NYC Property Owners, Do Not Sell Now!

 Do you own property in New York City?  If you answered yes, this article is for you.  We at Link NY Realty would like to let you know that now is not the time to sell your property.  That must sound strange to hear from a real estate firm as we would usually recommend you to sell your property.  We want you to make the most money possible through your sale, so we believe it is in your best interest to avoid selling your property at the moment.  If your property is vacant, renting it is a better option currently.  Let us explain why we are suggesting this.

    Due to a variety of factors, people are moving out of New York City in droves.  The largest factor is the COVID-19 pandemic, which has a large presence in New York City.  According to a housing report released by the New York State Association of Realtors, new listings and pending sales both fell over 65 percent in April 2020 within New York State. This drop has been exasperated in New York City, as its density makes social distancing incredibly difficult, raising the chance of infection. The exodus has been lowering property prices across New York City as residents move into suburban areas like Westchester County.

    Many New York City residents are moving to Westchester, which offers a suburban environment.  Westchester is desirable to current New York City residents because it is less densely populated, offering better social distancing. Due to this, property prices are rising in Westchester.  Conversely, prices are rapidly dropping in New York City as supply increases and demand decreases, so now is not the best time to sell your New York City property.

    This brings us back to our recommendation: do not sell your New York City property now.  You will have a harder time selling your property and make less money.  We believe that your best option would be to wait until conditions improve and stabilize before considering selling your property.  We strongly believe the New York City market will bounce back and you will be able to get a great price for your property. At Link NY Realty, we have your best interests in mind and strive to find the best deal for you. If you would like to discuss the current market more, we would be glad to speak with you about the best plan of action for your property.     Renting your property is a better option for now, and we would be glad to assist you.  We have access to a massive database of potential tenants, and we can definitely find you a tenant while you wait for the New York City market to strengthen.