The New York City real estate market is an unquestionably dynamic and exciting arena. In order to maximize profit with the sale or lease of a property, an understanding of market trends & staging techniques is truly essential. Here are my observations and predictions for 2015:
NYC Real Estate Trends This Year
Price growth appears to be cooling in Manhattan, with a healthy annual rise of 4%, whereas prices in Brooklyn and Queens continue to rise.
Inventory is expected to increase with new developments in the outer boroughs.
Amenities are set to increase, inspiring buyers and renters to make a long-term commitment to their building or complex.
One-bedroom apartments that cost $3000/month are proving too expensive for Millennials in the Big City. In response to this, developers are set to focus on “micro-suites” where up to 3 tenants, each with their own small room, share a kitchen and bathroom.
A focus on “trophy kitchens” will be used to lure the increasing number of “foodies” to both rent and buy.
Home Staging in 2015:
In the busy real estate market that we’re enjoying in NYC these days, staging becomes even more important! Potential buyers and renters want quick reviews from online photographs or by crashing open house visits on the weekends. That all-important first impression is a crucial component to the sales process, allowing the seller to transition as smoothly as possible into their next purchase.
I like to compare the selling of a home or apartment to a well-planned and carefully executed military campaign. At least 50% of the work should be done before the seller even takes a photo for the real estate’s PR material, and certainly before the very first potential buyer comes in for the first open house. Not all apartments are built the same. Some homes sell within the first weekend, while others struggle on the market for weeks or months at a time. Staging facilitates, and encourages, a quick sale, no matter what. While hiring a professional is almost always recommended, some key staging tips for the New Year would include:
Clear the clutter! The less evidence of personal details & opinions the better.
Allow prospective buyers and renters to imagine themselves in the space by arranging furniture in a way that facilitates open interaction.
Winter staging should include a beautiful, colorful throw on the sofa, lit candles and a wreath on the door. Warm colors should be used to add brighter countenance.
Spring/Summer staging should include a vase of fresh flowers, with a couple of live plants by open windows with the breeze flowing in. In these seasons allow for more linens and natural tones
Whether buying or selling in 2015, remember to have fun with it all. This is an exciting time in every adult’s life that shouldn’t be burdened by negativity or stress. Infuse every opportunity with positivity and possibility, and let the good times flow!