New York City features a competitive housing market
Investing in real estate in New York, NY, can be an exciting time, but the process does not come without its difficulties. The Big Apple is a desirable metro area for relocation, and with professionals flocking to the city on a regular basis, you need to keep on your toes when surveying the homes for sale in New York.
A new study of real estate trends in the city compiled by Neglia Appraisals found that the residential housing market strengthened in 2011 when compared to 2010. What's more, there were significant gains in sale volume and home values in certain neighborhoods, though others still showed weaknesses.
The Manhattan market features a variety of trends which may help you narrow your approach when you consider moving to this area. The neighborhoods of Clinton and Hell's Kitchen saw a 16 percent increase in condo sales and a 5 percent uptick in price compared to numbers in 2010. However, the Chelsea community saw minimal recovery, with only a 3 percent increase in price during the same period.
In 2011, the strongest New York City borough was Brooklyn. Sales volume for one and two family properties as well as condos significantly increased by 33 percent, 27 percent and 3 percent respectively, compared to 2010 housing numbers. The area has gone through several gentrification projects, and local businesses have moved into the community. These trends continue to change the Brooklyn landscape and skyline, and homebuyers look to relocate to this area in order to find great deals.
With New York City seeing a growing housing market, your chances for entering a home closing become smaller. Your competition is rife, and people want to steal the home of your dreams out from under your pen. Therefore, you need to get savvy and confident in your efforts, and enter the marketplace with your financial standing in check.
For buyers, your ideal home may look much different than the places you can afford, but that shouldn't deter you from a closing. When you find a space that would allow you to remodel the rooms, you can alter the face of the property. A for-sale condo may not look like what you hoped for, but for a low premium, you'll have more money to allocate toward redesign. In addition to being flexible, you should only purchase a property if you plan to stay in it for several years. The housing market is still on the mend, and in order to get the best return, you'll need to sit on the house and wait for the market to recover.