By Sharon Fahy and Chris Halstead
While budgets, wish lists, and neighborhoods have been reprioritized with a new lifestyle, school, and work scenarios, there is a tidal shift of people deciding to reinforce their commitment to New York City following months of indecision. In fact, some of the most eager buyers in today’s market are those in transitional phases of life where it would be easy to call it quits and move out of the City.
For some insight into these changing times. Here, three trends we are seeing with buyers in the market.
A NEW SENSE OF URGENCY
A variety of buyers have been sitting tight through the pandemic but are now ready to move ahead from their hiatus with a renewed sense of urgency to recommit to city living. This includes those with children where the school year remains somewhat uncertain, empty nesters, and individuals with second homes outside of the city.
While many are cautious not to overpay for the current market, they are prepared to go out, make offers, and sign on the dotted line. The months of pause have given them time to reflect on where they want to be, and they are ready to jump in.
New needs and priorities have been revealed in the past few months, and wish lists are being readjusted to fit those in various forms. For those who have decided to commit to New York for the long haul, they are looking at what a new normal means to them and how an evolving living perspective fits in, whether that means a new neighborhood where their budget goes further or puts them closer to a child’s school.
While some have honed in on the necessity of that extra bedroom that can be flex space and willing to raise their budget, others think the current market is the perfect time to lower their budget and still get a comparable space without changing their must-haves. However, it’s worth noting that while very minimal transactions took place over $2 million over the summer, now a significant amount of activity is around the $4 to $4.5 million price range.
THE SECOND HOME FOR NEW REASONS
Another trend that has been pushed to the forefront is the number of New Yorkers securing properties in the city, whether purchasing or renting. Many find a second space necessary to serve as auxiliary space for work, learning, and visitors.
There is also the movement of people realizing they can maintain a more modest home in the city and a second home outside of it. Owning two homes is no longer an exclusive luxury; it’s a way to commit to all the amenities and culture found in New York City and have that escape when needed.
Despite the period of uncertainty, we have recently seen, we see a positive message that New York will persist, and people will adjust to stay because this is where they want to be.