Buying an NYC home in 2023? Check out these areas.

The year 2022 is about to close and if you are still on the fence about buying a home in the Big Apple, then 2023 would be the perfect time to do so!

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After months of record-breaking real estate prices, buyers like yourself could breathe a sigh of relief as price increases are expected to mellow down in 2023.?

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According to a New York Post article, some experts say that home prices will fall by as much as 4% in 2023. It's a modest drop, but it should be enough to help you close a good deal on your dream home.?

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Then again, you can't always expect to find the best deals in highly coveted neighborhoods like Tribeca or Hudson Yards. You still have to make a well-informed choice if you want to live comfortably without breaking the bank.?

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With that being said, let me give you an overview of a few neighborhoods that fit the bill.

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1. Elmhurst, Queens

Brooklyn and Manhattan might be on top of everyone's list, but when it comes to affordability, Queens is the place to be. Start your home search in Elmhurst which saw a 23% year-over-year drop in the median sale price for the Third Quarter of 2022, according to Property Shark.?

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You could secure an NYC home for just $382,000 which is significantly lower than even the most basic homes in Brooklyn and Manhattan. The same can also be said for renters. And located near the borough's largest shopping district, this neighborhood is definitely ideal for buyers on a budget.

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2. Bushwick, Brooklyn

For years, Bushwick has earned a reputation as the more affordable alternative to Williamsburg. True enough, the neighborhood is more affordable at a median sale price of $675,000 compared to Williamsburg where homes go on the market for $1 million.?

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Even for that price, there are still plenty of amenities around Bushwick that will make your stay there just as cozy as living in any other high-end borough.?

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3. Kips Bay, Manhattan

Located just east of the Flatiron Building, Kips Bay isn't your typical Manhattan neighborhood. Unlike other areas in the high-end borough, Kips Bay offers more affordable options to both newcomers and long-time residents. The median sale price here is $700,000 which is exceedingly lower than the average sale price for the entire borough at $1.1 million. So, if Manhattan is still your goal, you might as well start your search in Kips Bay.

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4. Bay Ridge, Brooklyn

In case you prefer Brooklyn over Manhattan, then Bay Ridge should be on your list. With a median sale price of $450,000 according to Realtor.com, the neighborhood offers homebuyers in Brooklyn a much-needed respite from increasing real estate prices across the borough. Quiet and with lots of bars and restaurants around, Bay Ridge could be the place for you!

Next year would still be the perfect time to purchase your dream home in the Big Apple. But to be successful, you need to work closely with an experienced real estate professional.?

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Allow me to help you navigate the NYC real estate market and find the home of your dreams. Call me at?917-627-5677?or send an email to?[email protected].

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Let’s make 2023 your year!

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Talk soon,

Eli