Listing Price, Shmisting Price: New Report Indicates Buyers Getting Condos for Less Than Listed More Often Than Ever

Condos in NYC selling for less than list priceWe hear the term "buyer's market" so often of late in reference to the current real estate market that it's easy, at times, to forget just what it means. The phrase itself isn't tough to decipher, of course: buyers of NYC condos have an advantage over sellers of NYC condos at present. But a new report from Zillow.com indicates the real-world effects -- the very positive real world effects, at least for those looking into buying a Manhattan apartment -- of the current buyer's market in Manhattan real estate. On average, Manhattan apartment buyers paid a whopping five percent less than the last listed price on NYC condos in January. That's a savings of over $20,000 per purchase, on average.Given that the NYC real estate market is not renowned for its soft-n-gentle nature, these numbers are even more eye-popping than they first appear. The discounts being won by NYC apartment buyers, for instance, are nearly double the 2.8 percent median reduction across the national real estate market. Taking advantage of this new-found buying power (it's the first such bump in 11 months) should obviously be of paramount importance for NYC condo buyers -- there are, after all, potentially tens of thousands of dollars in discounts at stake. Taking advantage of this buyer-friendly real estate market isn't quite as easy as it looks, though -- working with a qualified real estate agent who is adept at getting the best price is a must, and you could do a lot worse than checking out our Manhattan Real Estate Buyer's Guide (or International Buyer's Guide, which is a bit more general) before hitting our Manhattan apartment listings. But if you were looking for a concrete, dollar-wise explanation of what the current buyer's market for Manhattan apartments looks like, you need look no further.

NYC Daily Real Estate Blog

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