Leaf Season 2023

There's a sense that the markets were out of order this summer. Home resales nationally are flat while builders in some areas continue to thrive. Regionally, affordability outside of New York is luring more searchers outside of the 5 borough. I personally know 2 young couples who’ve found first homes in Westchester and Connecticut respectively. Competition among buyers is still fierce but at a lower starting point (400-700k). Yes, there are all types of travel tax and quality of life issues to consider but still an attractive option. In the city,there are quite a few homeowners who’d like to move but re-financed during the last 2 years. Now, with rates climbing past 7 % that seems impossible without a real haircut. Higher rates have really impacted resales negatively while those with resources are buying new. 

 For renters, a recent update to AirBnB laws here in New York may turn out to positively affect the market with more units coming onboard as landlords search to remain legal. That would be the most positive reading of this circumstance. In the meantime, things remain very expensive for those searching to rent. Theres recently been a lot of talk and energy in commercial conversion since work from home completely murdered office rental. This will take time.

 I’m intrigued to see what September brings with rates and availability as the year hurdles into it's last quarter.

As always, at your service,

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