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.
Prices continue to go down – I mean, normalize.
Robin Rothstein wrote in an article in Forbes last week: “the declining mortgage rates trend which brought back some prospective buyers to the market in the first month of 2023 appears to have ended.”
But she also wrote in the article that there is limited housing supply in general in America. And there certainly is in New York City, which is only causing minor decreases in the prices of condos and other property types.
Demand for housing will always outweigh the supply, so only minimal price adjustments are occurring.
But, as mentioned in this blog before, the market in 2023 has continued to show how different it is now than it was in 2022, when prices were sky high and mortgage rates were low in the beginning of the year.
On the rental end of things, apartments are renting, but not in the same manner that they were last year, and for a couple hundred dollars less than in 2022. Some apartments, though, have been sitting on the market. For example, last year, I rented a very spacious four bedroom apartment in Bushwick, for $5000, in about a week. One showing, one close.
This year, those tenants decided to leave and not resign their lease, and the same apartment has been listed now for about a month, with very little traction. The apartment has nice photos, I’ve answered every lead, and no one has seemed that interested. I’ve asked the owner if we can go down on the price, maybe a little.
But I wouldn’t say that this is a grim year to buy or sell or asset — it’s just more normal after the unusual behavior of the market caused by the Pandemic. Condo and rental prices now align more with what the market was like in 2017–2019.
And that’s not to say that apartments and condos won’t rent. It’s all about finding an agent who understands the market and can provide insight about it, and adjusting the price of the unit to reflect market demand if units don’t move after weeks or months.
This year is not a bad year for real estate — it’s just more normal.
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.