Regardless of what side of the aisle you sit on, today was a historic day for our nation. As with any new presidency, there is hope and enthusiasm for the future of our country. While it is too early to tell what the new Biden/Harris Administration will mean for New York City, there is optimism among real estate
industry experts
who see it as a way to restore stability and consumer confidence.

With the distribution of the coronavirus vaccine underway and federal funding soon to arrive, recovery looks good for the NYC real estate industry. Another positive indicator was the bump in market activity immediately after the election, according to a recent report from Serhant.

Serhant’s Director of Market Intelligence, Garret Derderian, stated in response to the November-December activity, “At this point, it is safe to say the notion that ‘everyone is fleeing the city’ is outdated. People did leave, but that happened in the spring and early summer – and many who left were renters. Now we see buyers returning, eager to take advantage of falling prices. Your dollar goes a lot farther than it used to. If you are looking to negotiate for that once-in-a-lifetime deal, now may be the best time.”

There is also some potential good news for first-time homebuyers with a proposal from Biden to offer them a $15,000 tax credit, which could be accessed immediately to assist with a down payment.

I will continue to follow the market closely to see what impact, if any, the new administration may have on our industry. Either way, I expect activity to continue at a steady pace as we make our way into the busiest time of year for real estate—Spring, which officially starts two months from today.
Serjik ( Serj ) 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?