Category: New York
NYC Real Estate Trends: Buyer’s Market Emerges Amid Price Dip – The Mercury – Manhattan, Kansas
As the New York City real estate market experiences a notable drop in prices and a rise in inventory, a buyer’s market is taking shape, potentially prefiguring a nationwide trend. Mike Needler, CEO of Century 21, sheds light on the situation, suggesting that while small shifts are being observed across the country, the current state in New York could be an indicator of broader changes to come. With about 1.6 million new homes expected on the market and mortgage rates hovering above 7%, the affordability equation for potential buyers is…
Read MoreHow a ‘softening’ real estate market could help you score a lower price on a home – NBC New York
Home prices may have hit a new high, but the real estate market is showing signs of weakness that could help buyers negotiate a lower price on a house. For the four weeks ending June 30, homes sold for 0.3% below asking price, according to a recent report by online real estate brokerage Redfin. June 2024 was the first time homes have sold below asking price since 2020, the report says. Homes are also taking longer to sell, with the median number of days on the market increasing to 32,…
Read MoreHow a ‘softening’ real estate market could help you score a lower price on a home – NBC New York
Home prices may have hit a new high, but the real estate market is showing signs of weakness that could help buyers negotiate a lower price on a house. For the four weeks ending June 30, homes sold for 0.3% below asking price, according to a recent report by online real estate brokerage Redfin. June 2024 was the first time homes have sold below asking price since 2020, the report says. Homes are also taking longer to sell, with the median number of days on the market increasing to 32,…
Read MoreNew York City Borough Bucks Housing Market Trend – Newsweek
New York City’s housing market in Manhattan saw sales rebound for the first time in two years, according to a report from Douglas Elliman and Miller Samuel, while prices fell in the second quarter of the year. Read more: Current Mortgage Rates The average sale price for the borough was down 3.3 percent to about $2 million compared to the same time a year ago, even though prices were up more than 8 percent from the prior quarter. The number of sales were up more than 31 percent on a…
Read MoreInsurance crisis that started in Florida, California is spreading. Your state could be next – NBC New York
Insurance premiums are rising in many states following multiple climate disasters. The crisis is altering both the residential and commercial real estate markets, as deals fall apart over the cost and availability of insurance. Because the impact varies from state to state, insurance issues are changing the competitive landscape. An insurance crisis that has sent premiums skyrocketing and caused carriers to flee coastal states like Florida and California is spreading, and it is fundamentally changing the real estate market in states across the country. “Not only is the cost higher than people…
Read MoreA Special Spring: High Mortgage Rates And Reduced Values Ruled New York Real Estate In Q2 2024 – Forbes
As the second quarter began, New York’s real estate market awakened from the doldrums in which it had languished for the first quarter of 2024. Deals in all price categories began to emerge. Inventory, which has seen a modest increase over the spring, remains spotty. Plenty of properties needing work remain on the market; the New Yorker’s desire to buy mint condition has not abated as they see both construction prices and supply chain issues impact the cost of renovation. A decade ago, a nice renovation could be executed for…
Read MoreManhattan Real Estate Market Report: 2Q 2024 – Corcoran Inhabit
“Manhattan’s second quarter wrapped up on a promising note, with slight increases in both supply and demand compared to last year. As we close out the first half of the year, attractive prices are drawing in buyers. Savvy sellers have adjusted their expectations by offering more value, and buyers are responding enthusiastically. While it’s too soon to declare a full recovery, these positive trends are encouraging and when rates eventually drop, I expect eager buyers will jump back into the market. For any prospective buyers out there, I wouldn’t wait…
Read MoreManhattan is now a ‘buyer’s market’ as real estate prices fall and inventory rises – NBC New York
Manhattan home price declines are a result of rising inventory of apartments for sale, which are also taking longer to sell. The gap between buyer and seller expectations is narrowing, and more deals are closing. High rents in Manhattan are also helping sales as many potential buyers who were waiting out the sales market in rentals are finally deciding to buy. Manhattan is becoming a buyer’s market as apartment prices fell and inventory rose in the second quarter of 2024, according to new reports. The average real estate sales price…
Read MoreManhattan is ‘buyer’s market’ as real estate prices fall, inventory rises – CNBC
Manhattan home price declines are a result of rising inventory of apartments for sale, which are also taking longer to sell. The gap between buyer and seller expectations is narrowing, and more deals are closing. High rents in Manhattan are also helping sales as many potential buyers who were waiting out the sales market in rentals are finally deciding to buy. A sign advertising a home for sale is displayed outside of a Manhattan building in New York City on April 11, 2024. Spencer Platt | Getty Images Manhattan is…
Read MoreManhattan is now a ‘buyer’s market’ as real estate prices fall and inventory rises – CNBC
Manhattan home price declines are a result of rising inventory of apartments for sale, which are also taking longer to sell. The gap between buyer and seller expectations is narrowing, and more deals are closing. High rents in Manhattan are also helping sales as many potential buyers who were waiting out the sales market in rentals are finally deciding to buy. A sign advertising a home for sale is displayed outside of a Manhattan building in New York City on April 11, 2024. Spencer Platt | Getty Images Manhattan is…
Read MoreTrump Organization Signs Contract for New Middle East Tower – The New York Times
The residential high-rise tower in Jeddah is the latest of several developments that the former president’s company has planned for the Middle East. The Trump Organization has signed a new deal with a Saudi real estate company to build a residential high-rise tower in the city of Jeddah, extending the family’s close ties with the kingdom. Saudi Arabia has become one of the few reliable sources of growth for the Trump family’s business operations, as new real estate deals in the United States have slowed or stopped since the Jan.…
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