I’d love to talk about pumpkin spice, but that is way too controversial for this Market Report.
Hey everybody, Bizzarro here and I am chiming in with September’s Market Report. The numbers are in and summertime was fantastic. Closings were up year to date. For example, July was up 19% that’s right. Contrary to what you’re reading, what you’re seeing, what people are talking about. Closings were up. So what does that mean? That means that the spring was strong, in fact stronger than last year.
On average. It takes between two and four months to close your property. So properties that are closing in the summer went to contract, most likely in the spring. I want to talk to you about where we’re going. How is the fall looking? Every day people ask me, where’s the market going? What should I do this fall? Should I be looking? Should I wait until next spring? Where are we at? Homebuyers, if you’re thinking about it, listen up.
If you thought my rent is too high, I might want to buy. Listen up. It is a phenomenal time to purchase a home. Inventory is coming in every day. We’re seeing new properties from all sizes, from studios to brownstones. The inventory is looking great. Interest rates are down. They are almost historically low. Again, it is cheap to borrow money, so what does that mean? I get asked all the time.
What does cheap to borrow money mean in your terms? It means this for the amount of money you want to spend, you can borrow more money, which means you can bring up your price ranges, which may be the difference in getting you a bigger apartment. It may be the difference of getting you an eating kitchen. It may be the difference of getting you from a one-bedroom to a two-bedroom. This is massive and this is something that buyers should be taking advantage of.
Now, if you’re a seller, good news fall numbers are also strong. Here’s the key. The key is it’s not 2016 that market is gone. The apartments that sell now are priced correctly. Gone are the days of overpricing, multiple offers and bidding up, but very much here are apartments with multiple offers. If they’re priced right, the consumer is very smart. They’d been watching the market, they’re not rushing into purchasing like they were a few years ago, so now the apartments priced are moving quickly.
The apartments that are overpriced are sitting on the market over price. Your apartment with failure to adjust, you’re going to be instantly looking at 40, 60, 80, 120, 200 days on the market, and what you don’t want as a seller is to become stale. If you found this helpful, like comment, share, I love reading what you have to say for onto a friend.
Who do you know is renting that shouldn’t be? Send it onto them. Love to hear your thoughts. Talk to you soon. Check out more exclusive, Bizzarro agency content and don’t forget to subscribe. You can also stay up to date with the New York city real estate market by following us on Instagram and liking our Facebook page.