We’re fully settled into school again, the leaves are transforming into vibrant hues and the city has roared back to life post summer lull.
Some even say that NYC finally feels like it has fully healed from the effects of COVID.
Amid the prevailing uncertainties in geopolitics and the upcoming elections, it is clear that buyer confidence in New York City real estate remains steadfast. Just last month, the most significant co-op deal in the past 26 months went into contract. A $60,000,000 trophy property at 960 Fifth Avenue, and a sure sign of confidence in the NYC real estate market regardless of all macro and micro factors currently at play.
In fact, considerable opportunities present themselves in times of uncertainty; in 2020, an election year amidst the pandemic with mortgage rates below 3% and again in 2009 post recession where buyers were met with an average of 13% off ask.
Advice for sellers: You are in the Fall season which is starting out well relative to last year; likely due to lower financing costs for buyers. Interest rates are at 1.5 year lows and deal activity is aligning more closely with historical seasonal trends. However, the listing environment remains challenging. This is not the time to price aspirationally as doing so could diminish your competitive edge.
Advice for buyers: Negotiability rates are at 6%. Find value in unrenovated units. Bid up for views, bid up for location and size. If you're willing to undergo what is a long and sometimes arduous process, there could be a good value play.
Have an amazing Fall 2024!
