The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow. The information it contains on home prices may confuse and even generate troubling headlines. This stems from NAR reporting the median sales price, while other home price indices report repeats sales prices. The vast majority of the repeat sales indices show prices are starting to appreciate Continue Reading
Manhattan Market Report for the week ending May 12, 2023, Supply closed out at 7,426. Pace appears to be slowing. Pending Sales increase and sit at 3,044 (1 1/2% increase), outpacing the 2019 vintage year; off-market listings (delisting) maintain the market pulse at a .41% level. We are in a balanced market. Leverage does not favor buyers or sellers. Urbandigs reports "that Continue Reading
If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tell a very different and much more positive story. Local home price trends still vary Continue Reading
c " Chelsea is a fantastic destination that I have watched transform through the decades. You can now explore the Meatpacking Districts shops and Whitney Museum and transverse the one-of-a-kind Elevated Highline, the long-abandoned Chelsea railroad with views of the Hudson, while exploring the changing gardens and artwork exhibitions along the way to Hudson Yards. Continue Reading
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time: “Housing wealth (home equity or net worth) gains Continue Reading
If you’re considering selling your home, you should know the number of homes for sale right now is low. That’s because, this season, fewer sellers are listing their houses for sale than the norm. Looking back at every April since 2017, the only year fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph Continue Reading
Manhattan Market Report for the week ending May 5, 2023, Supply closed out at 7,365, up 2%. Pending Sales increase and sits at 2,955; off-market listings (delisting) maintain the market pulse at a .41% level. At the spring topping point. The seller's liquidity is here, so take action. We are at the top of the peak selling season, so in another 45 days, the summer lull Continue Reading
If you’re reading headlines about inflation or mortgage rates, you may see something about the recent decision from the Federal Reserve (the Fed). But what does it mean for you, the housing market, and your plans to buy a home? Here’s what you need to know. Inflation and the Housing Market While the Fed’s working hard to lower inflation, the latest data shows that the number has improved Continue Reading
There’s been some concern lately that the housing market is headed for a crash. And given some of the affordability challenges in the housing market, along with a lot of recession talk in the media, it’s easy to understand why that worry has come up. But the data clearly shows today’s market is very different than before the housing crash in 2008. Rest assured; this isn’t a repeat Continue Reading
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