Hi!
As Summer is coming to an end, we have noticed a shift to normal rather than a bottoming out. Here’s what buyers and sellers should keep in mind as we head into the Fall:
For our Sellers - Summer slowdowns are normal. We anticipate more inventory to hit the market after Labor Day weekend, so Buyers will have more choices. Therefore, pricing properly now is more essential than ever.
For our Buyers – Smart sellers are becoming more realistic, and there will be more room to negotiate as inventory increases. But, Buyers should also be realistic and not assume a fire sale especially for already properly priced listings that reflect the current market.
Manhattan rentals have continue to break record prices with the average rent surpassing $5,000 in June. Our recommendation for renters and those who feel they are priced out, crunch your monthly numbers, even with the higher interest rates, owning vs. renting may have more benefits than you think. The LivNY Team is happy to further discuss.
Hope you and your family enjoy the holiday weekend and we are looking forward to the Fall season.
As always, feel free to reach out with any questions. The LivNY Team is here for you.
All the best,
