As summer wraps up and we transition into the fall market, there’s plenty to be optimistic about!

The Manhattan real estate market may well experience a positive shift in the coming months. Currently, mortgage rates are down from June and July and there is the expectation that they will continue to drop. The Federal Reserve’s last meeting in late July presaged lowering the Federal interest rate. Mortgage rates subsequently fell to their lowest level in a year, with a 30-year fixed rate of 6.47%. Additionally, it was reported in mid-August that inflation reached its lowest level in July since spring 2021, setting the stage for a Fed rate decrease to relieve pressure on the economy. The Washington Post states, “this is the clearest indication, yet that inflation is heading back to normal levels from 40-year highs — without a recession.” While a combination of factors has contributed to the challenging real estate market over the past 1.5 years, nothing has affected it more profoundly than high mortgage rates, especially given that these high rates followed several years of historically low rates. The easing of rates could unlock pent-up demand among buyers and lead to increased inventory as sellers feel more encouraged to list their properties. There is some caution that may persist into the fall due to the looming presidential election, as people sometimes delay major decisions until the results are known.

Dive into our fall newsletter for a detailed overview of this year’s market trends, what’s coming up, and more tips for both buyers and sellers! For sellers, there are advantages to listing both this fall and in the spring, depending on your property’s submarket and its competition. We are happy to help you weigh the pros and cons to benefit you in an evolving market.

Click here to download the Fall 2024 Newsletter.