The real estate market is one of our lifetime's most foundationally strong housing markets – if not the most robust. When you look at the numbers today, the one thing that stands out is the strength of this housing market. Here are two fundamentals that prove this point. 1. The Current Mortgage Rate on Existing Mortgages First, let’s look at the current rate on existing mortgages. Continue Reading
Manhattan Market Report for the week ending October 28th is anemic as we move into the new month. Supply and Pending Sales are both down slightly. Supply closed out at 7,765 and Pending Sales 2,678, maintaining the market pulse in buyer leverage territory at.35% As we began the month of November, Stocks tumbled as trading commenced. Traders also assessed better-than-expected Continue Reading
If you’re thinking about selling your house but wondering if buyers are still out there, know that there are still people searching for a home to buy today. And your house may be exactly what they’re looking for. While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are a 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
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
If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one. Inflation and the Housing Market This year, inflation reached a high not seen in forty years. For the average consumer, you probably felt the pinch at the gas pump and in the grocery store. It may have even Continue Reading
Some people believe there’s a group of homeowners who may be reluctant to sell their houses because they don’t want to lose the historically low mortgage rate they have on their current homes. You may even have the same hesitation if you’re thinking about selling your house. Motivation to Sell Data shows that 51% of homeowners have a mortgage rate under 4% as of Continue Reading
After a tepid August with everyone hanging out at the beach or their garden September fall season brought supply to the Manhattan Market. Finally, buyers have new inventory and aged inventory at new and improved prices to choose from. Inflation, world economic uncertainty, stock market woes, and interest rates quickly rising has impacted Contract activity. The market has Continue Reading
If you're thinking about buying a home today, there's welcome news. Even though it’s still a sellers’ market, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over the asking price to get your offer considered may be coming to a close. Negotiation Power is back. Today, you should have less Continue Reading
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