G+ September 2023 Market Update
After a wild summer where interest rates had a critical impact on purchasing power, pricing, and overall mental outlook, many are looking towards autumn to sell or purchase a home in NYC.
We are continuing in a year where New York City's housing market has been as volatile as the stock market and sales inventory for properties in good condition at appropriate sale prices remains low. Two things are particularly worth noting-
Price reductions, frequently not substantial enough to pique buyer interest, flow by the hundreds through listings websites every week. Ordinarily, in a market where buyers are looking for greater discounts than sellers are offering, buyers may turn to rentals as a short-term solution. Not so easy in 2023! Rents remain at their highest historic levels in mid- and downtown Manhattan, Brooklyn, and Queens, with no sign of the wave breaking any time soon.
Even though historically the sale of co-ops still outnumber condos (though not by much), recent sales reflect there are 2+ condo sales for every co-op sale. This is a fact to which co-op board members should be paying attention.
Now as we head into another NFL season and as we pass Labor Day, savvy buyers and sellers are advised to start preparing for the fall market now, with the goal of closing before the end of the year! Fans of the Jets, Giants and NY real estate are looking forward to better days ahead!
