Monthly Newsletter – November 2023
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Welcome to my monthly newsletter for November 2023. As we gear up for Thanksgiving, there’s a lot to catch up on in our local real estate world. In this month’s newsletter, I cover some of the latest trends, opportunities, and challenges that face sellers and buyers in our market. Whether you’re looking to make a move or simply stay updated on the ever-changing property landscape, I hope you’ll find the analysis, news and events in this month’s newsletter to be a handy and enjoyable guide.
So, where are we?
Over the past month the market has shifted more towards buyers than sellers. Open houses have slowed a bit, average days on market have increased, more and bigger price cuts have occurred and the ratio of contracts signed to off market has fallen. The long and short of it is, with less new listings, higher rates and aging inventory in Brooklyn and Manhattan, certain sellers may be under more pressure to sell; that means more opportunities for buyers. However, be careful not to paint the market with a broad brush as negotiating leverage is case-specific. There are still properties that sell quickly and over asking price and newer listings, particularly those aged less than 30 days, tend to be much less negotiable on price. Nonetheless, opportunities are out there for those who keep their eyes open.
Buyers currently on the fence hoping for price declines early next year may up end up missing the boat as prices typically lag the market by 3 to 5 months. Any price declines that might possibly show up a few months from now would actually be a reflection of today’s activity. Additionally, with no end in sight to the pervasive supply shortage, many in the market expect continued upward pressure on prices through next year. To the extent that rates moderate when inflation cools, a surge in demand will likely drive prices higher. So, from a market timing standpoint, waiting comes with its share of risks.
Best of luck out there. it’s a tricky market! If you need help navigating, give me a call. Please also enjoy the analysis, news and events in this month’s newsletter and let me know if you have any questions or feedback.
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