There's a lot of speculation about what will happen in the NYC real estate market in January and February after the holiday lull is finished. We've had 4 quarters now of consolidation; is that over? The economy remains strong, the Fed has backed off on rate increases, Trump and China may be making peace, new jobs and industries keep coming to NYC. Right now the supply/demand ratio is closer to balanced than it's been all year -- 8.4 months of inventory on the market in Manhattan, 6.1 months in Brooklyn -- compared with the heavily buyers' market months last summer and fall, when 10-12 months of inventory was available. On the other hand, is that simply the result of sellers' pulling their properties off the market during the year-end slowdown? How many will come back on after the New Year? How many had enough frustration this year and will take their chances and wait in place until a strong market is back?
One thing is certain out of all this. Sellers who are on the market now, in December, need and want to sell. Buyers are in a strong position to negotiate, as of now. This time of year is usually an advantageous time for buyers, but perhaps more so this year, and perhaps more than it will be next year. If you'd like to see what can be done, give me a call.
Also, here are two new properties I saw this week in which the sellers have chosen to NOT list their properties for sale with a brokerage for the widest possible distribution to every agent in the City. Instead, they are selling them on their own or through specific individual agents, like me, who they have allowed to bring buyers. This may offer even greater opportunity in purchasing:
Real estate agents affiliated with Citi Habitats are independent contractor sales associates and are not employees of Citi Habitats. Citi Habitats is a licensed real estate broker located at 387 Park Avenue South, NY, NY 10016. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Citi Habitats makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Citi Habitats advises you to hire a qualified architect or engineer. This is not intended to solicit property already listed. Equal Housing Opportunity.