|
Hi LivNY!,
NYC real estate sales saw a promising uptick by the end of March which continued into the month of April, marking the beginning of the spring housing market. Spring is traditionally the peak homebuying season in the US, and NYC is no exception. Better weather and a robust bonus season are boosting buyer confidence and activity.
This positive momentum mirrored gains in other markets, including the Dow, NASDAQ, and the S&P 500.
Despite these gains and rising investor confidence, inflation continues to impact home buyers and sellers, many of whom are waiting to see if the Federal Reserve will lower interest rates. However, we believe this hesitation will be temporary as life events drive real estate transactions: job relocations, marriages, growing families, retirements, and estate settlements all necessitate buying and selling homes.
With slightly higher interest rates becoming the new norm for now, sellers should consider pricing their homes competitively to reduce market time and secure favorable deals. For buyers, accepting current rates can broaden their opportunities to find the perfect home. Given that prices are stabilizing, waiting could diminish purchasing power.
Real estate activity has significantly increased since Q1, though predicting the next drop in mortgage rates is challenging. We are monitoring for a potential benchmark interest rate cut in 2024, which could lead to a surge in property listings. This would likely boost buyer activity and competition, driving up deal volume and prices.
As always, it’s imperative to align yourself with a broker with experience and market knowledge to help navigate your real estate needs.
| 
