How The Coronavirus Is Affecting NYC Real Estate

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

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