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Happy New Year!
January 21st, 2019 | Posted in Real Estate News
Below is our latest newsletter on real estate and happenings in NYC. Hope you enjoy. Always great hearing from you, so please let me know if you have any thoughts or questions.
Holiday season is now officially over and hopefully you’ve gotten used to writing 2019 instead of still writing 2018 on everything. With each brokerage house releasing their Q4 reports there’s a lot of posturing about the market. A great deal of discussion about the coming changes to the New York landscape, and of course focus on the market adjustment.
Most of what we’re hearing is concentrated on the deepening of the market downturn and looking at broad strokes there is a lot of support for the position. However when you look at the individual points that make up the market review it’s not as though everything moves in tandem. Importantly Buyers and Sellers are focused on what is happening in their neighborhood, and with their product type. Certain neighborhoods are faring better than others, and we’re seeing more often than before that potential buyers are not as rigid with their neighborhood choices as they were in previous years, choosing instead to seek out a better deal. Another factor is apartment price and size – apartments under $500K moved faster in Q4 2018 than Q4 2017, and the Co-op market is seeing an uptick in sales as well as average prices. Fixed mortgage rates are declining and with real estate price adjustments we’re already beginning to see a flurry of activity pointing to an energetic market in the year ahead.
Another important thing to keep in mind is that even if the market is slower than we experienced in the past few years, the overall market is still very healthy. And if you still need a “pick me up” Curbed rounded up their 2018 highlights – my favorite is the kid who dressed up as a crosstown bus for Halloween, certainly the best part of my MTA experience.
Give me a call if you are thinking about entering the market and we can discuss whether this is the right time for you.
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