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Is New York City a buyer’s market? What you should know. And do. 

Is New York City a buyer’s market? What you should know. And do. 

More homes in New York City are for sale this year than in the past seven years.  This means that there are fewer transactions.  Many homeowners have to decide whether or not to lower their asking price to keep up with the fierce competition. So many homes available make it look like a buyer’s market. Is this a seasonal adjustment, or the beginning of a major change? To start, keep these things in mind. 

Be selective  

No matter what type of home you are looking for there’ll be a much larger selection this year. It’s always a good idea to do your research first and see as many homes as possible before deciding. You’ll want to check listings daily, especially online, because new houses will be available every day. 

Broaden your vision  

Most of the listings available in June 2018 in Brooklyn, Queens, and Manhattan were first listed in the spring of 2018. With all these listings there’s no shortage of expensive or attractable homes available in neighborhoods such as Brooklyn. Broaden your vision: shop for houses in different neighborhoods.  There will be plenty of homes to consider.  

Patience is a virtue: more homes are listed in fall 

If you don’t see what you want, be patient.  It’s likely that there will be a new home being listed at a lower price and in a better neighborhood.  If you can, try not to jump at the first beautiful home you find. Continue searching for a few months. It could mean a big reward.   

Sales are slow. You can expect discounts 

As a result of more homes being listed than ever before, many of them will be listed and sold at discounted prices. You can expect a discount. Take advantage of it.  

Always negotiate; the future of the market is uncertain 

Negotiation is always a must and you can get a better deal on the home you choose. Because the housing market fluctuates and is so competitive, negotiating for a better price is something that homeowners expect and accept. 

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