The November Report
What kind of market are we in?
We are seeing a push in the market right now. Interest rates have dropped again, and are now at one of their lowest levels ever. This is spurring refinancing for the first time in over a year.
Also, more homes are going into contract. This is a result of the lower rates, increasing inventory as well as more aggressive pricing strategies by sellers. StreetEasy showed over 500 price drops just last week by residential sellers. Many sellers are being more conservative with their pricing and not going for the home run anymore. Rather, they are pricing at a mark that can position their propertycompetitively against others and sell it quickly. The market is responding very positively to this. Homes that are priced well are moving fast, and even receiving multiple offers.
For buyers, the market is perfect. Banks are lending, and at very low rates. In several sectors there are now many properties to choose from, with prices lower than they’ve been in prior months. This will not last, however. Rates will eventually jump and prices will rise once again. Two weeks ago, our “Deal of the Month” featured the one-bedrooms at 5 Beekman Place in the Financial District. Since that report, the prices of one-bedrooms increased by 20%! So as always, the good deals don’t sit around. They are there now for those that jump.
