New York City: No Longer Recession Proof?

We tend to think of New York City real estate as recession proof but clearly it is not. A New York real estate brokerage reported that 54 of its open houses had no traffic whatsoever last weekend.

Sellers are reluctant to list their homes in the midst of this economic downturn. They don’t want the house to sit untouched on the market for too long, indicating undesirability. So sellers are holding back and buyers and staying home. If this trend continues as the weather hints of spring, we will really know how far reaching the effects are because everyone knows that the spring is when the real estate market heats up. But nothing is for sure this year.