As of today, March 25th 2020, New York City is empty. Even the streets of Long Island only have about 1/10th of the normal traffic on the roads due to the lockdown. With over 50,000 cases throughout the United States, more than half of these are in New York making it the epicenter of the virus for the United States.
Clearly due to the is, transactions are down. REBNY & Street Easy have taken down the feature where you can see how long a listing has been on the market to help fight the low transactions.
We could easily be looking at a 10-20% drop of the current prices over the next 3-6 months due to the Coronavirus catalyst that has caused an insane sell-off in nearly all markets. The fact is this virus has effected everyone, the lower to upper class, employees to business owners so those with cash in hand are the real winners as of now as this will create enormous opportunity for purchasing. The number 1 investment? Real Estate!
The recovery of this market could be one of a “V” shape if it starts to taper off and make a strong recovery or take 2-4 years similar to 2008. No-one in their lifetime has been through anything similar to this, thus stays true in the Real Estate world as well.
So, if you have the cash this indeed will be the time to buy, just as many of us have beat ourselves up from not buying during the crash of 2008, this is going to be just another opportunity to catch similar prices in order to get the deal done.
Let’s get that deal done for you.