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What will the real estate market be like in New York this year?

With 2017 at the halfway mark, it's good to take a moment to look at the predictions for this year's real estate market. City Realty, for instance, predicted that 2017 would finally be the year where condos would drop in price. It would be the first time in five years that they would do so.

Even though that might be good news if you're looking to invest in residential real estate, you have to look at the 10-year average to really understand what a drop in cost this year means. As of 2016's averages, Manhattan-based apartments were 91 percent more expensive than apartments in the city a decade ago, making them an elusive purchase for many.

While some are trying to take away the sting of renting by giving away a free month with a lease, that doesn't really make up for the overall pricey nature of the apartments in the city. The average price of a one-bedroom apartment in Manhattan is $3,440 a month, as of Nov. 2016. Most landlords want renters to earn at least 40 times the monthly rent, which means people earning less than $137,600 yearly are out of luck.

The real-estate forecast suggests that landlords will continue to offer deals to renters as they are in a soft market. They may be more likely to negotiate. Additionally, new developments around the city, including in Manhattan, Long Island City and Brooklyn, will help reduce prices all around.

These are just a few things to think about when you're considering buying, renting or selling in the current market. If you're ready to sign a lease or to buy or sell, consider speaking with a professional, so you get the best deal possible.

Source: DNA Info, "17 Predictions for NYC's Residential Real Estate in 2017," Amy Zimmer, accessed July 18, 2017

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