We’re still processing the quarterly report that came out just a couple of weeks ago. I think that the question it’s most clearly answering is this: What happens when mortgage rates double in a year in New York City? The answer is surprising. Watch the video…

How New York handles this environment is different than many other places:

• Lots of all cash buyers- 65% of all deals involved them last quarter
• Pent up demands still exists because people still want to be in New York!
• Well-capitalized sellers don’t have to sell into an environment that they don’t like. So they’ll hold off- not unlike markets across the US, but even more so here. Therefore, lower inventory balancing out a mild softening of prices, written about in articles like this.

This is a time when navigating the real estate market requires a deft hand. Be in touch if you’re looking for guidance. Thanks, Scott & The HRT