🎃 A less aggressive Fed rate cut cycle and a tick higher in mortgage rates suggests NYC’s real estate market finds itself in a stable position where supply and demand are relatively balanced. The future direction of mortgage rates will likely determine how long this equilibrium lasts.
🎃 Buyers make a lot of decisions before opting to buy perhaps the largest asset of their lives. Election years tend to slow house sales as they relate to non-election years. A recent
Redfin survey indicated that 23% of homebuyers were delaying their purchase until after the election on November 5th.
🎃 It’s one of the most important, yet least discussed, questions for New York City real estate sellers:
What happens if the price is wrong? Sellers who set their asking price closer to the expected market value are rewarded with a quick sale and minimal discount. Overpricing, by contrast, extends the time on the market, forces multiple price cuts, and results in a much larger discount than would have otherwise been necessary. Instead, you should focus on creating urgency from day one. A well-priced property brings in buyers with budgets to match quickly, and those buyers, sensing competition, are more likely to bid higher to secure the deal. Price it right, sell it fast, and move on!
🎃 Working with an agent who is familiar with current market sentiment and the challenge of today's listing climate along with price trends is essential!
