Welcome to 2020!
How much can we read into real estate activity in the first month of the year? And more importantly, does it predict market conditions for the rest of 2020?
Through the end of December and into January, we saw a welcome resurgence of activity in the marketplace. Whether it was due to pent-up demand or fueled by frustration over the never-ending doom-and-gloom economic forecasts, the relentless “It’s a buyers market!” war cry seems to have finally broken through to the minds of the purchasing community. At least for the time being.
Many agents are reporting the same results, and there is a perceptible sigh of relief around the water cooler as things turn from stagnant to active in the overall New York City market. Lower-than-ever interest rates indeed helped give us a strong end to 2019 and an active start to the year. But, if you’re a seller, listen to this optimistic good news with an air of caution. This isn’t the time to reach for a sky-high sales price! The market is still extremely price-sensitive and dollar-motivated. Instead, the adage “more flies with honey” should be your marching orders. Make sure your listing is priced competitively and do everything you can to make the property stand out from every listing in your neighborhood and price category. That approach will ensure strong demand both now and in the event of a slowdown.
The best move you can make as a potential seller is to call us, of course. The Hoffman Team put 11 properties into contract in December and another 13 in January! How? We work as a team, and we know how to price for success in any market conditions.
In today’s fickle environment — and yes, you can expect more tumult as the presidential election approaches — clients require the most experienced and professional real estate agents to reach their goals, whether buying or selling.
Q4 Compass Market Reports
Curious to learn how the NYC real estate market wrapped up in 2019?
Peruse Compass' quarterly market reports for commentary on trends and key developments! Get the full scoop on Manhattan, Brooklyn, and Queens insights here.
Have questions about the market and 2020 predictions? Reach out!
Chinese New Year Parade and Festival
February 9th 1:00pm
Attend the Chinese New Year Parade and Festival on February 9th in Chinatown! The parade kicks off at 1:00pm going through Mott Street, Canal Street, East Broadway, and around D. Roosevelt Park. Don't forget to continue celebrating at one of the many incredible local restaurants. Learn more here!
Westminster Dog Show
February 9th-11th
Are you a dog lover looking for a large dose of cuteness? Get tickets to see some of the best in show at the Westminster Dog Show! The three-day event will take place at Madison Square Garden and Pier 84 on February 9th, 10th, and 11th. Learn more here and get your tickets today!
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