Contract numbers are down for this time of year by 3.6% compared same time last year. As we enter the dog days of summer real
estate season, seasonality and the impact of it being a federal election year start to
take effect. In the summer there is lower deal volume as buyers and sellers rest and
take vacations, hence the seasonality. This lower transaction effect is further
impacted by election year wait and sees. For federal election years deal volume
slows from around July 4th through the end of November and then exceeds
expectations in the following months post-election.
Now what does that mean for the buyers and sellers still looking to buy or looking to
sell between now and the end of Nov?
Buyers can take advantage of the lack of competition and buy property. Sellers must
make sure their unit is priced below or at market rate to attract buyers quickly and
close, especially if inventory is high while fewer buyers search for homes.
Interest rates are currently at 6.77% according to Freddie Mac's US weekly avg. on
a 30-year fixed. This is the lowest level since mid-March. Read more
here.
Let's discuss!
Are you planning to reach any real estate goals over the summer season?
My contact info is below.
Contract Numbers:
Manhattan had a total of 941 contracts signed, which is usually around
1,042. Brooklyn had a total of 556 contracts signed, which is usually around 588.
