Last year was a tough year for the Manhattan real estate market. High mortgage rates, recession fears, financial market turmoil, and world events weakened market confidence to drive sales, inventory, and prices lower. But the year ended with several signs of stabilization and under much better economic conditions than expected, defying even the most optimistic predictions from 2022. This year could mark an important pivot for the market. Some of 2023’s trends may persist, along with challenges such as the drama of this year’s presidential election, however, at the same time, mortgage rates are forecast to fall further, rents are stuck at record highs, inventory will increase and prices are at an eight-year low. With all these factors in place, we could see buyers who have been on the sidelines begin to return to the market, which will result in increased demand for properties.
In this newsletter you will find a comprehensive market overview of 2023, what to expect in 2024, tips for buyers, tips for sellers and tips for both that include numerous complexities that are effecting dealmaking in Manhattan that everyone should be aware of so that unnecessary stress can be alleviated!
Our team is skilled in providing extensive analysis in a sophisticated and complex real estate market. From understanding net profit, capital gains, to detailed comparable evaluations, we offer the knowledge, data and information our clients need to be competitive.