Since the start of the year, we’ve seen price creep in the NYC housing market as the city has gradually been recovering. With the new supply of inventory this month and another spike in luxury sales,
we’re seeing price growth continue to accelerate. In fact, it was just reported that
the luxury market broke a record this month with $11.4 billion in contracts signed (with three months remaining in the year), surpassing the 2014 annual figure of $11.3 billion.
Donna Olshan of Olshan Realty noted “when foreign buyers are able to return to the city in November the luxury market will likely get another bump in activity.” Needless to say, this has been a fruitful and exciting year for NYC real estate. Buyers should take note of this upward trend and where the market is headed.
Considering that mortgage rates are still attractively low, this is certainly a time for buyers to strike while the iron is hot. This especially holds true for first-time home buyers as prices are still affordable and inventory volume is back up. At some point in the near future, we can anticipate shifting to a sellers’ market as demand outpaces supply.
StreetEasy recently conducted a study on first-time home buyers characterized as millennials who earn approximately $70,000—the city’s median annual income. They also took into account a 20% down payment, maintenance, taxes and common charges, to determine what dollar figure would be considered affordable for this particular demographic. And with this information, they identified the
top 10 most affordable NYC neighborhoods for first-home buyers.
Regardless of what someone is looking to spend or can afford, the time to buy is now. The market shows no signs of collapsing anytime in the near future. I recognize this is a big decision, especially for first-time home buyers, which is why I’m happy to talk with no obligation to enlist my services. I am here to help.
