There were only 7 contracts signed in the last 7 days on the Upper West Side & 14 on the Upper East Side. The majority were in the $500-$1M category & there were 5 total over $2M. We should see increases over the next few weeks as the anticipated release of pent-up demand from a 3 month pause on showings is inevitable. We are bringing you these numbers weekly so we can all understand the state of our NYC market in real time! Please do not hesitate to reach out for more specifics on these sales.
Our first look at the summer market overviews the last two weeks since Phase 2 began on Monday June 22, when real estate officially re-opened for business. Since we are all entering unchartered territory this summer and are unsure how the market will fare in the initial re-opening, we decided to take a micro approach to the data by sharing all signed contracts weekly under $4M on the Upper West and East Sides so we can all better understand real time activity. We are happy to give you more detailed information in each category!
The entire Deanna Kory Team sincerely hopes that you, your family and friends are in good health and staying safe. It is now more than a month since our great City has shut down and for many of us, the sudden shift overtook every aspect of our lives. As one of the epicenters in the U.S., we New Yorkers have been especially affected. That said, New Yorkers are perhaps some of the most resilient people on earth and no doubt we will work hard to rebuild our lives in the city we are proud to call home.
Some weeks ago, New York State...
Proper pricing is key to achieving the highest and best price in the quickest timeframe. However, setting the right price is not always so easy in a soft market with a lot of inventory. There are many options for buyers which gives them the time and opportunity to be deliberate. In the past, pricing at a very competitive asking price or slightly below has sparked increased interest at the outset and even garnered multiple bids. Buyers in today’s market feel they must have a ‘deal’, so make sure to add room for negotiation to your pricing and absolutely do not...
Many often think they can “time” the real estate market, but as we know it is virtually impossible. With the current prevailing uncertainty, most buyers are nervous even when the signs show that it has hit or is near bottom. That said, waiting that out may result in a missed opportunity. We think it is an excellent time to purchase a home for the following reasons:
- Fear & Uncertainty Create Opportunity
Most savvy investors will say that when everyone is negative on the market, it is often a good time to buy.
- Mortgage Interest Rates
While already historically low, mortgage interest rates have...