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The New York Real Estate Market has begun to slide.
I am currently noticing drops between $25,000 to $100,000 for median priced homes.
Yes. Winter is here which is inevitable but I also believe the market has peaked and
will have no choice but wait for folks to play catch up and come up with the down
before the market can once again begin to move the prices upward.
Stagnation has taken foothold. Thank goodness...................
1 up for the good folks trying to make it.
1 down for the evil greedy no good grinches.
The New York Real Estate Market has begun to slide.
I am currently noticing drops between $25,000 to $100,000 for median priced homes.
Yes. Winter is here which is inevitable but I also believe the market has peaked and
will have no choice but wait for folks to play catch up and come up with the down
before the market can once again begin to move the prices upward.
Stagnation has taken foothold. Thank goodness...................
1 up for the good folks trying to make it.
1 down for the evil greedy no good grinches.
Three reasons,
(1) couple years ago NY made it so buyers of luxury condos couldn't hide behind LLCs and had to disclose who they were. That means a lot of people sheltering cash or money laundering from 3rd world countries stopped using Manhattan as a swiss bank account. That has slowly trickled down the entire market and had a small downward effect
(2) the Trump tax cuts slashed available deductions for mortgage payments which substantially lowered every buyer's maximum budget
(3) The Federal reserve has started raising interest rates which always marks the end of the party. The stock market will stop growing and start tanking, so less wealth effect, mortgages will be more expensive, and banks will tighten lending
Three reasons,
(1) couple years ago NY made it so buyers of luxury condos couldn't hide behind LLCs and had to disclose who they were. That means a lot of people sheltering cash or money laundering from 3rd world countries stopped using Manhattan as a swiss bank account. That has slowly trickled down the entire market and had a small downward effect
(2) the Trump tax cuts slashed available deductions for mortgage payments which substantially lowered every buyer's maximum budget
(3) The Federal reserve has started raising interest rates which always marks the end of the party. The stock market will stop growing and start tanking, so less wealth effect, mortgages will be more expensive, and banks will tighten lending
it really depends where . while manhattan fell , queens prices went up .
Q3 2018 Key Findings — Queens
Sale prices increased. The StreetEasy Queens Price Index rose 4.9 percent to $534,754. The Rockawaysx experienced the largest annual increase, with prices up 13.5 percent to reach $500,939.
Homes with a price cut rose the most in Queens. The share of for-sale homes offering price cuts rose 3.9 percentage points, reaching 18.2 percent.
The number of recorded sales fell. The number of recorded sales was down 12.1 percent in Queens. Northwest Queensxi saw the largest decrease – down 27.7 percent from the third quarter of 2017.
Rents stagnated. Queens rents remained mostly unchanged, rising 0.7 percent in the third quarter to $2,163.
The share of rent cuts dropped. 16.4 percent of rentals in Queens had their prices cut in the third quarter, a decrease of 3.8 percentage points from this time last year. Renters were most likely to find discounts in Northeast Queensxii, where 18.6 percent of units had their rent prices cut.
Meh, will pay attention if they get rid of rent stabilization. I would lose out if I bought in NYC.
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