Did this month fly by slowly for you? Don’t worry, it’s a symptom of the quarantine. Real estate is on an unwanted vacation as we’re waiting for the city to open up. Usually these spring days are the most active, but it’s ok, there are bigger concerns in the world so the market is slow, even nationwide and globally.
Do New Yorkers enjoy staying inside all day? NO! At the first sign of safety NYC will be back open for business like never before!
New listings are down 87% from one year ago, however we still have a huge oversupply problem with years worth of inventory. 2020 kicked off with a spike in demand. Hopefully that demand returns with the market.
As listings come back on expect a huge disconnect between buyers and sellers, however deals will always get done (you just need a good agent!). There have even been a few large transactions reported. Perhaps this is sign of good times ahead.
This month the Spotlight is on Cap Rates. Cap Rates are metric used to value real estate deals. When prices go down the investors come out looking for deals! Let’s get prepared with a quick review of Cap Rates.
