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FROM THE DESK OF YOUR VEST-DRESSED SALESPERSON |
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This is my short and sweet end of the year very abbreviated newsletter... It will remind you a lot of me (short and sweet: get it get it) As we close out 2023, steadily dropping mortgage rates are a welcome sight indeed. Rates are now in the 6 percent range, and we are seeing more and more buyers coming off the sidelines. Last week we had one of the busiest weeks for our listings in months! If these rates come down further throughout 2024 the market will take off - Just like 2021 there is a lot of pent up demand that is just waiting to jump in. Beat them to the punch as RIGHT NOW it is still a buyers market... sooooo if you are a buyer or even thinking about being a buyer let's chat. I would say it is smarter to get in now even if rates are a bit higher because there is more room to negotiatiate the price! Have a wonderful holiday season and let's catch up in 2024. Happy happy merry merry to all |
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Monthly Home Payments Hit Their Lowest Rate in 18 Months |
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Homebuyers have much to cheer about after following the Fed's decision to leave the prime rate unchanged for a third straight meeting while also signaling several rate cuts to come in 2024. Mortgage rates, which actually started falling even before the latest Fed meeting, have significantly cut monthly payments, bringing welcome relief to refinancing homeowners and prospective homebuyers alike. For example, the difference between an 8.03% mortgage (the 52-week high) and a 6.62% rate on a $600,000 30-year mortgage is roughly $575 a month. Lower rates coaxed buyers into the market, and mortgage applications soared 19% this month after falling to a 30-year low in November. While rates continue to hover well above pandemic lows and inventory is still tight, both data points are trending in the right direction for 2024 … |
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So, Where Will Mortgage Rates Land Next Year? |
| While the Fed rate doesn't directly control mortgage rates, it does influence their movement alongside supply, demand, inflation, and broader economic factors. At last, the Fed's "higher for longer" policy appears to be loosening, with three rate cuts announced for next year … but when next year? pushing mortgage rates downward over the rest of the year. The Mortgage Bankers Association predicts 30-year fixed rates in the very low 6.05% range by Q4 2024, while the slightly less optimistic National Association of Realtors expects a rate closer to 6.30%. No matter when rates fall, one thing is clear: The time to prepare to buy or sell is now. The housing market is always at its slowest during the holidays, with significant activity at the beginning of the year, making the next few weeks the perfect time to get your finances or your home in order for 2024! |
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MY NEW YORK CITY – CHRISTMAS WEEK IN NYC EDITION |
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The week between Christmas and New Year's Day is one of the best times to get out and take in the city's holiday decorations and events. The festive atmosphere and iconic sights — from elaborately decorated store windows to the Rockefeller Center Christmas tree — are all a part of what makes New York City life so magnificent. The can't-miss attractions: The tastemakers at Vogue have curated a spectacular list of festive activities that define New York's holiday season, from watching the Rockettes at Radio City Music Hall to taking in "The Nutcracker" at Lincoln Center. And even Vogue agrees that a trip to take in the Dyker Heights legendary lights is worth the effort. The off-the-beaten-path ideas: The editors at Condé Nast Traveler give us a true New Yorker's look at how to spend Christmas week with a list of low-key, charming to-dos. Recommended outings include a stroll along Gramercy Park, a visit to Little Italy's Christmas in New York shop, planning a cocktail party in your favorite local dive bar, and enjoying a spa day gift to yourself. The over-the-top decorations: New York City bars and restaurants pull out all the stops over the holidays with decorations and lights galore. At the top of any list, including The Infatuation's, is Rolf's — a delightful explosion of Christmas cheer in a Gramercy German eatery. Nearby, Pete's Tavern is covered in ruby-red holiday lighting, and the Miracle on 9th Street pop-up is a must-visit for its décor and holiday-themed cocktails. In Williamsburg, don't miss Sunday in Brooklyn for cozy date-night vibes, while Watermark Bar and Serra by Birreria each deliver an outdoor (but toasty warm) winter wonderland ambiance. |
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| | | 643 East 11th Street, Unit 1B |
| 2 BD 2 BA ~1,504 SF $1,795,000 |
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| | | | 17 East 17th Street, Unit 4 |
| 2 BD 2 BA ~1,577 SF $3,695,000 |
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| | 214 North 11th Street, Unit 1B |
| 1 BD 1.5 BA ~1,330 SF $1,195,000 |
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| | | | 452 West 19th Street, Unit 5D |
| 2 BD 1.5 BA ~1,022 SF $1,425,000 |
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| | | 2 BD 1.5 BA ~1,700 SF $17,500/mo. |
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| | | | 17 East 17th Street, Unit 4 |
| 2 BD 2 BA ~1,577 SF $17,500/mo. |
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| | | | 90 William Street, Unit 2F |
| 1 BD 1 BA ~845 SF $4,100/mo. |
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Licensed Real Estate Salesperson Licensed as Edward R. Freiberg |
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Office: 212-913-9058 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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