What About A Recession?

Data on employment, interest rates, manufacturing, and consumer confidence all play a part in forecasting for the economy. The US economy seems fairly strong while we all know where the NY real estate market stands currently. So what happens when there is a recession? Earlier this year long-term rates for U.S. government bonds fell below short-term rates which is an indicator of weaker economic conditions. We can all agree the NYC real estate market has been in a shift the past couple of years however during a real downturn the market has been quick to bounce back. Surviving a downturn is the key. Homeowners, if you have to sell you need to be priced right, better to be priced a little below market rather than chasing it down. Using professional photography & staging is standard but hiring a broker who will actively find buyers vs waiting for inquiries is what you want. Sellers can't rely on pricing their apartments to year-old comps when buyers are seeing dozens of apartments and occasionally making multiple offers. Know your market!

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