NEW YORK, July 11, 2018 /PRNewswire/ -- Real estate professionals are suggesting that now might be the optimum time to purchase property in New York City. "That's because we're currently in what's called a buyer's or buyers' market," explains Natalia Sishodia, a real estate broker with Brown Harris Stevens who lives and works in the city.
Specializing in apartment sales and rentals, Sishodia is well-versed in the highs and lows of New York City's often volatile property market. "Sales by volume are down by around 25%, and prices are currently 8% lower on average than twelve months ago," she points out.
A buyers' market typically occurs during an economic situation where goods, in this instance properties, are plentiful, and where, as a result, buyers are in a stronger position overall than sellers.
"It happens in most industries and markets, but the effects are particularly pronounced where the situation pertains to property," says Sishodia.
The real estate expert suggests that often, a buyers' market versus a sellers' market can be the single most significant deciding factor in the ability of an individual, family, or group to purchase a property or properties in a given area.
"It's particularly apparent in New York City right now, perhaps more so than during any other period in the last ten years or more," Sishodia adds. Wider figures also reveal that the same is true to some degree of several other large cities in the U.S. and more across Europe and elsewhere around the world.
According to Sishodia, the situation is most evident in New York City's borough of Manhattan and well-established neighborhoods in Brooklyn and Queens. "Areas such as Dumbo, previously Gairville, and Long Island City, often recognized for its plentiful art galleries," she suggests.
"With that said, if you're considering acquiring property anywhere in the New York City area, my advice would be that now is a great time to explore the possibilities on offer," she concludes.
Natalia Sishodia is a New York-based real estate broker with Brown Harris Stevens, and keen philanthropist and volunteer, having recently pledged her support for Save the Children and Memorial Sloan Kettering Cancer Center, while also committing a portion of her free time to help at Trinity Church Wall Street's Brown Bag Lunch Ministry.
To learn more about Natalia Sishodia, you can read more about her volunteering here.
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SOURCE Natalia Sishodia