We are in the dogs days of summer for NYC real estate!
Supply of units for sale in Manhattan alone are at 737 when they should be near the average of 907. Inventory is very tight right now due to us being in the dog days of summer. Most people are making the most of the last unofficial month of summer with vacations and the like, and real estate has taken a back seat as a result.
Overall, we have had a very active spring and early-mid summer months and the market has done quite well due to this. We are in a neutral market, sellers and buyers are not heavily favored at this time.
Now with that being said prices have neither jumped nor decreased dramatically, having mostly evolved as a plateau of values over the last few years with varying amounts of transaction activity. Thus giving confidence to buyers, sellers and renters as uncertainty desolves. This market is what we will be in for a while and people are finally getting used to it!
Now what does this mean for you?
For sellers-If your home is still on the market at this time, decide what drastic changes in pricing and marketing you will take to get it into contract before Labor Day. If you have not yet listed your home as yet, the time to wait until the fall season starts, is now..
Proper pricing, fantastic marketing, a great negotiator of an agent and other plans can help you still succeed with selling during the late summer months.
For buyers- Opportunity is out there due to low competition! Sellers in the market today are serious sellers and therefore the opportunity to get a home with a great price and terms is within reach.
For renters- Rents continue to skyrocket in the city and we are now approaching what the experts call a "rental fatigue cliff" where buying, even when expensive, makes more sense than paying another hefty sum in rent. Rental season runs from April through mid September. Have you been feeling fatigued? If so, what are your plans to deal with it?
A side bar for foreign buyers- The US dollar has started to recover from a four year low over the last month and is expected to remain plateaued for the remainder of the year. Have you thought of purchasing US real estate? Let's talk. Link
Are you thinking about making a move this August
or just watching the market for now?
Interest rates are currently at 6.69% according to Freddie Mac's US weekly avg. on a 30-year fixed. Click here.
Contract Numbers:
Manhattan had a total of 828 contracts signed.
Brooklyn had a total of 544 contracts signed.
Queens had a total of 696 contracts signed.
The Bronx had a total of 129 contracts signed.
