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Discussion on the impact of higher interest rates on the NYC real estate market and the decrease in buyer affordability. Exploring the historical basis of mortgage rates in NYC real estate and the challenges faced by landlords. Analysis of the current state of the market, highlighting a disconnect between buyers and sellers and the opportunity for buyers to find good deals.
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Quick takeaways
- The New York City real estate market is currently experiencing decreased activity during the summer season, known as the summer doldrums.
- Sellers in the New York City real estate market are hesitant to adjust their prices to align with market realities, creating challenges in completing transactions due to a disparity in expectations between buyers and sellers.
Deep dives
Decrease in Market Activity during Summer
The housing market in New York City has experienced a decline in activity compared to the previous summer. While the spring and early summer markets were fairly active, particularly in smaller units such as one, two, and three-bedroom apartments, the overall market is currently in a lull. The decreased activity is mainly attributed to the summer season, also known as the summer doldrums.
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