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“History has proven the resilience of the Manhattan Real Estate Market”
June 17th, 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.
A lot of what’s been dominating the headlines has been pretty negative, but history has proven the resilience of the Manhattan Real Estate Market. There are peaks and valleys in any market, but what most don’t realize is that right now is the best time to buy. When there’s a downturn, there’s an opportunity- a perfect storm, if you will.
Here’s why we think so:
- Increased Inventory
- Low Mortgage rates
A market saturated with well-priced inventory gives buyers the confidence that they’ll get more for their money. Inventory is up 10% compared to this time last year and the median listed price in Manhattan is down 8%, meaning sellers are finally adjusting prices based on the current market, and buyers have the chance to take advantage of a wide variety of homes.
Adjusted prices are exactly what buyers have been holding out for, and there’s now a willingness to buy with a clear opportunity to execute. Often times people wait for the bottom of the market, trying to time it right, but the second the market picks up, you’ll miss your chance. Why not educate yourself now while competition is low?
Current mortgage rates are the lowest they’ve been in two years, with the 30-year fixed-rate hitting its lowest level since September 2017. Interest rates remain low as well, dropping 1 percentage point less than it was this time last year. Lower interest rates and a potential 10% savings on a 30-year mortgage allow consumers to “afford more of a house.”
Trading up for a larger space at the right price is the dream, and in these market conditions trading up at a lower price point is actually feasible. We recently helped a couple close on their 2 bedroom on East 74th St. for an even more spacious 3 bedroom with a killer view on the corner of East 79th and York Ave. They not only took full advantage of the market but in the process, they also found their perfect home.
History has shown how the NYC market can bounce back, and we have confidence in our city’s ability to recover. In the meantime however, make sure you take advantage of the current market because it won’t last.
If you’d like to learn more or discuss how it may impact real estate values in your area, give us a call.
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