The Buyers Are Back in Town!

The Buyers Are Back in Town!

Month, the first day of Spring, Saint Patrick’s Day, Daylight Savings, Ramadan, and our personal fave, the beginning of the Spring real estate market. While flowers are still not quite in bloom across the city, you can catch the Macy’s Flower Show staring March 26th.

In a typical Spring real estate season, we see both buyers and sellers enter the market, as Spring is generally the hottest listing quarter. This year, after a fear-filled year over volatile interest rates, the buyers are back, but the inventory is not. Across Brooklyn and Manhattan, we’re seeing lighter than usual listing inventory. However, Brooklyn demand is as hot as ever, with bidding wars on every corner and homes moving into contract quickly.

Manhattan sellers require a bit more patience than their Brooklyn counterparts; buyers want to take their time in Manhattan and see everything on the market, resulting in sellers waiting for the right buyer to come back around and make that offer. In both Brooklyn and Manhattan, sellers need a smart pricing strategy amid the growing Spring buyer pool, especially since heightened mortgage rates are leaving buyers with little room to stretch their budgets.

“Sellers are less likely to receive an offer above asking than they were last year. Nearly one in five listings on StreetEasy sold above initial asking during the hyper-competitive shopping season last year, but in February 2023, one in 10 listings sold above asking.” (Streeteasy) Price drops are not expected this year and mortgage rates are expected to be chaotic in the coming months. Since rates recently dipped back down, we’ve seen even more buyers begin or re-engage their home search.

Out East, buyers are experiencing an uptick in listing inventory, a welcome change from the prior two years.

Until April, Friends!

And shout out to our fabulous Whitman Team women this month (and every month)!

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