Media and market reports can surely paint a dark picture or be confusing at best. So, I figured in this newsletter I’d focus on what’s really happening in the market from the field.
In the past 30 days, my team and I have seen a wide spectrum of deals—from negotiating a 14% discount for one buyer in a new development, to losing a bidding war for another buyer with a listing that ultimately sold for 5% over ask. I’m seeing one property receiving 6 offers while another is only getting 1 inquiry a week.
While all these sales are happening in New York City, they are happening in different neighborhoods and price categories, representing several submarkets— all with very different supply levels. Once again proving that our market is very much affected by supply and demand!
Q3 numbers will likely show how the average prices have been affected this quarter and that the demand is down from the craziness of 2021. But we are also likely to see a slowing down in the supply of new listings.
With mortgage rates rising, many “could be” sellers who bought in the past few years and locked in low interest rates may have thought about upgrading, but are taking a pause until the rates go down again. This is one of the reasons we will see less supply.
Buyers are out in any market but the feverish pace they were buying at in 2021, is down because of raising rates. This is one of the reasons demand will be down as well.
So in other words, we are on track for a more balanced market.
Of course, I don’t have a crystal ball to predict the future, but if you have read my Quarterly reports for the past few years now, you can see that I have a pretty good track record of being right ;)
Happy Fall
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31 Bartram Road
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DanielKramp
Licensed Associate RE Broker
Union Square Top Agent 2019,2020
M:646-549-0258
