We would like to take this opportunity to wish everyone a very happy holiday season!
In addition, we would like to express our gratitude to everyone who has impacted our lives and business this year. Thank you to each and every one of our clients who put their trust in us to provide professional guidance and support. Manhattan’s home market can present some unique challenges. We’re happy to provide our insight and guidance to help our clients make the right real estate decisions.
We would also like to thank our amazing team, along with everyone at Douglas Elliman and all of our professional service partners. There are so many great people who help us every day and assist our clients with so many different aspects of the real estate process.
Looking Back on 2022
2022 was not without its challenges, especially in New York real estate. We saw the effects of high inflation and rising mortgage rates slow down what was a strong market since the pandemic. This was a natural market correction, and should help maintain a more sustainable market moving forward. Home prices have stabilized as housing inventory throughout the city remains very low. The more buyers and sellers are prepared, the more successful they will be when ready to make a move. Market conditions will always be changing from year to year, but good decision-making will never go out of style!
2023—A Look Ahead
The Manhattan real estate market generally slows down during the winter season and throughout the holidays, but we are already gearing up for what should be an exciting spring and summer market. Low inventory will still be a challenge in 2023 and we don’t expect mortgage rates to drop too much, though we should all be prepared for a new normal of 4-5% mortgage interest. There are great opportunities for both buyers and sellers!
Professional home staging and strategic marketing are more important than ever right now, so you want to work with someone who can skillfully guide you through every aspect of the transaction. If you are looking to buy, sell, rent or invest in Manhattan, please contact us today and let us help you make the most of your New York City real estate opportunities.