New York is facing a real estate slump, which had become the trend in 2018. Near the end of the year, NY Curbed reported that there are two ways investors could look at it. Those who are selling homes should hold on selling their properties for the time being. Those who are buying homes, however, should strike now, while prices are down.

Market reports have come back, and they don't look good at all. The median prices have already fallen down and sales are not good. There hasn't been a problem with inventory; apartments and other units have been plenty. But that is more because they are spending more time on the market rather than being traded around.

In 2019, the situation might not even improve--at least in the first part of the year. Federal tax laws and pay rates could influence market movements and play a big part in creating a negative disruption of the marketplace. This is what Jonathan Miller, the Elliman report author, thinks could happen.

Forbes' report mirrors this fact, where a buyer could get a Manhattan apartment for less than a million for the first time in a long time. This was the effect of the market decline at the close of 2018, where prices have fallen down beyond $1 million. This was already a good thing, despite the bleak picture; market analysts have said that the worse has passed, and the decline has been controlled.

It had started a decline near the end of 2017, where it was already 6% down to $1.06 million. It was also scheduled to go down further in 2018, where it had gone down to as much as $999,000. The largest price drop recorded during the slump was in the amount of $2.744 million for 2017 and $2.045 million near the end of 2018.

Miller surmises that people should not be surprised at all that this is happening. It's all part of what he calls a 'reset mode' where new apartments came on the market, and volatility in the stock market--among other things--influenced the way prices for these new properties came about.

While it all looks bad for sellers, buyers should take advantage. There will be very few people trying to get these properties, and those looking for their first home--or property--will get the benefit of incentives developers and sellers are using to sell their premium properties off.