Is it Spring yet?
The calendar says yes, but it sure doesn’t feel that way. After two months of fairly icy market activity to start the year, things have started to pick up, and buyers are starting to shake off the cold. The reality of the new tax law has set in, but uncertainty abounds, and, at least anecdotally, some people are leaving NYC to lower tax locales. The Fed continues to raise rates, likely with more to come, and, consequently, mortgage rates have also risen quite a bit since New Year’s Day. However, even with these increases, mortgage rates still remain close to historic lows. All of this would seem to portend a correction in the NYC residential real estate market, especially with the new tariffs and a trade war with China looming, but with inventory remaining at stubbornly low levels, the economy still in really good shape and employment at high levels, the NYC residential real estate market remains relatively healthy (at least for most NYC buyers and sellers). Unless you’re looking for very expensive homes, bargains are still pretty hard to come by – buyers definitely have more leverage in today’s market, and everybody negotiates a lot harder these days, but sellers continue to get good prices, even if they are not the absurd prices they got a few years ago.
Thanks, as always, for continuing to help put Digs and our commission sharing/rebate model on the map! In 16 closed transactions this quarter, we put over $380,000 in commission rebates back in our clients’ pockets!
With Spring comes the Spring listing season – often the most active time of the year for residential real estate in NYC – and we have a few new apartments on the market. Take a look at our exclusive sales listings below and please let us know if you or anybody you know is interested.
In other Digs news, we are very happy to announce the arrival of our newest agent, Sara Gladstone. A native New Yorker and graduate of Bard College who is always down for a good glass of whiskey, Sara has entered the world of residential real estate after nearly a decade in the fine arts, having served in sales roles at several prominent galleries throughout the City. One of the sunniest personalities you will ever meet, Sara will be assisting on my transactions going forward, so all of our clients and colleagues will get to know her well.
Mark your calendars! On April 24th, Digs will be participating in the First-Time NYC Homebuyer Panel hosted by the NYC Cornellians alumni group. Registration is available here. If you or anybody you know is interested in potentially buying an apartment in NYC, or has already started looking, this event is an extremely informative introduction to all aspects of the buying process…and you do not need to be a Cornell alum to attend!
Check out our currently available listings. Please be in touch if you’re interested or forward them along to anyone you know who might be!
Digs Realty is a full-service residential real estate brokerage company specializing in home purchases and sales in New York City. Clients working with Digs on a purchase are eligible for a rebate of up to 2% of the purchase price, and clients working with Digs on a sale are eligible for commission discounts. For more information…
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