Facts about the New York City housing market 2022
Looking forward to moving to NYC? If so, finding a home will be on the list of many things you must do before moving. When it comes to New York City housing market, things are always volatile. The prices range from affordable to high-end, depending on the neighborhood and current real-estate situation. This is why buying a property in NYC takes time. If you opt for renting a place, it will also require some research before you make a final decision. New York is a fast-paced city where things are prone to rapid changes, including the housing market. That’s why we at Best Movers NYC prepared this comprehensive guide for you, so you can make the best home-buying decision. And once you do it, you can come to us to help you find the movers to help you relocate without stress.
The NYC housing market is getting more attention this year
There are reasons why the housing market in New York City is one of the burning topics among real-estate experts. First, it’s noticed that New Yorkers are buying homes more than ever before. So far, the number of sold homes has reached 3,500 and keeps growing. Since the relaxation of COVID-19 restrictions, people have started coming back to big cities. Real-estate prices have dropped, which many see as a perfect opportunity. Although New York was an outbound city during the past few years, it’s becoming one of the favorite places for living again.
Even though people of New York are becoming more interested in purchasing a home, the percentage of people renting their place is still high. Due to current skyrocketing prices, landlords not so rarely opt for raising the rent. However, this varies from neighborhood to neighborhood. For example, real-estate situations in Manhattan and Brooklyn are very different.
Manhattan has become quite competitive
Believe it or not, Manhattan is currently popular among numerous people who hunt for their perfect homes. Although the prices are on the higher end of the spectrum, this neighborhood gained significant popularity. Nowadays, people see a home purchase as a place to live and a long-term investment. According to experts, real estate in Manhattan will increase in value in the years to come due to global demand.
In case you’re interested in relocating to Manhattan, there are two things you ought to do:
- Research its housing market and find a home with an excellent location, preferably with a nice view.
- Browse some of the best movers Manhattan offers, and choose the movers who will carry out your entire relocation – from organizing to packing and moving.
Brooklyn and Queens are still popular among those who are moving to NYC
Whether they are moving for work, family, or any other reason, people look forward to starting a new life in either Brooklyn or Queens. Both neighborhoods have many excellent living options that are much more affordable than the rest of the city. Moreover, it’s easy to commute from Brooklyn and Queens and get to all the important parts of NYC. Plus, the quality of living doesn’t disappoint. It’s also more likely to purchase a home in either of these two neighborhoods this year.
What do the experts have to say about New York City housing market?
By the end of the year 2022, housing prices in NYC are going to increase significantly. More and more landlords will also increase rent prices. As much as it sounds pretty contradicting, this is one of the main reasons for luxury property purchases. On the other hand, those looking forward to buying a decent home for living will have to prepare for another pendulum swing in terms of pricing. However, remember that the competition is tight, and it’ll take time to find, let alone finally, purchase a property in NYC.
Another key factor that has already begun to affect real estate in NYC is climate change. The coastal side of NYC is more prone to flooding, so people prefer moving closer to the city. They also find it affordable to relocate to quieter neighborhoods with lower real estate prices.
Things to do before you purchase or rent a home in NYC
So, you’ve decided to purchase a home or rent it, but the New York real estate market seems too complicated to figure out? In this case, it’s smart to ask a professional realtor to help you out. Just make sure the person who guides you through the NYC house market is trustworthy. That way, you’ll buy smart and avoid any hasty decisions that might cost you more than you could pay. With the help of experienced realtors, you will get all the knowledge about the current real estate situation in NYC.
Buying vs. renting
Before you opt for either buying a home or renting it, ask yourself these questions:
- For how long do I plan to stay live in NYC?
- Am I ready to invest in a long-term home?
- Does my income support the living options I want?
- Do I want to raise a family in NYC?
This is how you will solve your home situation right from the start. If you plan to just stop by in NYC for a year or two, better rent a place. On the other hand, long-term goals like families and living require serious planning. If renting is the only option, then make sure to study real estate trends and prices in NYC. Check what’s on offer from time to time and what to do to get the permanent living space you dream of.
Fully furnished vs. empty apartment
Be careful when looking for a place to rent. You’ll come across either completely furnished, half-furnished, or almost empty homes. This is where you must decide if you’d pay a certain amount for a furnished place, or pay less, but furnish each room as you like. Furthermore, it’s a huge financial decision you have to make. Therefore, weigh all options, and consult a trusted real estate agent.
Learn more about the neighborhoods where you’d like to move to
Remember that each neighborhood is like a city within New York City. It takes a little research until you decide where in NYC you see yourself living and thriving. Plus real estate situation isn’t the same across NYC. Not each neighborhood is equally affordable, so you must research and find what place meets your needs.
Queens takes a top spot
There are many reasons why you should waste no time and book Queens movers who will handle relocation for you. First and foremost, Queens is a place that is appropriate for people of all ages! Seniors, families, and young professionals prefer moving there and living their best life. In addition, artists also come to spend time picking up inspiration for their work. Queens boasts both fantastic street art and an array of different museums that host exhibitions now and then. Contemporary art is a big deal for Queen’s cultural scene.
Considering it’s a part of one of the most expensive cities in the world, Queens is maintaining its reputation as one of the most affordable boroughs for living. The lowest median sales price starts at $250,000 and goes up to $500,000. There are many living options to choose from, whether it’s an apartment or a house.
Brooklyn is another place in NYC where people frequently move to
As mentioned, Brooklyn offers affordable housing, as well as affordable living. The quality of life, exposure to art, and excellent connections to all key points in NYC are many reasons why Brooklyn has a growing number of residents. Plus, housing is quite affordable and offers many living options, whether you opt for buying or renting. Rest assured that Brooklyn has what you need if you prefer a more “traditional” apartment option with brick walls over new ones. By living here, you get to experience an old-school NYC spirit and a community that prefers a laid-back approach. While it’s true that life in NYC is fast-paced, it’s a bit different in Brooklyn.
Once you find a decent place to live in Brooklyn, make sure to contact reliable local or long distance movers in Brooklyn. Choose the ones that will serve only top-quality services, so you can have a stress-free start in a new home.
Hells Kitchen is a mix of old and new
It often comes as a surprise that Hell’s Kitchen is one of the most desired places to move to. This part of NYC developed over the years and became an excellent place for workers, seniors, and even families! Although modern high-rise buildings are showing up in Hell’s Kitchen every now and then, its authentic architecture remains intact. Therefore, you can live in a newly-built hood or somewhere more “old-school”. Living in Hell’s Kitchen is also affordable, though it has some prominent high-end shops and restaurants here and there. In addition to Queens and Brooklyn, Hell’s Kitchen is another popular part of NYC where people look forward to purchasing their permanent homes. For these reasons, local movers in NYC are quite busy this year.
Hire a moving team to coordinate your relocation to your new NYC home
You found an affordable deal in NYC and look forward to enjoying your new home. But, there’s another step you must think of thoroughly – moving and everything that comes with it. Rest assured that only well-versed and reputable NYC movers will help you stress-free handle demanding moving periods. The good news is – such movers aren’t hard to find!
Opt for full-service movers
In case you have plenty of different items – including art pieces, game equipment, instruments, etc – it’s better to contact the movers who have all services you need. Another advantage of a full-service move is that it comes as more cost-effective. Plus, it saves plenty of time you would probably spend searching for packing supplies or storage units separately.
Another thing to have in mind when searching for movers is a free moving quote. Having said that, feel free to skip any company that charges for such service. All renowned moving companies with more than three decades of experience provide a completely free-of-charge moving estimation. It gives you an approximate cost of all moving services combined and thus helps you plan your moving budget.
Request to see a storage unit before you rent it
Once you finally move to your new NYC home, you’ll need an adequate storage space where you’ll keep your items. Whether you’re moving in instantly or waiting until you furnish your purchased home, in both cases you need to keep all your belongings safe. There are many long distance NYC companies that offer exactly what you need. Depending on the rental duration, you can opt for climate-controlled units or short-term storage containers. What you have to pay attention to is the very quality of storage. Is it clean and pest-free? Is it safe? This is why you should pay a visit to the company’s units.
Make sure to stay on track with tasks
Researching New York City housing market requires time and moving preparations that come right after you finally choose a new home. To make everything run smoothly, the organization is a crucial aspect. The best way to stay organized is to fulfill the tasks for each specific day and stay flexible in case unexpected delays occur. In such a situation, it’s good to have a trusted team of movers who have enough experience on the ground. Having a reliable moving company at your side is basically half the job, making the entire endeavor much simpler than it seems.