Find what you love now - refinance later.

The inventory of desirable residences in Manhattan and neighboring boroughs is nowhere near as robust as past years. And most sellers are hesitant to offer price reductions. My advice: when you find a home that satisfies your most important requisites, go for it. If you wait on the sidelines for mortgage rates to drop, there’s an excellent likelihood that you’ll lose out on a stunning new home. Do not choose a 30-year fixed mortgage. Instead, opt for adjustable rate or interest-only loans if possible. When mortgage rates finally start dropping, you’ll have the flexibility of refinancing at a better rate.

Sellers are now becoming landlords.

New York’s rental market is on fire. In less than a year, monthly rentals have increased an average of 29%. No surprise, more and more sellers - who have the luxury of other living accommodations - have turned their co-op and condo listings into rental apartments. One of the benefits of city living is the flexibility of renting. But the flip side to this is that the volume of apartments being utilized as investment properties puts pressure on the available sale inventory. 

Less “bang” for the buck – at least for now.

It doesn’t take an advanced degree in math to decipher the realities of rising mortgage rates. Just last year, buyers with a budget of $2 million could finance a home with 25% down. Today, with ever-escalating rates inflating monthly carrying charges, these same buyers are now looking at homes tagged at $1.5 million. It’s a frustrating time for many would-be homeowners. 

Nearly two decades in the business have taught me a big lesson: excellent real estate opportunities are out there if you know where to look. It will be my pleasure to work with you - to help you find a beautiful new home throughout the highs and lows of headlines – or to help you find the most opportune moment to offer your home to an eager buying audience.