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.
As many of you have probably heard, recently, Fed Chair Jerome Powell said that the “time has come,” for the Fed to lower interest rates.
I read an article in the Real Deal by Sheridan Wall, linked here, saying that rates could drop to around six percent. To me, that doesn’t seem like that much, but I guess we’re heading in the right direction.
In terms of what this might mean for the real estate market – it should cause buying and selling activity to gradually increase. I’ve spoken to buyers, of both investment properties and purchasers of coops and condos, who are hesitant to buy right now because their monthly payments will be high (then again, if you can afford it, now might be a good time to buy, considering prices are slightly reduced due to lower demand – we’re in a bit of a buyer’s market).
But the wait-and-see game also applies to sellers: many are waiting for rates to come down, hoping that lower rates will mean more demand in the marketplace, and therefore being able to fetch a higher price for their property.
I still think that no matter what the rates are, there’s never a bad time to buy and sell in New York City – within reason. New York City is the greatest city in the world, and I can’t imagine many poor real estate decisions exist, as long as something is priced appropriately within the market, and considering the costs to renovate the property.
Anyway – the sales market is sure to change in the coming year, if rates do, indeed, drop.
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.