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Welcome to to 2024! While time marches on, New York City Real Estate continues to stand the test of time despite occasional bumps in the road. Is now the time to invest in Manhattan, Brooklyn or prime North Jersey Real Estate? Should I buy an Apartment in Midtown, a Townhouse in Bed Stuy or a multi-family and industrial property in North Jersey? Am I purchasing at the bottom of the market? It’s no secret, prices are down and the leverage has shifted toward the buyers. The only question is how eager sellers are to negotiate their property. In some cases, deals can be made. In other circumstances, sellers have little debt on their property, are willing to ride out the market and have no alternative place to purchase if they do sell. The New York Real Estate market will always remain a strong investment despite short term volatility. While the sales market has lagged during the past several years, rents have been at an all-time high creating a cushion for investors even while property values have temporarily decreased. In fact, the median price for a rental Apartment in Midtown is $5100 per month. All of this information makes this an opportune time to purchase in 2024. 5 Trends for 2024 include the following: 1) Be aggressive early. Buyers and Sellers want to make deals. The first six months of 2024 will be very telling for the marketplace. Don’t get married to a specific property. Pick out a bunch and put your best foot forward. Make sure it’s an area that will appreciate and see growth. 2) Interest rates will remain at current levels. Historically, these rates are low, but unfortunately double the amount from two years ago. 3) Invest for the Long Term. Property values will increase as soon as interest rates drop. You are purchasing at a built-in discount. 4) Chose the correct location. . New York has seen an influx of migrants, homeless shelters and other unfavorable situations. Rents are still booming and demand is extremely high for a smart Apartment purchase or investment. Make certain the area you choose is one that will yield the long-term result. 5) A Presidential Election. With the presidential election coming in November, buyers and sellers will be eager to make deals before the Fall. As the election nears, more uncertainty grows. Strike now while the iron is hot. The key to a successful New Year with regard to a Real Estate purchase is to analyze and review many properties. Don’t be afraid to make offers and make certain the best team is lined up to successfully negotiate and close the transaction.
2024 - New York Real Estate - Market Trends
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ABOUT JOSH GARAY

Joshua S. Garay is a real estate broker in New York City and founding principal at JSG Realty Corporation, a licensed brokerage focusing on residential and commercial real estate in the tri-state area. He is currently exclusively marketing the original Golden Nugget in Atlantic City, an 809-room, two-tower hotel property in Atlantic City built by Steve Wynn in 1980.

What can we help you find?

Garay Real Estate is a boutique network of a dozen agents, consultants, and marketing experts who assist sellers, buyers, and investors with smart investment transactions, ranging from multi-million dollar apartment sales to 1031 exchanges.

Schedule a cup of coffee with Josh.

The java is on him.

159 E. 30TH STREET
SUITE D
NEW YORK, NY 10016
646.450.0762
info@garayrealestate.com

Garay Real Estate is a boutique network of a dozen agents, consultants, and marketing experts who assist sellers, buyers, and investors with smart investment transactions, ranging from multi-million dollar apartment sales to 1031 exchanges.

Schedule a cup of coffee with Josh.

The java is on him.

159 E. 30TH STREET
SUITE D
NEW YORK, NY 10016
646.450.0762
info@garayrealestate.com

Copyright © 2007 – | Garay Real Estate | All Rights Reserved | Powered by LeadWorks
Garay Real Estate is a division of JSG Realty

Copyright © 2007 – | Garay Real Estate | All Rights Reserved | Powered by LeadWorks
Garay Real Estate is a division of JSG Realty

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