For buyers: mortgage rates have increased significantly this year. As of October 11th, the 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 & Danielle.Nazinitsky@corcoran.com.
4 Lucky Buyers in Contract!