Spring Approaches

The weather is getting warmer, the days are getting longer, and supply is steadily increasing in the NYC real estate market.

While we are not fully out of our winter hibernation, all signs point to spring's approach. Sellers and buyers alike should welcome the listing season with open arms.

For the past 5 months, the NYC market has been plagued by low inventory and high-interest rates.

This has resulted in a decline in contract activity and a decline of approximately 10% in pricing action.

While I do not expect pricing to rise significantly, sellers should feel comfort in the fact that this season will give them the best chance at achieving optimal pricing.

Buyers can take solace in the fact that what they might lose in negotiability, they will more than makeup for in options available.

While I expect transactions to increase, there are no signs that this will be a trailblazing year for the NYC market.

We are still in a relatively neutral market and unless something significantly changes with interest rates, I expect neither party to gain a significant advantage in leverage during negotiations.

As always, sellers and buyers who do well will be those who take swift action and have realistic pricing expectations.

Sellers who price at the market rate can expect much more interest and usually higher pricing versus those who price too high.

Buyers who act quickly when an apartment has good value instead of trying to secure a “deal” will be rewarded and secure themselves a cost basis that should appreciate once rates decrease over time.