I hope this note finds you safe and healthy. 

Now that real estate activity is starting to pick up with Phase 4 of the city reopening well underway, I wanted to reach out to share some recent insights on the current market. There have been several indicators signaling that the Manhattan market is headed in a positive direction. 

With record-low interest rates and pent-up demand, buyer interest is expected to continue to grow. In fact, a recent Mansion Global article suggested that suburban homeowners who are profiting nicely from the sale of their homes and have been wanting to downsize are now looking at New York City. With the extra cash in their hands, they can finally fulfill their dream of living in the big city, given the current market. 

Additionally, New York’s real estate market is recovering nicely according to a New York Times article that shows it is ranked fifth in a list of 50 of the largest US metropolitan areas. Other encouraging news comes from UrbanDigs, which reports that “new listings in Manhattan have not only returned to normal levels but are starting to far exceed where they were a year ago.” 

Now that sellers are setting realistic asking prices, we’re beginning to see an uptick in activity although we’re still not close to normal levels. We’re headed in the right direction though and demand does exist. In fact, my client recently received four offers within 10 days of putting their home on the market and we had an accepted offer two days later. Also worth noting is recent quarantine restriction policies are preventing eager buyers from coming into the city—as soon as these restrictions are lifted, we should see another spike in demand. 

As I always say, timing is everything. We must also take into account this is a presidential election year which has historically impacted the market, as will the opening of NYC schools which still remains uncertain despite the announcement by Governor Cuomo on Friday. I recognize making real estate decisions can be difficult during this time. With that said, if you’re simply seeking guidance on your real estate needs—either immediate or anticipated in the year ahead—I encourage you to please reach out. I’m ready to help! 
Best regards,
Serjik Markarian
Lic. Assoc. R.E. Broker
My business is proudly built on referrals. Who do you know that I can help find their perfect home?