is an absolutely reasonable question. The main value you will get out of this read is understanding more about how you react with uncertainty, as opposed to receiving a clear cut answer. Similarly, to receiving investment advice, every person has a different tolerance to the risk-reward relationship. The key is to understand what your objectives are when it comes to buying a condo or co-op in NYC in the current market and then finding the right fit. Current Market Conditions - 2019 The New York City real estate market is currently in the midst of a buyer's market. We documented the start of this trend in 2019 and have provided details on the benefits of a buyer's market for clients looking to purchase apartments in the city. What is a Buyer's Market? A buyer's market is when there is so much property inventory on the market that prices of real estate are kept down. When inventory is at an all-time high, and properties are staying on the market for extended periods of time, it generally means that the buyer wields the power in the transaction. Here is a screenshot from the Q1 2019 StreetEasy Market Report