If my response seems all over the place, it’s because today’s world of real estate has
so many question marks hovering over it.
Rising inflation, soaring gas prices, investment turmoil, war in Ukraine – they’re all
contributing to an atmosphere of uncertainty for home buyers and sellers, many of
whom are back on the sidelines waiting for the optimum market “moment.”
Things used to be rather predictable
In the good ol’ days – not that long ago – real estate action traditionally took a break from July 4th til Labor Day, and from Thanksgiving to Christmas. And then came Covid 2020 - and anywhere-but-Manhattan sales went haywire all summer and beyond. Low mortgage rates beckoned with 30-year fixed numbers of around 3-1/4 percent. Tough times. Great rates. But look where we are now: in the past 90 days, we’ve seen two upticks, bringing us to a current rate in the nabe of 4-1/2 percent. No big deal for all those buyers with wads of year-end bonus cash.
What’s happening - and where
The market is hyper-localized. Sprawling residences for growing families are fetching hefty numbers, especially the most coveted pre-war addresses on the Upper East Side. The same holds true for townhouses in Brooklyn Heights and Cobble Hill. Prime apartment inventory throughout the city is definitely limited - except for a smattering of new-builds that continue to rise - as sellers hold out for pre-Covid numbers.
As I continue to tell my cIients, when you see something that you absolutely love, go for it! Your enthusiasm combined with my years of negotiating know-how invariably propel a deal that feels right to all parties. You’ve found a home to treasure for years to come. A winning, happy feeling that resonates even more in uncertain times.