The Monthly Mag - June 2022

Hello!

It has been an interesting last few weeks. Mortgage rates have risen in response to the Fed's 75 bps rate hike. While it will take a few weeks to analyze the data, we are closely monitoring how this impacts the real estate market.

New York City has been relatively steady in its post-Covid recovery, unlike other overheated markets around the country. Thus, we are not seeing a huge correction in the market like other places with overvaluations.

While mortgage interest rates have increased, they are still not yet high enough to temper buyer enthusiasm that is outpacing current housing supply. The market is trying to find its way. Factors like the War in Ukraine, continued high inflation, and rising gas prices will all impact where the market goes from here. Activity typically slows down this time of year as people take summer vacations; we will need to decipher what is the normal slowdown and what is a result of the rising rates.

As always, should you need any help buying, selling or renting in New York or elsewhere, it would be my pleasure to serve you.

Regards,

Maggie