Jeremiah's Fall Folio

Jeremiah's Fall Folio
Buyer's Edition
(even if you think you can't anymore)

Happy Fall, all!

If this topsy-turvy NYC real estate market has you spooked, who can blame you? With the rapidly rising interest rates, inventory (though ticking up) still at record lows, and a barrage of emails and social media posts, just like this one, from brokers and lenders saying, "Now's your moment to seize the day", it's enough to make your head spin. But I'd like to think this one is a little different. 

One of the great things about working with the largest independently owned brokerage in the country with offices in most major markets, is I am surrounded, virtually and physically, by 30,000 incredibly savvy, seasoned, and smart agents. And we are constantly brainstorming about the various real estate markets, who came out ahead and why in previous economic downturns, and the creative solutions we have been able to offer our clients. In partnership with our trusted lenders we can find the opportunities that may not be so apparent in this media driven"one headline fits all markets" environment we find ourselves in. 

So, in the spirit of David Letterman, here's my Top 10 list on how to shift your real estate mindset from frustration to unexpected opportunity.

10. You date the rate but marry the price. You don’t need to get a permanent (i.e. fixed) mortgage now. You can get a temporary mortgage in the form of an ARM. You can also do an ARM with an interest only component. You can do a Purchase CEMA or a 3-2-1 by down. In other words, you have options and a 30 year fixed isn't the only way to buy property. There is increasing talk of a pending recession. If that happens, it’s likely that the Fed lowers rates and then you can refinance and get that permanent mortgage.

9.  Once the Fed signals an end to rate increases, the pent-up demand of buyers will flood the market. If you wait until next spring there will almost certainly be more buyers to compete against. Buying now ensures you have little competition and can negotiate a good price. 

8.  The savvy buyers will make a move now. Now is the time to act. When others are scared, remember to act smart and seize the opportunity - where competition is lower and sellers may be more willing to negotiate. There is always a story of should've would've could've. I don’t want you to be that story.

7. Sellers who are listing their properties in the next several months are serious and want/need to sell. Buyers who want to purchase but are concerned about rates have an opportunity to negotiate given the above.

6. The time to buy is when no one else is. Historically speaking, People who bought in economic downturns like 2009-2010; 2001; 1994-1996 purchased at lower prices and had higher appreciation than those 3 years after that period. 

5.  Most sellers are very anxious as their property lingers on the market so we can take advantage of that with more aggressive negotiations in many areas. 

4.  Interest rates ARE rising but renting is 100% interest… As a buyer, you’re stepping into the driver’s seat in the housing market for the first time in a long time. While rents and mortgage rates are up now during this inflation surge, rents continue rising regardless, usually around 2-3% a year. 

3.  It is time IN the market not TIMING the market, that is the key. Now is the time that all buyers have been waiting for! Time to negotiate!

2.  Renovation costs have continued to stay high due to inflation and supply constraints.  Now is a great time to look at a discounted home that has all your needs that may have had a price reduction.

1.   Everyone has to live somewhere. You either rent, or you buy. I chose to buy, and I’m glad I did. So did your landlord, and I’m sure they’re glad they did too. And I’m sure they’ll be even more glad if you don’t! The focus should be the next 5-10 years, not 5-10 months.

If you would like to speak about your unique set of circumstances and dreams of finding the right place at the right price and right monthly budget, please drop me a line and let's start or continue that conversation! In the meantime, enjoy the season!

~J

Market Reports

Our Q3 Market Reports just came out. Whether you're looking in Manhattan, Brooklyn, or Queens, we've got you covered. And here's a preview: Manhattan has become a Buyer's market again. 

Manhattan Q3 Report

Brooklyn Q3 Report

Queens Q3 Report

Real Estate
in the News

Housing Prices Are Dropping — 
Yes, A House Is Still A Good Investment

If you’re thinking about buying a new home but have reservations in the current market, don’t be deterred—there’s still good reason to start building home equity. From a hedge against inflation to tax benefits, check out all the advantages of buying today.

Courtesy of Forbes

Preparation is All! 

If holding off on that city purchase truly does the make the most sense for you, use that time to prepare. Brick Underground has some fabulous tips on what you can do now to get ready for your active search. As Benjamin Franklin said : By failing to prepare, you are preparing to fail."

Local Happenings

The Kite Runner on Broadway

Catch this incredible show before they close this Sunday.The Kite Runner is a powerful play of friendship that follows one man’s journey to confront his past and find redemption. Told across two decades and two continents, The Kite Runner is an unforgettable journey of redemption and forgiveness, and shows us all that we can be good again. Rush Tix Available! 

Click HERE to purchase tickets!

Halloween on the Harlem Meer: Pumpkin Flotilla

Thursday, October 28th come dressed in your Halloween costume and watch the Harlem Meer get spooky! Drop off your very own carved pumpkin and find a spot along the edge of the Harlem Meer to watch as the jack-o’-lanterns float by in New York’s largest pumpkin flotilla.

Click HERE for more information!

Lifestyle Tips & Tricks

What You Should Be Planting in the Fall

This may be a little known fact, but fall is the key planting time for a beautiful garden. It's also the key time to give your plants one last manicure before winter sets in. Now that summer's heat is cooling off, it's time for you to switch out your summer annuals for fall appropriate annuals and plant spring bulbs before the first frost.

Courtesy of Southern Living

Best Places to See Fall Foliage in the U.S.

It's time for sweater weather, hot apple cider, and best of all, seeing the leaves change from the lush greens of summer to the bright golds, oranges, and reds of autumn. Check out the 21 best places to see fall foliage.

Courtesy of Travel + Leisure

25 Easy Pumpkin Carving Ideas

Carve your own funny, scary, or beautiful pumpkin carvings this Halloween. Your whole family will find plenty to love about these easy pumpkin carving ideas—from a classic smile to a flame.

Courtesy of Better Homes & Gardens

15 Best Fall Books of 2022 You Have to Read This Season

As the heat begins to break, the trees change into their autumnal finest, and we're looking to swap our best beach reads for a new book to usher in the season. Add these books to your shelf, stat.

Courtesy of Good Housekeeping

Congratulations to my Clients!

JUST SOLD FOR THE SELLERS!
                  (over ask)
Harlem

229 West 116th Street, Unit 6A

1 BD   1BA   885SF   $880,000

IN CONTRACT FOR THE BUYERS

Inwood

675 Academy Street, Unit 4D

3 BD   2BA   0SF   $725,000

JUST CLOSED FOR THE BUYERS!
                  (below ask)

Rye

1 Hillside Rd. 

5 BD   5BA   4116SF   $2,550,000

....and No Matter Where Life Takes You

We've got you covered!

Jeremiah Wiggins

Licensed Real Estate Salesperson
The Molloy Team
M: 917.596.2124
O: 646.609.9890
jeremiah.wiggins@compass.com

Office: 646-609-9890

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.