Demand outnumbers available properties in New York, NY
The New York City housing market is in flux. Homes for sale in New York, NY, are in demand, as the number of prospective buyers outnumber available for sale properties, Globe St. reports. Despite a temporary slowdown in investment sales volume in the first quarter of 2012 and low supply, high demand from international buyers is driving competition and prices for prime assets.
The Big Apple has long been considered a valuable market to own property in, and with international buyers looking to relocate to the area, prices have grown rapidly. Domestic homebuyers who want to move to the community may want to allocate sufficient time and resources to find affordable housing in the area.
Demand is excessive, so it is essential to act fast when looking for a new home. Areas like Queens and the Bronx are experiencing the highest levels of real estate market traffic, and while property costs may be low in those boroughs, it may be more lucrative to shop in other regions to avoid competition. According to NY Daily News, neighborhoods like Flushing, Rego Park, Forest Hills and Kew Gardens are also appreciating in value and may provide prospective buyers will great deals.