For buyers: mortgage rates have increased significantly this year. As of October 11th, the 30 year fixed-rate mortgage is now at 4.9% and their highest level since April 2011. For example, if you bought a $1m property and financed 80%, $800,000, the mortgage would be $4,245 vs. $3,865 per month at 4.1%.
For sellers: while there are still pockets of neighborhoods seeing increased pricing, the market has declined in some neighborhoods as much as 10%. For example, if your property was worth $1.1m in the beginning of the year in Chelsea, it is now worth $1m.
In summary, buyers are becoming more motivated to make offers on properties and sellers seem to be more open to realistic pricing. This is true in my personal experience - it is time for buyers and sellers to start making deals!
I'm the perfect agent to make these deals happen! If you know anyone looking to buy, sell or rent, please reach out to me at 212-941-2634 & [email protected].
4 Lucky Buyers in Contract!
917 Jefferson Avenue
2 King Street #6B
296 Elizabeth #3F
I have four lucky buyers in contract expected to close this year. To see what I've been up to in 2017 and 2018, Check Out My Deals!
Townhouse Specialist - Not So Tricky
This year I've been focusing on taking my townhouse skills to a whole new level. I sold a two-family townhouse in Park Slope in August and have two houses in contract. If you are thinking about making an investment in a multi-family townhouse, or thinking about selling one, please reach out to me at [email protected] or 212-941-2634. Check out my website!
Hang Out With Me Wednesday! My Treat
Obligatory Archie Photo
Archie is getting ready for Halloween!
Check out Archie on the stoop of Blue Ribbon Sushi, one of our favorite restaurants