Our blog often talks about the real estate market and real estate generally, and we have touched on the emerging trends the current times have brought about in the boroughs. And, one common theme throughout any NYC real estate conversation is the crazy prices, but research is now emerging that seems to indicate that the once solidly owner and landlord market is now becoming a buyer’s and renter’s market.
The Great Housing Reshuffling
New York City generally has reputation for being one of the most competitive and expensive real estate markets on the planet, but even the Big Apple is not immune to our current economic climate. Zillow economists are calling this the, “great housing reshuffling.” This is because people’s real estate needs are changing.
Mandatory and extended telework means businesses no longer need pricy Manhattan real estate, and it means their employees no longer need to live in Queens, or even New York. In fact, many New Yorkers have decided to leave the state or even the country to find their ideal locations because their income is no longer connected to their location.
Real estate opportunities
The keyword here is, uncertainty, and uncertainty in the real estate market means opportunities. This is because the fear of a real estate bubble burst is causing many owners and landlords to create once-in-a-lifetime opportunities to buy and rent around NYC that would have been unheard of just a few short months ago. And, these opportunities are unlikely to end any time soon.
Even the 2008 financial crisis did not really hit our housing market, but beginning in 2017 (after the passage of the most recent tax cuts), state and federal law changes began hitting the market. These changes hit our market especially hard because values here are much higher than similar real estate anywhere else in the country. These less favorable market conditions began lowering values and population density, which were then exacerbated by repeated lockdowns and recent economic upheaval.
This is why having a solid, local real estate attorney can be so beneficial. Having an impartial third-party to evaluate real estate deals can make all the difference and ensure one’s real estate opportunity truly is the deal of a lifetime.