Nationally, the market has started to cool. After two years of bidding wars that exhausted buyers, it looks like the rest of the States may have hit their peak.
I am sure you all want to know if the New York market will follow. Sorry, Charlie. I doubt it. Remember, while homes in the suburbs were being gobbled up by desperate buyers, in New York City, we were closed for business. So while nationally the prices soared, prices here never really changed. When you look at broad averages, prices are hovering right around where they were in 2019. The great fanfare you hear about in the news in New York is greatly related to deal volume - the number of people buying apartments. Which makes sense with so many people moving back to the city.
Mortgage rates, market volatility, and inflation are the talk of the town. Freddie Mac began tracking mortgage rate information in 1971. The average rate over all that time is just under 8 percent. Although it's reasonable that buyers desire continued low-interest rates, we all hope that the primary conditions that produced those rates — a total global economic collapse and subsequent global pandemic — will not be returning any time soon. With a normal economy, rates will most likely return to averages. So if you're waiting for rates to drop– fair warning, you may be waiting decades. The same goes for the sentiment that slightly higher rates will put a chill on the NYC market. It's unlikely. Remember the average purchase in NYC is about a million dollars. So the swing of a few hundred dollars most likely will not inhibit a sale in this market. Will people think about it a little more before they overbid? Sure.
The truth is people buy and sell homes when their lives change. That is the constant in real estate.
Happy Summer!
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DanielKramp
Licensed Associate RE Broker
Union Square Top Agent 2019,2020
M:646-549-0258
Licensed in NY and CT
