Making Bold Statements About The Current Real Estate Market!

Many news organizations were confident in their conclusion that the 4th quarter of 2022 was the “bottom" of the current real estate market / cycle in NYC. February was considered “pre-spring", and we saw positive trends including:

An increase in buyer open house attendance across Manhattan & Brooklyn
25% uptick in new mortgage applications
Mortgage rates at 4 month lows
New home builder sentiment the highest it has been in a year

Entering March, we were surprised to see mortgage rates jumping up half of a percent and new mortgage applications reported at 28-year lows across the US. Has all the positive momentum been halted?

It's still early to conclude on 2023 - however, three things stand out specific to the NYC market:

Record low inventory levels
A unique cash heavy market with ~35% of total sales being all-cash without financing (compared to 22% across the US)
Landlords are still increasing rent on tenants across all neighborhoods, sizes, amenities and price points

I've been recording videos about how to properly market & price homes during this spring season! Check them out below!

Recent Videos!

5 Days Of "Most Common Questions"

I recorded 5 videos of questions new clients ask me! Check them out!

1. Is it better to have a sales listing or a buyer?

2. Do most agents work with sellers or buyers?

3. When should you use free real estate legal services if your company provides the benefit?

4. What is a typical day as a real estate agent?

5. How many properties should you see before making an offer?

8 Questions Sellers Should Ask An Agent...Before Hiring One

The three most important topics relate to: 1. Marketing plan and who the ideal buyer is for your property 2. Pricing strategy using macro and micro economic trends of NYC, local neighborhood, size and price point 3. What unique characteristics do they offer to ensure a successful closing