How a Virus Changed the Market Trend of New York Real Estate

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  • Published date: May 15, 2021
    • New York, Brooklyn, New York, United States [ Ads Views - 4 ]
  • Call : 7188542685

COVID-19 has forced the world to face challenges never seen before.  Many industries, business, and professions are projecting and planning for the near and far future permanently affected by these long-term challenges.

The real estate world is one of many areas hit hard by the pandemic.  However, market prospects and sales continue to rise as a new and diverse demographic of sellers and buyers enter the market.  Home features, structures, and amenities are constantly changing to meet the needs of buyers.  Since the pandemic, certain additions and amenities especially attract successful sales.  Renovations and additions are growing in demand.1 Demand for purchase and property prices continue to rise despite the pandemic and homeowners are benefiting from “record high” home equity incentivizing to invest more on renovations.2  With an increasing number of people working from home, commute times are no longer a priority and buyers are looking into homes in the suburbs or outside Manhattan with bigger lots and outdoor space.  Just in August, the New York real estate market saw sales in Brooklyn go up 38.7% compared to the same month last year.

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