{September 2019} Being A Broker Is Very Hard
September Market Update – Busy Brokers, Hard Market
September is my favorite month with the fresh crisp air. I bought a Do Little front-mounted kids bike seat so I can finally bike both kids to drop off the first-grader at school in the morning!
The NYC real estate market returns to life in September. Most of my colleagues report a very busy September, although many deals are still falling through. This has been a year of extra hard work but little fruit for the broker community. Take myself as an example. Last Sunday, two of my buyers decide to make offers on two properties: one new construction and one resale. The resale offer is within striking distance of the ask, and the new construction offer is even at full ask! I’m thinking I got this, finally! The end? We lose the resale to another offer that is closer to ask. And we lose the new construction because the sponsor decides to raise price over that weekend! The buyer gets angry and walks away. The good news is I also get a good offer on a listing I’m selling. Versus 2018, 2019 is virtually unchanged in terms of prices and volume. There is a lot of buyer support at the current levels.
This is probably the most forwarded article in September. The article talks about the supply problem, which is the root cause of this current downturn that started in 2016. Unlike 2007, when over-leverage was the problem and the correction was way more painful.
The NYC real estate market was the tale of two cities in October. Total transaction volume ticked higher, even though rates moved higher and sentiment was tense. Most of our new clients were understandably quiet. But quite a few of our repeat clients, the real estate veterans, were busy putting deals together.