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Like it or not, NYC real estate – Manhattan or Brooklyn or the other 3 boroughs will experience price declines in the next year. Every now and then, you will see a property going quickly at its ask price or even above due to a very specific situation (someone fell in love with that house and is recession-proof). Those cases will be far and few in between. You can’t really protect yourself against the vicissitudes of the economy. As much as you can, consolidate, pay off your debt, and accumulate as much savings as possible. If you feel like your job isn’t that secure and your mortgage is too big, sell now. Save yourself pain further down the road.