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.
The truth is: the best time to sell is whenever is best for you. If you’ve finally reached the breaking point with your investment property, or you have a new dependent that needs a little bit more space than a crib — these might be the biggest indicators that it’s time to part ways with your current home or building.
But in the last year, there’s been a lot of talk about interest rates. At the end of 2023, it was reported that interest rates were coming down, and would continue to come down gradually throughout the year. Link from Business Insider here.
Some of my colleagues that have condos for sale listed have seen a surge in the buyers coming to view their sales listings, but haven’t necessarily seen an increase in offers come in — yet. A recent Real Deal article says something similar: that agents are seeing new optimism from potential customers looking to purchase this year and have noticed an uptick of people attending their open houses. Link here.
Still, last year, I didn’t see a significant drop in demand with some of my investment sales listings. That’s because inventory is scarce, so if a seller is real about what the price of their property is worth and willing to list and market it at that price, someone will likely come along and provide a competitive offer. 2023 didn’t have too much of a drop in prices for both condos and other assets. Current condo owners kept their units off the market because they would have to lock in an interest rate higher than the one that they have now, leading to low inventory levels. There was a similar trend for appropriately-priced investment properties, which are not always easy to come by.
So, even with high interest rates, it’s never too bad of a time to sell. The question is: are you ready to part ways with your property?
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.