Check out market updates

New owners and renters are signing discounted leases for Manhattan apartments

Attracted by near-record-low mortgage rates and relatively low prices, overall sales have increased in Brooklyn and Queens. The new market emerging could benefit first-time and move-up buyers, as well as renters seeking year-long leases. Every month since May, the real estate market has seen an increase in the number of contracts signed and more people who moved away from the city are finding ways to return. Stefanos Chen, New York Real Estate is on the Mend, The New York Times, https://www...

Tags: Brooklyn, first time buyer, low mortgage rates, move up, Queens, sales increase

Read More

Experts Project Increase in Home Sales and Median Purchase Price to Continue to February 2021

Redfin CEO Glenn Kelman discusses current increase in home sales in suburban areas of major cities

Home sales have increased by 9.5% just in September, 2020, and the median purchase price nearly increased by 15%. Many professionals working remotely from home are seeking to escape from the metropolitan area and purchasing suburban “vacation homes” to live and work in. Low interest rates are also driving sales up. Redfin predicts the number of listings to increase in November continuing onto January and February, 2021. Kevin Stankiewicz, Redfin CEO expects ‘absolutely insane’ demand in...

Tags: housing boom, listings, low interest rates, market trend, Redfin, remote work, sales, suburbs, vacation homes

Read More

Sales of homes are up by 20% in September

According to the National Association of Realtors, only in September, the sale of homes has gone up by more than 20% from a year ago despite seeing a decrease in the number of listings. On average, listed homes are sold within 21 days of listing. The Realtors group also currently sees an increase in sale of homes costing more than $1 million. Buyers to whom cost is not a concern continue to make purchases and investments in homes. Chris Arnold, Housing Boom: Sales of Million-Dollar Homes Doub...

Tags: housing boom, listings, market trend, million dollar homes, National Association of Realtors, New York real estate, sales

Read More