Post-Labor Day weekend is usually considered the “unofficial” kickoff of the Fall season, although technically the first day of autumn is September 22. Nevertheless, this is the season that we expect to see real estate activity pick-up. Buyers, most likely, have been sitting on the sidelines over the summer waiting to see where the market stands.
According to John Walkup, Co-Founder and Partner at UrbanDigs Analytics, the window of opportunity for people to buy is NOW. Walkup says, “Prices are softer, sellers are more likely to negotiate, and the market is stable.” In fact, he adds that “the stabilization suggests that the leverage the market is currently offering may not last.”
And while high interest rates may be a deterrent for some buyers, it’s worth noting that chances are they will continue to increase. One final thing to point out is that the rental market doesn’t appear to be cooling down anytime soon. We expect to see renters looking to buy, driving increased demand and ultimately, higher prices.
If you’re ready to enjoy the perks of home ownership and take advantage of the current market, I recommend you begin by doing your homework for those of you who may not have an agent. Interview more than one real estate broker and look for someone who 1) listens and offers recommendations; 2) is knowledgeable about NYC neighborhoods, condos vs. coops, etc.; and 3) will work at your pace. I’ve heard many horror stories about agents pushing their clients to buy the first thing they see, just so they can close the deal right away.
My list of 20 things to consider before buying has proven helpful to many, especially first-time buyers. Also, make sure the broker(s) and their firm can provide you with tools and resources needed to make informed decisions. Whether you choose to work with me or someone else, I’m happy to answer any questions you may have before you embark upon your purchasing journey.