{April 2022} The Seller’s Market Taking a Breather
During Spring Break, I paid a visit to my college roommate in Colorado, with my girls in tow. We hadn’t seen each other for 10 years but the conversation picked up as if we had just left it yesterday. Yesterday we had not a single care in the world. Today we have our children and parents to look after. Still I had so much fun I lost my voice completely by the end of the trip.
The New York City real estate market felt a touch cooler compared to the first quarter, when bidding wars were ubiquitous and everything was going into contract immediately. The rapidly rising interest rate was the main culprit. To be clear, the seller’s market is still intact. Our team put two new listings on the market in the last two weeks. Both had a good amount of interest and we received offers on both almost immediately. But it does feel that competition for apartments is less and there’s more to see for buyers.
Housing prices are increasing but NYC is still sort of a deal. Read more here.
The NYC real estate market is at an interesting crossroad. On the one hand, we feel a lot of pent-up demand from buyers who have been watching and waiting for rates to go down.