August 2020 Upper Manhattan Residential Real Estate Market Report

It’s August! ☀️ What’s happening to New York City’s Real Estate Market?

Almost two months since we are back in business and New York City’s market is already on 🔥! I’m here to tell you where it’s going as we dig in the August market report.

Best way to see the future 🔮 is to look at the past, especially at the COVID effects to our current market, because data doesn’t lie.

📊2019 Upper Manhattan Closed Sales:
Q1 ➡ 250
Q2 ➡ 330
Q3 ➡ 305

📊2020 Upper Manhattan Closed Sales:
Q1 ➡ 258
Q2 ➡ 160
Q3 ➡ You are here 👋

📊There are current 6️⃣9️⃣1️⃣ homes for sale available in Upper Manhattan.
Harlem ➡ 307 listings
East Harlem ➡ 76 listings
Morning Heights ➡ 76 listings
Hudson Heights ➡ 65 listings
Washington Heights ➡ 62 listings
Hamilton Heights ➡ 53 listings
Inwood ➡ 39 listings
Fort George ➡ 13 listings

📈Supply is very high.
📈Inventory is on the rise.
👥Buyers are meeting the demand.

Don’t believe everything you read 📰, because in reality, the market is moving. It’s 🔥 right now in upper Manhattan. The Bizzarro Agency has never been busier!

HOME SELLERS: You’re on the market right now. If you get no action 😐, no traffic☹️, and no one wants to visit your apartment 😭, it’s probably overpriced.

Nowadays buyers want a deal because they’re buying it during a pandemic.
🚨Apartments that are priced right are the ones that are selling.
🚨They’re not going to overpay.
🚨This is not a market to overprice your property by $50,000 or more.

This is a real market. And in this market, you have to price your apartment right to drive traffic to your listing.

For every 1️⃣ person that’s leaving the city, there’s another 🙋‍♀️coming back.

📣 There is no better time to purchase than right now! 📣

If you know you’re going to live in 🗽:
➡ There are a ton of listings to choose from
➡ Mortgage rates are at a historic low, around 3%
➡ Buyers are able to stretch their dollar further than ever, which allows them to purchase bigger spaces, more expensive places that they would not have been able to get six to twelve months ago

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