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Hi LivNY!
Can you believe July is already drawing to a close? As the scorching heat of summer surrounds us, the real estate market seems to be experiencing a moment of calm. While this season typically sees a slowdown in new listings, this year, the inventory has been exceptionally scarce.
Sales Market:
Sellers seem hesitant to list their properties, holding on to the advantage of mortgage interest rates below 3%. On the other hand, potential buyers are facing higher mortgage rates, ranging from 6% to 7%. However, despite the low supply, June saw a new record for citywide median asking prices, reaching $1.088M for the third consecutive month. With room to negotiate, buyers are making the most of this market.
Rental Market:
The rental market remains competitive citywide, with rents showing a year-over-year increase across all types of units. Properly priced units are finding new tenants swiftly, some even going above the asking prices. However, for current tenants facing lease renewals, the decision to accept the new rate or search for a more affordable apartment is posing a challenge. Interestingly, some would-be buyers are still opting to rent due to limited 'for sale' homes and higher interest rates, adding to the demand for rental properties. The market is at a stand-off between renters and landlords, and a resolution is eagerly awaited.
Tips for Sellers:
As mentioned in the past, if you're planning to list your property, be aware that properties are spending more time on the market compared to previous years, with only a few selling within 90 days or less. However, the lower inventory presents an opportunity to price your property appropriately, which could expedite the process of securing a signed contract. Engaging a reputable real estate agent with market expertise remains the best strategy for a successful transaction.
As we progress through the remainder of summer, the real estate market is in a state of flux, waiting for the right conditions to strike a balance. Whether you're buying, selling, or renting, it's crucial to stay informed and partner with a knowledgeable real estate agent to navigate the current landscape successfully. Wishing you a wonderful summer and a prosperous real estate journey ahead!
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