Happy December!
With the Holidays upon us, what are you wishing for? A new apartment or townhouse? Believe it or not, now would be an interesting time to have that on your wish list!
Based on the numbers and what I see in the market, we appear to be in a buyer's market in both Manhattan and Brooklyn. While that's the case in general, every situation and sub market is different. For instance, just this week I had two clients in competitive bidding situations. One client was competing against 9 other offers after the first open house and the property went well over asking price. While those situations continue to exist, I don't believe they represent the overriding tone of the market as plenty of properties are poised for price reductions.
If you're a buyer, now could be an opportune time to enter the market. Demand is softer than earlier in the year and stale listings (on the market for 30 - 45 days or longer) may be more negotiable. If you are a seller, you're likely more inclined to wait until mid/late winter or early spring to list your property or possibly pull your existing listing off market if it hasn't moved.
This past month, some favorable inflation news has led to market expectations of rate cuts next year. For buyers waiting for those rate cuts before entering the market, the risk is that increased demand and competition also arrive with those rate cuts. The trade off is: higher rates now, but less competition and negotiable sellers versus lower rates in the future, with more competition, less negotiability and upward pressure on prices.
Unfortunately, the answers are never easy!
Please enjoy the analysis, news and events in this month’s newsletter and let me know if you have any questions or need assistance with your real estate needs.
Merry Christmas, Happy Hanukkah and Happy Holidays to all during my favorite time of the year!
