The Time is Now... And Has Been
As we round out summer, we turn from a season marked by a volatile stock market and our local New York City real estate market that has been punctuated with high activity in certain property sectors and continued lulls in others. The lulls have offered opportunities for all-cash buyers as well as buyers who are financing but share the outlook that they can capitalize on lower buyer competition for selection while locking in favorable pricing. When the property purchase closes, the favorable pricing remains, and the rate of the mortgage product can always be refinanced as rates improve.
We’ve beat that drum so much this past year, we broke it. Thankfully for many clients, they heard it.
This summer has also seen declining mortgage interest rates. The beginning of August brought the largest one-week rate decline of the year, falling to the lowest level in 15 months and then fell again a few weeks ago, with some lenders able to position a 30-year fixed product at rates just below 6%. With the cooling national job market and persistent elevated inflation, Federal Reserve Chair Jerome Powell suggested last week that a rate cut was nearing as he noted, “The time has come for policy to adjust.”
The Fed is likely to make further adjustments later this month. Mortgage interest rates will very likely move down. This will be coupled with what often feels like a back-to-school mentality for buyers and sellers in the fall. More new buyers jump in the market after the summer, and it’s highly likely the buyers who have sat on the bench wringing their hands on interest rate levels will jump in the game. Similarly, sellers who’ve waited to bring their property to market will jump in come fall, and new sellers will be less trepidatious with the prospect of a new audience of buyers.
These are hardly speculative predictions. The speculation remains around how long current weathered buyers who have been in the market and are prepared have an open window of good opportunity to lock in favorable pricing and newly lowered rates before the pool of buyers deepens. The time is now and has been but won’t continue.
Before we bid adieu to summer, we wanted to share a big Thank You to our clients and their ongoing referrals for continuing to rely on our expertise and entrusting us to guide them through their real estate journey. Our team’s effort to meet and exceed the needs of our clients was recently recognized for another consecutive year in the RealTrends Verified national ranking of top 1.5% producing teams nationwide.
RealTrends Verified is the industry’s leading real estate performance benchmarking tool, that independently verifies the performance of all brokerages, agents and teams. Every year they partner with the Wall Street Journal to rank and publish this data to help homebuyers and sellers connect with the nation’s top performers. We are proud and honored for this distinction.
We wish you a great end to your summer and a fun and safe Labor Day Weekend!
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The Numbers
Highlighting our market's past 30 days.
The Properties
Our month's featured listings on the market.
90 Troy Avenue, 2
Crown Heights / Brooklyn
Condo
2 Beds / 2 Baths
$785,000
124 West 23rd Street,15A
Chelsea / Manhattan
Condo
3 Beds / 3 Baths
$3,200,000
640 Ditmas Avenue, 23
Kensington / Brooklyn
Condo
2 Beds / 2 Baths
$599,000
50 East 73rd Street
Lenox Hill / Manhattan
Townhouse
5 Beds / 4 Baths
$11,995,000
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The Pick
From the cool and eccentric to reserved and irreverent -
Our month’s pick of what's happening in New York City.
If you haven't already, you should:
The 2024 US Open
Tennis Championships
Take in the matches and the experience.
USTA Billie Jean King
National Tennis Center
Flushing, Queens
Now through September 8, 2024.
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