Our CEO Bess Freedman recently spoke with Kelly Evans, host of CNBC’s The Exchange to discuss the supply and demand issue that is impacting some parts of the country. She says part of the reason for the gridlock in areas like Greenwich, CT and Palm Beach, FL, is that existing home sales are down because sellers are holding off on listing. They most likely want to maintain their rates, so they are in “wait and see” mode. New home sales, on the other hand, are surging because they’re built to sell.
In contrast, cities like New York are more fluid because they have good inventory levels and demand is fairly decent, so we’re seeing more traffic and movement in the market. She also points out while each region of the market is different, to keep in mind that real estate is a long-term investment and things will eventually level off.
You can watch the interview here.