The Future of the Real Estate Market in NYC in 2021-22

by Zahavit Paz

Buying or renting in a Down Market Makes Sense.

2020- 21 the pandemic years have been and will remain unpredictable as to their impact on the real estate market. However, development can be reasonably projected. 

• Individuals exited more densely populated NYC to the suburbs, and office space was vacated as more businesses went virtual. With the availability of a vaccine, there should be some improvement in markets as individuals return and businesses reopen. 

• Vacancies create opportunities for a buyer’s market. 

• Don’t take this buyer’s market for granted, as things are very likely to normalize by the 2nd to 3rd quarter of 2021.

• Selling in a down market means you can buy in a down market. If you list now, you might sell a bit lower, but you can buy so much more with it. Think of the home — and that balcony or home office — you can now buy at a discount.

• Many buyers are more serious than before, being enticed by lower market prices and the lowest mortgage interest rates ever!!!  

• The historically low mortgage rates are a big advantage by making more properties affordable. 

• Lower mortgage rates increased demand, especially from homebuyers in the suburbs where inventory is limited.

NYC prices plunge buyer market  

• Another plus is that buyers have better chances in a down market not to be outbid. Now is a great time to buy a home, upgrade to find the right home that’ll make you and your family feel comfortable.

•  Commercial real estate activity shows signs of improving as Google, Amazon, Facebook, and LinkedIn are grabbing large office spaces in NYC.

Manhattan emptied during a pandemic, big tech moving in 

Amazon leases new Manhattan office space.

Where are Amazon Goggle and Facebook offices? Mapping The Tech Takeover of New York City The Tech Takeover of New York.

• The new tech takeover real estate New York city will create the emergence of housing needs for their employees. With the increased demand for the housing market, price growth likely will go up in the near future. This is welcome news for a landlord who has been struggling in the downturned rental market in 2020 due to the pandemic.

• It’s a good time for real estate investors and 1031 exchange investors. Real estate is a proven hedge against inflation.

For the 1031 exchange investors, it’s an opportunity to upgrade your investment property.

1031 exchange benefit.

Always consult your tax consultant when considering a sale or 1031 exchange of real estate New York license.

If you are selling your home 

Here are some tips: 

• Know your competition and the sales market for your home 
• In a weak market, many buyers seek perfection. Therefore, stage your home for sale. 
• Get rid of the clutter. Put your extra furniture in storage. Suddenly your home will look bigger and more enticing to a potential buyer.

10 Tips for Planning Your Home Renovations on a Limited Budget in NYC.

Don’t Dream your life, Live your dreams.

Let’s, PazoRealty, help your dream home became your reality.

Zahavit Paz

Residential and Commercial Real Estate Broker

646.330.0180

info@pazorealty.com