Buyers' or sellers’ market?

According to realtor.com’s latest, data shows NYC is officially in a buyer's market as it has a total sales listing ratio below 0.12%. The supply of homes is greater than the demand. Increasing inflation and soaring rates caught up with the market. Many buyers can no longer qualify for loans they needed, resulting in decline of buyers interest. As the borrowing costs continue to rise, buyers and sellers are choosing to wait for a reset. Mortgage rate fluctuations have hurt low income buyers the most. By September 2.8% of purchases below $800k - New York City's median sales price - were canceled. That's twice the rate for 2021.

• Closed sales were down 12.6% • Pending sales down 11.2% • Median sales price up 2.4% • New listings down 13.2% • Total active listings down 14.4% • Monthly supply of inventory down 8.3%

Being in a buyer's market benefits those with a large savings account. If you are cash rich, now is your opportunity to get some really good deals. As properties linger on the market longer, the greater the chance the price will be lowered. My best advice is to work with a qualified mortgage “banker” … not to be fooled by your friendly neighborhood bank's recommendation as they sometimes farm out your loan to a mortgage “broker”. Once you are qualified for your loan fund a reputable real estate Broker that can help you navigate through the process.

Need help navigating through the home-buying or selling process?

Contact Carolyn, Metronet Realty, licensed real estate associate broker 718-644-8460