Could There Be a Change in This Buyers' Market?
It's been widely recognized in many real estate forums that the falling rental prices over the past few years have contributed significantly to the softening of the sellers' market in New York City. But, during the first quarter of this year, and in the second quarter thus far, we've begun to see an increase in rental prices as more buyers decide not to move forward in the sales market. As this demand continues to push rental prices upwards, sponsors and landlords have been less likely to give concessions. Further, this overall stiffening of rental prices while demand starts to outweigh supply could be a key turning point in the future of Manhattan real estate, for the short term at least. This was documented in a couple of recent news articles in Bloomberg [link here] and The Real Deal [link here].
Will rental prices go high enough to match mortgage amounts on a monthly basis? Sellers sure hope so, but if you're a buyer in this marketplace hoping to take advantage of super-low real estate prices and steady interest rates — your time is now! Trust me when I tell you that trying to time the market has been the downfall of many hopeful buyers and their agents.
In the News
MTA's New Tap-To-Pay System is Here
Have you noticed anything different about the MTA turnstiles lately? The recently installed tap-to-pay screens will go into effect starting the first week of June. But don’t worry, you’ll be able to continue swiping your traditional Metrocard through 2023. For those interested, check out this article by 6sqft, which details the upcoming technology shift. READ MORE
Compass.com Has a New Look
We've revamped our homepage and added even more functionality to make it easier than ever to find homes you'll love. Click over today to check out properties in your area that you won't find anywhere else! SEE IT HERE
June 1 - September 24
Capital One City Parks Foundation SummerStage returns with nearly 100 free and benefit performances from 200 artists in Central Park and 17 neighborhood parks across New York City. Click here for more information.
Amazing Father's Day Scavenger Hunt
Sunday, June 16
This Father's Day, dads across the city will meet at Slattery's Midtown Pub to embark on a scavenger hunt following a series of clues that send them around the city to complete mental and physical challenges. Put dad to the test! Get your tickets here.