With interest rates rising and the volatility of the stock market, clients are asking me what I’m seeing in the Manhattan real estate market.
Clearly buying power is diminished as rates increase for those looking to finance. I see the rate hikes mostly affecting properties that need work. The market is still strong for homes that are in perfect condition and offer flexibility of ownership such as a condo or coop with less restrictive financing requirements.
Other factors that play into our selling prices are to some degree world events, inflation, unemployment numbers, and closer to home the increase in crime.
In my opinion there is no better city in the world to live in, so I’ll continue to keep you posted!