Our apt was already too small for us pre pandemic and we had wanted to put in on the market. Now it's insane. But I don't want to lose hundreds of thousands - do you think it's worth waiting to sell and if so how long before prices come back a little bit? Chelsea for reference.
I feel for you. Now is absolutely the worse time to sell. But the market will probably be better in a year, if you can wait.
Unfortunately I do believe that it will take time for the NYC market to bounce back. it depends also on who is the next Mayor, we need a centrist and a strong person to re establish order and law in the city
The price drop is not about protests, it's about getting a yard and keeping kids socializing and in school. Says I while stubbornly not leaving the city.
I think it will depend on your price range and location. Apartments under $1mm are still in demand. Bug if you are afraid of losing hundreds of thousands, that means you are in quite a higher price bracket, so that market may take a while.
Do you have the option to buy something now without selling your current place? (Maybe rent your current place out until market rebounds?)
we can't buy without selling. we could rent but there are already multiple apts in our building for rent and not moving.
Are you looking to sell and then rent? We'd want to sell and then buy something bigger, but I don't see prices coming down. I think people are just holding.
The stock market keeps going up, people who have money have even more now (at least access to very low cost loans) and there are fears of inflation. I don't see the market collapsing here.
@Anon I think that we can't talk about the "market" as a monolith. There are apartments for less than a million, mid-market apartments, and luxury. What's happening at each level is different.
@Anonymous op here and yes - our apt is suffering bc higher priced, nicer apts are coming down in price so it is less desirable in contrast.