Yeah, time for the big question. No market report can tell you what the immediate present experience is like. What is wild is my team just went on a pitch today (3/17) and landed the exclusive. Yes, we'll be listing once everything returns back to normal. Aggressive brokers to the tee baby -- Corona who?
Some Bad News
Canceled showings, delayed relocations, and pulling out of deals
Open house traffic from February 23 to March 15 is down 58% Shout out to one of our Halstead office managers Fritz for doing these reports I love. He collects a massive amount of data throughout NYC. Those are making big headlines right now. A direct pulse to the market.
Seller's pulling inventory off the market - wary of germs from visitors
Stock market plummeting (down about 33%) causes buyers to pull out of deals
Some Good News
Rates drop again making borrowing costs at a historic low saving buyer's a ton of money and increasing their purchase power. This combined with NYC's already weak market makes it very advantageous for a buyer.
The buyers out right now are serious
New York freezes evictions statewide indefinitely amid coronavirus pandemic
This is a crisis that didn't originate from our economy. Dr. Marci Rossell, Chief Economist at Leading RE, compares our current day to 9/11. She states the markets were recovering by November. Interesting take -- click here to watch her video