So much confusion and so many conflicting reports....
Are we in a recession? No one is really sure. Yes, the Gross Domestic Product has declined for 2 consecutive quarters, but employment numbers have never been stronger. The Fed just hiked interest rates again, but mortgage rates declined sharply for the second week in a row. Yes, this is possible. Is it a good time to rent? Not so much. Rents are at all time highs and projected to continue their meteoric rises. If you're a homeowner wondering whether to sell or rent your property, my advice - always - is to be wary of becoming a landlord. Have we got war stories for you! The real estate pendulum is swinging in favor of purchasers and there are some great options and wonderful opportunities with relatively little buyer side competition, yet consumers remain only lukewarm about purchasing. What's wrong with this picture? Sellers who aren't getting bids are choosing to take their properties off the market rather than reducing their asking prices. Little new inventory is coming on the market, making it an opportune time to list. Now is most definitely a good time to buy as well as to sell. You may wonder, "How is that possible?" Well, it is! We'll be discussing this in greater detail during our upcoming virtual seminar on Aug 17, and I'm happy to have a personal and nuanced conversation addressing your unique situation. Let us help you make sense of the confusion so you can comfortably proceed with informed real estate decisions. Manhattan's residential real estate market is adjusting, not bursting or popping. It is behaving appropriately for the Dog Days of Summer, especially after an overheated autumn, winter and spring. Buyers hoping for significant discounts and lots of new inventory coming on the market - keep dreaming! The number of price cuts, and the percentage that asking prices were reduced, were both down last week. And sellers who think their property is worth the same today as it was four months ago - think again. If a home has been on the market without strong offers, one needs to ask, "What's wrong?" It's not the market; it must be either the price or the marketing. Regarding inflation: the MEGA millions lottery soared past a billion dollars. Were you a lucky winner? I, unfortunately, didn't score even one number and am forced to keep my day job. Please continue to send your referrals!
Kindly share this blog with your friends, relatives, colleagues and clients who might be interested. And do reach out with your thoughts, questions and comments.
Enjoy the remainder of the summer, and we hope to see you on Aug 17.