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bimjeam's avatar

The NYC market is equally slow. Haven't seen it like this since the GFC. I recently ran comps for a client, and with the change in interest rates between just August of last year and today, prices would have to come down 35% to achieve mortgage payment parity between then and now. If rates persist like this, or god forbid go up, then we seem to be headed in that direction.

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cfrog's avatar

Definite value added post. The insights from Kira are illuminating. We are seeing a version of what she shared in coastal NC. Although we still have strong tailwinds in housing from the North to South migration….it’s clear that the winds have changed. We have less supply and prices have increased along with rates versus a year ago. Price or new construction and renovation are up as well. This is definitely an environment where I expect prices to stay elevated, but supply and value over time to to stay relatively low for the near term (12 months). Selling in this environment, as a zero sum game, means you can buy less home than what you sold….which is not good. We are fortunate that there is Federal Military Basing in the area creating sustained turnover and demand in home ownership / rentals, a business friendly environment, and mild climate near great beaches.

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