The New York Times recently published an article on the state of the downward moving real estate market in New York City. The article opened with an example on how one Upper East Side apartment, which was initially listed for $6.75 million in 2017, took three years and a $2.75 million price drop to finally sell.
So how does one price their property right and get their property sold in this market? For the agents, "only recent sale prices, and not list prices, should be used to estimate property values." For the owner/seller, managing your expectations on what your home is really worth in this market is the best way to get your property sold.
For more on the current state of the New York City real estate market, click here.
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