A Bonus Rally in Housing?
A: Look for the demand of NYC Real Estate to 'return' as we get towards the end of January. As year-end bonuses are given out, buyers who have been waiting on the sidelines will have little reason not to finally 'go for it'! If your a seller, than you MUST read this.
As the NYC housing market takes a breather, buyers should be especially vigilint over the next 4-6 weeks. The reason for this is that historically speaking, the months of Jan-April are usually the most active and therefore the most bullish months of the year for NYC housing. And the main reason for this statistic is that bonuses (wall street and the like) will be put to work.
Since housing still has incredible tax benefits, and you can live in your investment, there will always be a demand for it. Add in a ton of extra money that is about to be handed out, and you have a pool of potential homebuyers that will be ready to go after sitting on the sidelines for the past few months. And it couldnt come at a better time for both buyers and sellers.
Over the past 3-4 months, housing prices have cooled down here in the city, setting the stage for some very nice deals in a tight market. There is some more supply out there, but not enough to cause a supply/demand downturn in the market. So, as we approach the months of January and February, expect to see more people at the open houses and expect to see more competition for that perfect apartment! Prices should start to rise as we enter February and sellers notice a lot more interest in their properties.
My advice to buyers who are anticipating buying NYC housing as their year end bonus comes in:
LOOK TO BUY SOMETHING SOONER RATHER THAN LATER TO TAKE ADVANTAGE OF THE RECENT SLUMP IN NYC HOUSING PRICES, BEFORE THE MARKET GETS THE INFLOW OF DEMAND DUE TO YEAR END BONUSES