Hi!
Hope everyone is doing well and looking forward to Spring!
Interest rates have been the talk of the town lately. Although, we knew interest rates were bound to increase, we wanted to help keep things in perspective as well. Rates are still historically low (see the below chart). Tiffany and I recalled when we started in the business 20+ years ago, the average rate for a home mortgage was 6.75% and our parents’ interest rates in the 80s were in the double digits.
With that said, March was a very strong month. We saw many buyers quickly flood the market to take advantage of locking in their rates and getting a piece of NYC. Coupled with low inventory, it has kept the market very active. We are about 20% below in inventory vs. last year. On the rental front, we are seeing bidding wars on rentals with tenants paying above the asking price and full commission which was not seen even pre-pandemic.
We have some new exciting properties… check out our Coming Soon section! As we gear up for the Spring market, we look forward to keeping you updated!
All the best,
