Want to know what happened in the New York City real estate market last year? Now that 2018 is behind us, it’s a great opportunity to look back and see how the market changed and whether those trends will continue into 2019.
As a real estate agent, you need to stay up-to-date on market changes and trends. In a city that’s as fast-paced as New York, it can be easy to miss important changes when you’re up to your neck in work. Now that you have a chance to catch up, it’s time to get a bird’s-eye view of the market you experience day in and day out.
Buyer’s Market in Manhattan
The big story of the past year in New York has been declining prices and declining sales in Manhattan. For the fourth straight quarter, sales volume and prices dropped across Manhattan. Right now, Manhattan is something of a buyer’s market – at least compared to years past. It may not sound like good news for real estate agents, but in one of the most expensive cities in the world, lower prices could mean reprieve (and renewed interest) for first-time buyers, and opportunities for real estate investors looking to capitalize on discounts.
Working in real estate could be your ticket to freedom and success. You get to decide when you work and who you work for. You earn commissions with every property deal you close that go straight into your pocket. Real estate agents are independent and they can make big pay checks.
Real estate agents are in demand. With 5.5 million existing homes sold every year, and a further 600,000 new construction builds sold in 2017, there’s plenty of room for new real estate agents every year. The number of real estate agents is expected to grow 6 percent over the decade from 2016 to 2026, matching average growth in other occupations.
There’s no place in the world like California. Between its Mediterranean climate, a huge and diverse economy that includes everything from agriculture to Hollywood to Silicon Valley, and better tacos than anywhere in the United States, living in the Golden State is a pleasure and a dream.
No wonder it has one of the hottest markets in the country for dream homes. In California, the luxury market consists of houses priced over $1 million. However, there’s no hard and fast definition of a dream home – it’s whatever you want it to be. Whether it’s a 10,000 square foot mansion overlooking the Pacific Coast, a modest cottage lost in the pine forests, or one of San Francisco’s Victorian “Painted Ladies,” dream homes come in many shapes and many sizes for all buyers.