We're NYC Real Estate Brokers - Here's What We'd Do Today If We Were Sellers or Buyers

We're real estate brokers. If we were planning to sell or buy our own home in today's NYC market, here's what we'd do. It's just about peak holiday season, and the market is doing what it always does - slowing down. The weekly signed contract numbers get lower and lower, and the number of new homes coming on the market has eased to a trickle. In fact, total inventory is even less than normal. This is on top of the slackening of the few couple of months because of higher interest rates, the economy, and world events.

Sellers, if we were you and we didn't have an immediate need to sell, we'd wait until at least mid/late January to list our home. There don't seem to be that many buyers actively looking right now. Our colleagues are reporting that both open house traffic and and requests for showings are light, which jibes with our experience. Why accrue days on the market now, when your audience is reduced?

On the other hand, buyers, we'd keep our eyes open. You might get lucky. There are still some new listings coming on the market, and you'll have less competition for them (and agents and sellers who are anxious to show). You may find that seller who's looking to accept an offer by the end of the year, and is more negotiable because of it. We're also seeing lower interest rates - 5.125% on a 30 year jumbo loan yesterday, for example - so your money will go further.

While we're not selling or buying our own homes right now, we are following our own advice. We have some terrific listings coming on in Jan./Feb. (stay tuned). As for our buyer clients, we're keeping them abreast of what's out there and taking them out to see the good stuff.

Is there anything real estate-related we can help you with? Please get in touch and let us know.