The Monthly Mag - October 2022

Hello!

Hope this finds you well during these interesting times!

If you have been following the news, you know that interest rates have been going up, the stock market has been going down, and we are headed towards the most anticipated recession of all time.

While some of the national headlines seem scary, New York City is not as depressed as some would have you believe. Rising interest rates are impacting the market, but other factors are as well. Activity is slowing, but the limited inventory is preventing a huge dip in prices. Increased mortgage rates and low inventory are locking in sellers, creating a chain reaction through the market.

There should be urgency for both buyers and sellers. Buyers want to purchase before rates go up again, and sellers want to sell before the buyer pool decreases and delays the ability to transact.

When things seem uncertain, it's important to remember that the last three times New York City had a crisis (September 11th, 2008 Financial Crisis, and 2020 Covid Shutdown), the market fully recovered within 6-12 months.

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