Although the current NYC real estate landscape resembles that of a buyer’s market, the most active clients in Q1 2019 were actually sellers.
You may wonder, “who would want to sell their property in a buyer’s market?” The answer is simple: Sellers who want to upgrade to bigger and better homes.
In case you were curious, here are a few other people that might want or need to sell in a buyer’s market:
- Growing Families – Adding members to your family can definitely lead to the need for more space. Plus, upgrading can also allow you to move to an area with a better school district.
- Recently Promoted – Received an increase in salary? Time to jump in on that bigger and better apartment in NYC you’ve been eyeing!
- Those Who Entertain – Love hosting dinner parties and having guests stay with you? Upgrading to a more spacious abode is likely on your to-do list.
Some may think that they should wait to sell their New York City home and move onto their next apartment once the market shifts in the seller’s favor. However, this may not be in their best interest.
Since it is currently a buyer’s market, those who want to upgrade may actually save more money by doing so now, because the deal they will get on their new NYC apartment will save them more than if they wait to sell later on when the market changes.
For example, if you find yourself in a two bedroom (or less) that was worth considerably more a few years ago than it probably is today, don’t worry! Once you grit your teeth for a minute and get over the idea of selling your current apartment at a lower-than-2016 price, you’ll be opening yourself to the potential of landing that bigger, dreamier apartment for less.
Thinking about moving to a new apartment in Manhattan? Here are 3 neighborhoods that are prime for upgrading right now:
TriBeCa is experiencing some of the biggest price drops in the city. A trend that started in 2018 and has stayed consistent through Q1, two and three bedroom homes in the neighborhood had an average price drop of about 4%. This may not seem like much, however, the offer that the average seller ultimately accepted was almost 14% below the original ask. That brings a $3,000,000 home down much closer to $2,500,000.
What you would love about moving to TriBeCa:
- It’s one of the trendiest parts of town
- Access to the beautiful West-Side water views
- The area is quiet and not too touristy
This TriBeCa Pre-Market property is a must-see for those interested in upgrading within this area of the city.
With days on market for two bedroom apartments well above 60 days and the average price per square foot continuing to slide, Greenwich Village proves to be a ripe opportunity for someone looking for an upgrade in space.
What you would love about moving to The Village:
- Great restaurants
- Charming streets
- Good schools in the area
Check out this Pre-Market home in Greenwich Village if you’re considering moving to this Manhattan neighborhood.
Chelsea is on this list not because it has seen the same price reductions that Tribeca and The Village have, but because there is a healthy selection of opportunities to find larger spaces that you can make your own (so be sure to bring your contractor).
What you would love about moving to Chelsea:
- Great shopping
- Many stunning art galleries
- Convenient transportation to other parts of the city
Take a look at this Chelsea apartment that’s perfect for someone looking for a spacious abode.
If you’ve owned for a few years now – or a few decades – and it’s finally time for more space, now is the time to take the leap! Check out Triplemint’s NYC listings for sale and contact us for more information.