{October 2020} Back to Being Busy
As I’m writing this month’s newsletter, the American citizens are going to the polls. It brings back the anxiety I used to have in middle school, right before the test results came back. My hands were cold and my heart was racing. With the years I learned to let go most of my anxieties. Well today, I feel this way! So let’s talk about something that puts me at ease: real estate.
The real estate market in October continued its busy pace since September. In both months, Manhattan and Brooklyn saw slightly more listings going into contract this year than 2019. From April to August, the number of listings in the contract was about half of last year’s volume. This was a gradual recovery since the market reopened at the end of June, after falling off a cliff in April through June. Price wise, the average $/sqft since the Pandemic decreased 3% from the same period last year. If you dare to buy now, you are rewarded with ample options, all the time in the world to compare and negotiate. Sellers are not chasing low ball offers but they are listening and responding with counters. The market is a bit anxious but holds itself together.
Good Read
My older daughter Kelly asked me who my hero was when her class made a wall of heroes. RGB was my answer. I hope both of my girls grow up to be fearless and compassionate.
It’s so clear to me: if you have the down payment and plan to be in the city for a few years, it makes a lot of sense to buy. That said, while there’s been a slight uptick in activity, NYC still very much remains a buyer’s market.