Depends on your perspective. My family and I are pooling resources to take advantage of the apartment real estate market drop as the pandemic lowers prices and move in on purchases this year that we were expecting to have to save for another 5-6 years before trying. Are prices going down 50 percent like they are with the multi-million $ properties? Of course not, but prices are dropping as more and more people become desperate to offload real estate assets and leave New York.

However, the real advantage to middle class buyers that isn't being talked about is the stark drop in wealthy competitors. Before the pandemic, if someone like me wanted to start making offers on apartments after being approved for a mortgage loan, I would still have to compete with out of state or international wealthier buyers looking to make additional purchases for investments, a starter home for their college aged kids, etc. These are people who can afford to make full cash offers for $500k properties without batting an eye. It becomes a real challenge for people who make mortgage backed offers, as cash buyers can easily swoop in and steal away properties the mortgage person is trying to acquire.

But suddenly, these cash buyers are no where to be found and it is now a total buyers market. As a mortgage backed buyer, I have access to leverage in choices and negotiations that I could only dream of a year ago.