Hello Readers: This summer has not been lonely at all. In fact, by real estate standards, business is booming at a time when normally every agent in NYC is scheming how to get out of town for a month to a boat or a villa or a tent right about now. Mojitos have given way to heated bidding wars, and time on the beach is being shared with time hitting the sweltering pavement to look at inventory.
Sure, listings are more spare than they will be in the fall, but if a seller is actively showing now-that usually means they are deathly serious about selling, not just testing the water, or trying to figure out how they feel. If you think about it, sellers would rather be on the Cyclone too instead of straightening up, dusting the ceiling fan, and rushing out to the corner coffee shop with all their belongings in August, so you and your agent can see the place--so if they're doing that, it generally means they really want to sell it. Now don't get all excited. Seriousness of selling intention doesn't always equal deals--or desperation on the sellers part--but for you buyer bargain seekers-it sometimes can mean a golden opportunity--and just at a time where you won't have as much competition!
There's a second important reason too that I believe that buyers and sellers are still busy buying and selling during the warm weather this summer- and that's concern about rising interest rates. Sure economists, and mortgage brokers, and some agents, have been predicting a rise in interest rates for years. And as you may have noticed..there are still plenty of numbers starting with 3's available (mindblowing to me even after so much time), but just because it hasn't happened yet-doesn't mean it isn't going to happen. In fact, I guarantee you it will. And once interest rates rise--they're not going to come down again. So unlike ignoring the weatherman when they say it's going to rain, you won't just be caught without your galoshes if you want to buy and have waited too long.
So if you are contemplating whether or not to transact your real estate business before the leaves begin to fall--I'd say go for it-particularly this year. You won't be alone and there are apartments out there to see. More than usual. And sometimes with price tags that reflect the sellers eagerness.
Thanks for reading, Alexandra Florio; The Corcoran Group, 646-269-1072
P.S. I'm selling a really cute place (1 bedroom) in Brighton Beach for $180,000, with an awesome Russian cafe on the corner (fantastic Borscht), about half a block from the beach (and beach parking), and across the street from the train. Could be good rental income if you were to sublet. Just sayin'