When it comes to competitive real estate markets, there are no area in the world that can compete with Manhattan. This popular region of New York City has long been known for its intense real estate market, and those who are new to the area, or simply looking to buy or sell real estate in Manhattan, should be aware of what makes the Manhattan real estate market tick.
A recent study of the Manhattan real estate market has revealed that even with the recent struggles within the housing industry, the Manhattan market has continued to be stronger than ever. These studies have come up with shocking findings, such as the fact that inventory within the market simply isn’t being replenished fast enough to keep up with the demand of the market, and that even with an overall decline in the number of active listings, houses are selling faster and staying on the market for a shorter amount of time. Another report when on to find that most buyers are rarely ever able to negotiate price in the Manhattan real estate market, and that most sellers get approximately 98.6 percent of their asking price.
So what does this mean for those looking to navigate real estate in Manhattan? It means that an aggressive approach to finding homes. While selling may be easy for those with properties in Manhattan, buying can be difficult. Buyers need to be prepared to come in with most or all of the asking price of a property. With the demands being so high, buyers also need to be ready to act fast when it comes to bidding on a property. There is very little time to think over a decision when shopping for real estate in Manhattan. This is also why pre-approval is so important for buyers. They should also keep in mind, that one bedroom apartments seem to be the fastest to go in the area, and that while there are thousands of new condos finding their way into the area, it doesn’t mean that pre-owned homes are slowing down in sales rates. Whether the home is new or a resell, in Manhattan, it will go quick.
With all of this in mind, those looking to navigate the Manhattan real estate market whether its for the first time or if they are buying in the area again, need to make sure they have a seasoned professional by their side to help them make their way through the market and find the right home or them.
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