Market Update: Fall 2023

New York market trends are different from general national trends. This quarter brought an unusual mix of competition for limited inventory and purchaser hesitancy due to interest rates.Despite mortgage rates in the 8% it was still a seller’s market in some areas. NYC real estate attorneys reported an increase in cash purchases from the typical 20% of all purchases to 60-70% of all purchases. Pricing property correctly is more important than ever as discerning buyers look for deals. We know there are no real deals in NYC, but pricing in line with current market expectations and data trends can produce multiple offers and move a home quickly into contract for more than asking price. At our best, this is where brokers’ expertise should shine. Successful sales don’t happen by accident.
Mortgage rates have plateaued(ish)When will they come down?! Rates are currently holding steady in the 7-8% range. Some experts expect rates to decrease over the next year, but the reality is, no one knows exactly by how much or when.The size and type of your loan, repayment terms, credit score, and down payment all affect your interest rate. You can control these pieces to negotiate and secure a competitive interest rate.
By Published On: December 6, 2023