It is a buyers market in New York City

Housing inventory in New York City is at a 7 year high and it is one of the best times to buy in recent history, especially as a lot of homes typically come on the market in September in our area.

Grant Long, Senior Economist at StreetEasy says he’s expecting that inventory to hit new records in September and October.

Once that happens, expect homes that have been on the market a little bit longer to lower their prices to compete for buyers.

Grant says the striking part about the housing market right now is that there’s a lot of inventory across the city.  So whether you’re looking in Manhattan, Brooklyn or Queens, there’s a good chance you’ll find plenty of homes available.

And that means prices could come down even further.

Grant says 1 in 4 homes on the market right now has had a price cut.  So if you’re a buyer who has a down payment saved and is ready to make a move, he says this is a great time to shop.

Informed buyers have a lot of negotiating power, and they should be able to find a good deal relative to a year ago.

Except if you’re looking in Queens, where there’s a lot of competition for relatively affordable housing.

Grant says prices in Queens are up 7% from this time last year, which he calls staggering, compared with prices that are relatively flat in Brooklyn and down slightly in Manhattan.

Overall it is a buyer’s market in New York right now.  And the best thing buyers can do is take their time.

Grant says there’s a lot to choose from and buyers have the upper hand.  They can afford to pass on a home that isn’t quite right for them or isn’t at the right price and wait for a better fit.