Renters be Buyers ! Rates are not Forever
May 22, 2025
Hello !
Spring market buyers are trailing behind the beautiful weather (when not raining). As tariff fears ease, we may see a late spring market awakening such as what we've experienced in the 2021 market.
Looking ahead this month - the FAIR Act, which is scheduled to go into effect June 11, is expected to push rental prices to new peaks. At the same time, interest rates remain elevated.
Still, sales activity is in line with the 10-year average, This could be due to the understanding that higher rates are not permanent, allowing homeowners the option to refinance, while renters will be bound to rising costs.
New condominium construction inventory and the development pipeline continue to shrink, while some new trophy Condos such as 80 Clarkson in the West Village, are selling off-market, rapidly and for astonishing prices.
Wishing you an enjoyable memorial day weekend.
Ariel