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The NYC real estate market continues to demonstrate meaningful strength based on recent reporting by UrbanDigs that pending sales in January were up almost 35% compared to a year ago. We also learned today in our office meeting that the market is seeing more bidding wars as buyers are competing against one another to secure great deals.

The luxury market, too, is faring very well with 30 contracts signed last week on homes asking $4 million or more. The last time this volume of activity was reported in the luxury segment was in November 2019, when the same number of contracts were signed. Buyers are taking advantage of large discounts and low interest rates—the lowest level in history with rates below 3%—to buy into the luxury market while they can.

In fact, a Wells Fargo representative mentioned in our meeting today that their top producing loan officer is quoting a 2.75% rate for the first time in his career, and they can potentially see someone securing a 2.25% 30-year fixed rate mortgage.

While the general market appears to favor buyers at the moment, UrbanDigs also points out that a supply crunch could very well tilt the market back in favor of sellers, given the increase in listings removed we’re seeing and the low inventory when compared to last year.

Market activity is expected to maintain a steady pace and gradually pick-up now that vaccinations are being more widely administered, which may be why we’re seeing people who left Manhattan during the pandemic now returning. It was also noted in our meeting that many offices are expected to reopen in the fall and winter, which will also be driving more people back to the city.

If you’re looking to make a move, whether selling or buying, please reach out so that you’re ready in time for Spring!
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Serjik ( Serj ) Markarian
Lic. Assoc. R.E. Broker
212.796.6110
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My business is proudly built on referrals. Who do you know that I can help find their perfect home?
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