The process of buying a home can feel a bit intimidating, even under normal circumstances. But today's market is still anything but normal. There continues to be a very limited number of homes for sale, and that’s creating bidding wars and driving home prices back up as buyers compete over the available homes. Navigating all of this can be daunting if you’re trying to do it alone. That’s why Continue Reading
Some Highlights If you’re looking to buy a home, you should know even a small change in mortgage rates impacts your purchasing power. These charts show how rates generally affect your monthly payment. As inflation increases, so does the price of everything, including mortgage rates." Inflation also reduces the demand that investors have for mortgage-backed bonds. As Continue Reading
The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong and getting stronger. One way we know there are interested buyers right now is because showing traffic is up. Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, makes it Continue Reading
The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow. The information it contains on home prices may confuse and even generate troubling headlines. This stems from NAR reporting the median sales price, while other home price indices report repeats sales prices. The vast majority of the repeat sales indices show prices are starting to appreciate Continue Reading
Manhattan Market Report for the week ending May 12, 2023, Supply closed out at 7,426. Pace appears to be slowing. Pending Sales increase and sit at 3,044 (1 1/2% increase), outpacing the 2019 vintage year; off-market listings (delisting) maintain the market pulse at a .41% level. We are in a balanced market. Leverage does not favor buyers or sellers. Urbandigs reports "that Continue Reading
If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tell a very different and much more positive story. Local home price trends still vary Continue Reading
c " Chelsea is a fantastic destination that I have watched transform through the decades. You can now explore the Meatpacking Districts shops and Whitney Museum and transverse the one-of-a-kind Elevated Highline, the long-abandoned Chelsea railroad with views of the Hudson, while exploring the changing gardens and artwork exhibitions along the way to Hudson Yards. Continue Reading
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time: “Housing wealth (home equity or net worth) gains Continue Reading
If you’re considering selling your home, you should know the number of homes for sale right now is low. That’s because, this season, fewer sellers are listing their houses for sale than the norm. Looking back at every April since 2017, the only year fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph Continue Reading
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