Why is now a good time to buy an NYC apartment?

It is not a secret that the New York City real estate market has been weak since the middle of 2017 despite having one of the strongest economies and the lowest percentages of unemployment rate in the USA. Things started to change for the better at the end of 2019 and the beginning of 2020. However, as you know, the world was hit by a pandemic, and everything came to a standstill.

Today, again, the situation is changing. We can see the sales market picking up! People are more and more interested in buying homes in NYC, especially apartments! So, if you were wondering whether now is a good time to buy an NYC apartment, either for your personal reasons or for investment, the answer is YES. Keep on reading to find out more.

We will Experience a Shift to Gig Economy

We cannot be confident about what will happen to New York City real estate market next year. However, we are confident that most of our jobs will be automated with all these advancements in technology. This will not change only our jobs, but our entire lives!

Why will this change happen? Because of the rise of the gig economy! Gig Economy is a free market system where organizations hire independent workers for part-time job positions. And, what a better place to be at that moment than in New York City. As New York City itself is a gig hub, because of its population, finding a job will be much easier.

A gig job can be anything from a dog walker to a plumber. A gig worker is anybody whose job and position cannot be replaced by technology. So, you understand why bigger and more populated places like New York are places for human service jobs in the foreseeable future.

Younger Generations Want to Be a Part Of NYC Crowd

According to recent research carried out by the Pew Research Center, around 41% of the US population are younger people, aged 18 to 40, who were a part of a protest or a rally during the last couple of years. These numbers actually show how much younger generations want to be involved. It shows us how much they want a positive change.

What is a better place to make this change than in one of the greatest places in the world? People who want to be a part of a dynamic community will always find their way here. If you too (or your future children) want to be a part of something great, a part of a vast like-minded community, now is the good time to buy an NYC apartment! Whichever part of the country you are now, know that long-distance moving is not an issue. Another thing New York City can boast about is a good choice of reliable long-distance movers. You can reach the city hassle-free; you just have to be sure about your motifs.

Low Mortgage Rates

What happens when the mortgage rate is low? The cost of ownership becomes significantly cheaper! The mortgage rate in New York City is currently at its historic lows. Thus, if you want to buy a home regret-free, that is, if you want to buy an apartment in NYC, now is the perfect time for that!

Now is the time when people who could never afford to buy a home here actually manage to buy it. We do not know for how long this situation will last. But, according to real estate experts, the mortgage rates will start to increase once the state recovers from COVID-19. So have that in mind when thinking about whether to buy an apartment in NYC now or wait.

Real Estate Prices are Currently Low, making it a good time to buy an NYC apartment

New York City's real estate prices, especially those of apartments, experienced a significant decrease over the past couple of years. The real estate experts claim that this decrease started around the year 2015 and hasn't changed since.

However, the prices became even lower with the start of the COVID-19 pandemic - there was simply no need for buying, and thus, the prices fell. At this current moment, prices have decreased by approximately 25%. So, if you like a good bargain, now is your time to shine. You can start packing your bags and calling your Best Movers NYC to help you relocate to your new apartment immediately.

Interestingly, the difference in pricing is seen even more in those luxurious apartments and penthouses. There, you can expect a drop of 40%. To give you one example of this - Jenifer Lawrence bought an apartment in NYC for $15.6 million in 2016 and sold it last year for $9.9 million.

The prices of New York City's real estate have never been lower!

NYC Will Always Be One of the Greatest Places in The World

One thing is for certain - New York City has always been and will always be one of the greatest places in the world. The only reason why people are not moving there as much as they used to is the pandemic. But, that too shall pass. New York City and all its residents are resilient and quick to recover.

Just look at the deadly Spanish flu, which hit both the resident's health and the city's economy - New York and New Yorkers recovered. Look at the 9/11 attack - New York bounced back. It can be said that nothing can stop this city. According to the COVID-19 update, this will all be over soon, as well.

What is more, there is something about the energy here. This energy always attracted people from all over the world. That is why New York City is one of the world's most populated places. New York will always be on everybody's wish list. And some will be able to make that wish come true as now is a good time to buy an NYC apartment.