It feels like dawn is finally coming. The real estate market in NYC has been in a tough spot ever since rates started to rise in June 2022.
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The NYC real estate market is at an interesting crossroad. On the one hand, we feel a lot of pent-up demand from buyers who have been watching and waiting for rates to go down.
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2024 started with a busy tone for the New York City real estate market. For all of 2023, we said to our buyers that “you marry the price but not the rate”, meaning now was a good time to buy because it’s a buyer’s market and prices were negotiable.
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The real estate market in NYC saw about 15% more transactions in December 2023 than a year ago in December 2022. Is it a telltale sign that the real estate prices will recover in 2024? Prices haven’t moved but more buyers have come off the sidelines and jumped into the market to start the search.
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