August 2023 | Slower Summer | Active Fall?
August 17, 2023
Hello and Happy Summer,
Real estate during the summer in New York City is usually slower, and this year is no different. We see more of our clients traveling far and wide, domestically, and internationally, certainly more than they did in the last couple of yours.
Overview of the Current Market
Currently, more than 60% of existing mortgage holders - the potential sellers who could bring inventory to market - are sitting on mortgages with rates below 4%.
Lower level of inventory creates pressure on existing listings, and while buyers still have a strong hand, the selection is limited.
Rates may stand still for now, and recession seems to be pushed further and further into the future like a dissipating cloud. And so are foreign buyers, who also like to vacation in August.
The word on the street is an active fall season awaits.
Wishing you the best August and the end of summer!
Ariel Tirosh
