The Market Report: October 2023

As we move into fall, we are maneuvering through market sentiment effected by volatility – disruptions in oil production, U.S. automotive industry strikes, the nation hurdling into a presidential campaign and the Russia-Ukraine war that has remained contained geographically but certainly not economically. Our New York City real estate market saw inventory go up this past month roughly 15% in Manhattan and 8% Brooklyn. But could-be sellers remain slow to bring properties to market, and buyers continue to kick tires, keeping a slower pace and historically low inventory levels. We were historically low last year this time, and are currently down 3% in Manhattan year-over-year.

 

Despite inventory and market volatility, life needs and stages prevail as the biggest drivers of property sales and purchases – The good, and sad, the unpredictable and the inevitable. If not purely for investment gain, often real estate moves feel more dictated than voluntary. If you are in one of those camps and need to make a move, it’s always important to have an advisor you trust and who helps navigate you to the place that’s best for you.

 

Whether buying or selling or both, here’s our advice from the inside out:

 

Communication is key. As you embark on a relationship with a real estate advisor, you should feel informed and comfortable with their level of communication. It’s going to get stressful at some point in the process, and time will be of the essence. If you don’t feel properly informed and informed in a timely manner, it’ll feel like the wheels are falling off. In a real estate transaction and negotiation, communication is crucial, and the real estate agent is critical to keeping the communication between parties running well and expeditiously. If they don’t communicate well with you, they likely don’t communicate well with others.

 

Tenured, busy agents tend to be busy – and successful – for a reason. They are usually, at their core, good at brokering deals, connecting, and managing clients and managing their business. Untenured and busy doesn’t necessarily mean they have a grip on that; time will tell for them. Don’t think a tenured busy agent is too busy for you. Discuss with them and see if it is a good fit. They may very well have a well-oiled machine in place to manage the continued on-coming business. As the apt cliché goes, if you want to get something done, ask a busy person.

 

New agents can also be an excellent fit for you. Just because someone doesn’t have years and years in the real estate industry doesn’t mean they can’t effectively and successfully meet your needs. As in all things, knowing what you don’t know is as important as knowing what you do. New agents who have a personal track record of success and are partnered well with more experienced agents can open a door for you to the resources and skills of a successful team and platform.

 

Don’t pick a real estate agent just because they sell a lot in your building. Make sure they sell a lot elsewhere as well. Having a very concentrated knowledge can translate to a lack of overall market awareness and create blinders to prevailing trends. The gameplan for your purchase or sale should have a broader perspective on the market than just what’s going on in your building.

 

Like matchmaking, referrals are the lifeblood of a good agent’s business and likely your ticket to a good experience. A positive testimonial or the recommendation of a trusted friend, colleague or neighbor is a great place to begin.

 

Let us know if now is your time for a move.