With all the news about how the bottom has fallen out of the real estate market, especially here in Manhattan, even the bravest of people may have put aside any ideas of buying or selling real estate. It's a natural reaction. But you may be interested to know that even during these tough economic times there may be a good situation for you to get into real estate or to make a profit from a home or apartment sale.
Reasons It May Be A Good Time To Buy Manhattan Real Estate
If you're looking for a home or apartment now, odds are you were looking a year or two ago. Remember what the prices were like then for the properties you were interested in? Have you been saving up to eventually afford something in that price range?
Well, prices have come down some over the past year. A condo that was once unthinkable to some families is now right in the sweet spot for what they can afford. Just open your Sunday paper (or better yet, give CitySites New York a call) and see what prices properties that fit your criteria are now listing for. It's remarkable in some cases. Best of all to some Manhattan house hunters, just because a number is in print doesn't mean you have to make an offer that high. Some sellers are looking to sell, even if they don't get an optimum price.
Reasons It May Be A Good Time To Sell Manhattan Real Estate
If you've read this far, you probably have something to sell, but may have just been put off by our reasons why it may be a good time to buy real estate for some. Never fear. We're also here to say it is a good time for some to sell real estate. And here's why.
Good real estate is good real estate, and should hold its value rather well. If you have a quality property, there is no reason for you to drastically drop your price just to sell. People are hoping that you will take a low ball offer, but they are putting an offer in because they know that the property has value and want to get the most out of it.
You also must consider when you purchased the property and what you paid. If it was a decade ago, even a low ball offer is probably much more than you paid for it. Sure the papers may have said that it was worth thousands or millions more, but those were just profits on paper, which it turns out were a bit inflated. Take into account the actual dollars invested in the property to assess the value of a transaction.
And as stated above, there are people who have been looking for a new home for a while. When people are looking they need to find a seller. If you have a quality piece of property that shows well there is no reason why you shouldn't get people more than just a bit interested in your home. You just need to engage these folks and discuss what it will take to get them to purchase (be realistic, but be sure not to sell for the sake of selling).
We're not necessarily saying it's a seller's or a buyer's market here in Manhattan. But if you do the research and are in a solid position to start with, executing your real estate goals doesn't have to wait. More information on NYC real estate can be found in our section on trends in the Manhattan real estate market.