Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.
Sales
On the sales end of things, a recent Forbes article summarized everything you need to know:
“Persistently high mortgage rates and home prices continue to put off many prospective homebuyers as fears of ongoing inflation, bank sector volatility, weakening economic growth and an impending recession hang in the air.”
A listing in Williamsburg a colleague of mine has, is fairly priced, but the lack of demand shows that buyers and sellers are in a stand-off. Prices remain stubbornly high with a lack of inventory available, but because of exceptionally high interest rates, price adjustments are needed to get units moved. But, if you’re looking to buy, it could be a better time for you.
Rentals
On the rental end of things, I believe another shift is coming. At the beginning of May, I listed two two bedroom apartments in a good location in Bushwick — both the same layout, in the same building. One of the units rented immediately for $3000, while the second one has been sitting for a long time, almost a month, as we bring the price down steadily week after week. No one is calling about the unit and now, there are other units listed around it, three bedroom apartments, for the same price.
The fact is this: moving inventory in a timely manner is really about aligning the price with the current market. If a you believe your listing agent is knowledgeable and reliable, maybe you’ve done business with them before, and they are marketing the listings correctly, at the end of the day, it’s about being patient, or lowering the price.
Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.