Happy Memorial Day! Let’s take time to remember those who gave their lives for our country.
Rain or shine, it’s always nice to kick off the summer with a long weekend. The last couple of weeks have been so busy in the city that everyone could use an extra day off.
Real estate markets are extremely hot – some would say overheating. Buyers continue driving home prices higher and higher as pent up demand has showed little signs of slowing down. For every affordable property that comes on the market there are multiple offers ready to pounce on a deal. There is a lot of momentum going into this summer and people are wondering if this market will ever cool off.
In New York City, rentals this past month flew off the shelf. A complete 180 from one year ago. Prices have come down as well as the average days on the market. Also, the average age of the typical renter has dropped, bringing in younger demographic. There is a lot of energy in the rental market and all across the city. It’s an exciting time to be in New York!
Usually the sales market is slower during the summer and the Hamptons gets all of the attention. However, this year it is hard to imagine the sales market slowing down as value buyers continue looking for deals in the city.
Spotlight this month is on inflation. Is it real and how will it impact the housing market?
