Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 CEO Outlook from KPMG says: “Global CEOs see a ‘mild and Continue Reading
If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here’s why. What Is Pre-Approval? To better understand why pre-approval is key, it’s Continue Reading
Manhattan Market report's for the week ending October 14th evidence supply at 7,684, up 2%, and Contract Signed, 2,761, own 2% from the previous week. The shifting season evidenced by the weather and rates, has also impacted our markets. Each area and building in the City is an individual "market segment" with its own supply/demand dynamics. Overall in Manhattan, the supply/demand market pulse Continue Reading
Home price appreciation is also cooling as the housing market cools in response to the dramatic rise in mortgage rates. And if you’re following along with headlines in the media. Then, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward? While opinions Continue Reading
While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and fueled the fire for conversations about a recession. You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch Continue Reading
Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point. The graph below helps tell the story of just how different things are today. This year, buyer demand has eased as Continue Reading
Manhattan Market for the week ending October 7th, the supply of 7,552 remains in line with last year. Contacts Signed, 2,814 is down 3% from the previous week. The overall Manhattan Market’s supply/demand market pulse ratio shows buyers have the leverage advantage and resides at .37%. Contract Signed (Demand in the Market) Manhattan typically produces Continue Reading
Does the latest news about the housing market question your plans to sell your house? If so, perspective is key. Here are some ways a trusted real estate professional can explain today's shift and why it’s still a sellers’ market even during the cooldown. Fewer Homes for Sale than Pre-Pandemic While the supply of homes for sale has increased this year compared to last, we’re Continue Reading
If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically. If you’re looking for ways to combat today’s higher rates and lock in the lowest one you Continue Reading
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