We understand that you are not certain about taking part in the 2019 market – 2018 has been a turbulent year with all the mortgage changes and higher rentals. However, if you are careful enough, you may be able to follow the NYC real estate market and trends 2019 we prepared for you and step logically into the housing market. As we mentioned, a lot happened in 2018 – luxury real estate prices have been going down, New Yorkers complained about the subway system which introduced some transportation changes. And that’s why buyers are hesitating and waited for 2019 to step in and show its face. Therefore, we present to you NYC real estate market and trends 2019 so you can know what to expect.
Young techs are coming
An influx of well-paid professionals is expected in 2019. After the announcement of companies like Google and Amazon that they are moving their headquarters to the city – many are expecting changes in NYC’s real estate market. Since these companies announced their NYC expansion, many are also expecting luxury condos to be taken by these young professionals. Well, they might be disappointed. With $150,000 average annual salary of an Amazon worker, luxury condos are not reachable, even though that number is above the city’s median salary. That’s why we can surely expect them to rent, and this affordable scenario leads to rents going up.
NYC real estate market and trends 2019 – rentals in Downtown
Not only with tech employees, but with other New Yorker’s too – renting will be a more popular option in 2019. NYC real estate market and trends 2019 will certainly see more renting than buying, especially in the city’s dense areas – like Downtown. The trend of 2018 fall where rents in Brooklyn, Long Island City, and Dumbo are higher than those in the East Village or Chelsea – will certainly continue through the months of 2019. Talking about downtown, rents will grow more in Manhattan than in Brooklyn or Queens, and once very popular downtown Manhattan will return in its full glory as a new hot place of 2019.
Buying a rental property in NYC
Investing in a rental property in New York is a great idea, with more people renting this year. However, choosing the best neighborhood is always confusing and challenging. You need to follow the trends and see where you should buy your next property. However, you should consider these NYC neighborhoods as they are part of the NYC real estate market and trends 2019:
- Richmond Hill – median property price is $982,063 and rental income around $6,100
- Far Rockaway – median property price is $614,667 and rental income around $4,500
- Arverne – median property price is $542,856 and rental income around $4,300
New Yorkers are willing to sell
In 2018, a record number of homes was put on sale, and that trend will continue in 2019. Reasons are many – New Yorkers want to make some money from their past investments, they want to move away and raise a family, many of them are moving because of their jobs. Either way, you will see a lot of homes listed for sale in 2019.
Are you selling a home? Here’s how to do it.
Selling a home is not just posting an ad online. It’s much more. As you can see, many New Yorkers will be willing to sell their houses in 2019, so the market will be saturated and competitive. That’s why you need to prepare wisely for the selling process and be ready to make your home more attractive than others.
Tips on selling a home
- do you really need to renovate? well, if your home is in a very poor condition, you should definitely consider renovation. In another case, you should try selling your home in the current condition. The reason is that renovation can cost a lot and take a long time. Furthermore, your future buyers may be looking for a home they can renovate how they like it.
- declutter your home – if you want for buyers to see the true beauty of your home, be sure to remove all the unnecessary items. Clean your home and get rid of the items you don’t really need. Therefore, your home will look more organized and presentable to the buyers.
- make the rooms lighter – nobody wants to buy a dark, scary home. Before your buyers come, be sure to open the curtain, turn on the lights and make the atmosphere more homey with some candles or a fireplace if you have it.
- tidy up the place – there’s no way to stress this enough. Your home has to be tidy when buyers come to see it. That means that you should clean the kitchen, clear the countertops, make the bed, move any clothes hanging around. Also, be sure to move boxes laying on the floor.
- estate inspection – read about estate inspection before buying a home so you know what to expect when buyers come to check out your home. If something from the list is not right at your house – fix it!
Moving to NYC?
If you are moving to New York City, all of this real estate information might confuse you. However, when it comes to moving, you shouldn’t be confused at all. With our NYC real estate market and trends 2019 you’ll know what to expect if renting or buying. So, the only thing left is to organize the move. It is important to know that planning and organization are everything. Buying a home, renting, all the documents, packing – it can be truly overwhelming. That’s why the moving process should be handled by professionals. Contact Dumbo Moving and Storage NYC for complete moving services – at affordable prices. Professional help is great not only for packing and transport but also finding the best route around NYC and providing the safest storage.