The state of the NYC real estate market
If you’ve been thinking of buying, selling, changing rentals, or moving to New York City, you probably know it is a buyer's market. In this episode of the Brick Underground podcast, we explore some of the current market data with real estate appraiser Jonathan Miller from appraisal firm Miller Samuel. Miller isn't an apologist for the market and was one of the few people to predict the economic crash 10 years ago—even though many didn't want to hear it.
So what's the state of the market today? We take a look at the oversupply of new development that is lagging on the market and consider whether sellers and buyers are out of sync, and what this misstep will mean further down the line as sellers hold onto an idea of the market based on economic data rather than what buyers are prepared to pay.
Miller argues that a rise in interest rates over the long term would solve some of the distortions in the market and better tie apartment prices to income.
On the rental side, landlords arguably have the upper hand as potential buyers wait out some of the market’s uncertainty by renting rather than buying. Concessions are down—these are the sweeteners for renters, like getting one month free on a 12-month lease—though you may still need Brick Underground's handy gross rent calculator to make it less confusing if you are given concessions.
The other narrative is that landlords are under attack as we approach deadlines on rent reform.
Miller also shares some things to avoid if you are looking to buy and offers advice on that unique facet of New York City real estate, the co-op.
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