New York City has always been one of the most desirable cities to live in. But after becoming the epicenter of the COVID-19 pandemic, many are now wondering whether the demand is still there. Are properties still selling despite the unemployment rate? Is now a good time for an investor to move in on a property in the NYC area?
While it will likely take a few more months to determine the full effect the pandemic has had on the real estate industry, it appears property owners in NYC aren’t giving up on the heart of The Big Apple just yet. According to Forbes, “new home listings on real estate platforms Zillow and StreetEasy in the New York metro area have been down by more than 70% in the weeks of the pandemic as compared to the same weeks last year.”
Forbes also says that real estate agent Monica Benhuri with Douglas Elliman NYC told the source that “rental demand remains largely unchanged from last year due to people looking to move within the city.” With fewer people moving out of NYC, Forbes cited that new rental inventory is also down from last year. However, Nancy Wu told the source that people are taking a “wait-and-see approach” as there still is not enough “evidence that people are looking to leave the city permanently.”
Real Estate Agent Says Foreign Investors are “Looking to Take Advantage of the Distress”
Aside from addressing the rental demand in NYC, Benhuri also told Forbes that New York City brokers are seeing foreign investors looking to park their cash in real estate and take advantage of the distress.” The reality is, nearly every industry has taken a financial hit as a result of the COVID-19 pandemic which means property prices may decrease, giving investors and potential home buyers a reason to purchase property in NYC.
Are you looking to purchase real estate in NYC?
If you’re looking to jump into the real estate market and have your heart set on NYC, a New York City, NY real estate lawyer is the next person you should contact. The fact is, once you find a property you are interested in, you are going to want to have your NYC real estate attorney run a title search and ensure any agreements you are looking to make are in your best interest.
If you’re ready to discuss buying a home, whether it is for yourself or as an investment property, contact Ron L. Meyers & Associates, PLLC today.
Ron L. Meyers & Associates, PLLC can be reached at:
475 Park Avenue South, Suite 2100
New York, New York 10016