What Does Recent Bad News Mean for the New York City Real Estate Market?

What does the relentless drumbeat of bad news mean for the New York City real estate market?  As we've been saying for several weeks, it's cooling, but still more active than it's historically been this time of year.

While interest rates are hovering around six percent, indications are that we're still in "Seller's Market" territory.  That doesn't mean a name-your-own price, bidding war-fueled frenzy; but that sellers can list their homes at market prices and sell them within a reasonable time.  

As for buyers, they still have plenty of opportunity.  More homes are coming on the market, and there are fewer other buyers to compete with.  Some markets, like Midtown and Upper Manhattan, are slower than others; and there could be some extra negotiability there.  On the other hand, if you're looking to buy a Brooklyn townhouse, you're still going to have to come in strong.

Of course, we don't know how long this will last; or when or how it will change.  For the next few months, we're predicting a return to a more seasonal market (the "summer slow down"), and that prices overall will stay within their current range.

Do you have questions about a specific market, street, building, or home?  Please reply to this email and let us know.  We're always ready to help.