Snap Back!
I just returned from an annual Real Estate Summit meeting hosted by TomFerry, held in Dallas and attended by over 5,800 of my fellow agents and Realtors from all over the United States. It was an incredible three days filled with discussions about how to serve our clients better! New platforms, apps and tools to help deliver super guidance! Mindset, knowledge and local real estate data analysis so that we can combat the hyped newsreel “data” from MSNBC and FOX News. In short, we are ready to offer better, trusted service and a renewed sense of purpose.
But we also talked about the state of real estate right now. I was astounded to see many agents were experiencing the same trends that our Manhattan/Brooklyn market is. And what they all reported was not a dead, crashing or apocalyptic situation but a snapback to what was quite normal just a few years ago. That blew my mind because that’s usually not the case at all! New York City generally goes it alone. We tend to march to our own rhythm and report drastically different numbers than the rest of the good ol’ USA, most of the time.
We all remember March 2020 and the direction of the real estate market — straight down — followed by the subsequent rebound, which was straight up. And presently, the snapback. Just like a rubber band when you snap it. First, a low, then a high, and now back to the straight line. Many agents from all over the country are reporting the same rebound to a normal market. The type of market we regularly saw back in 2019 and before. A market that just feels slow compared to the high transactional rates we saw a few months ago.
I reviewed the past four years of closed sales data from The Hoffman Team, from January 1 to September 1. I found that in 2019, we had 51 closed sales. In 2020, the number was 58. In 2021, during the same period, there were 118 closed sales. This year, there were 82. And, I would argue that 20-30 of those closings were actually left over from ultra-hot 2021.
It’s funny that interest rates in September 2019 were hovering at about 4%. Today, we’re just over 5%. But just a few weeks ago, it was 4.7%. So that’s a bit of a snapback, as well. Yes, the market has changed. Yes, you’re not going to see the increased numbers (both prices and transactions) that we saw nationally or in Manhattan/Brooklyn, but there are buyers out there. Buyers are putting property into contract/escrow at a more normal level. And we welcome that. We welcome the normal. At The Hoffman Team, we’re excited to bring you the new normal! :-)
Local Happenings:
2022 U.S. Open
The U.S. Open—New York’s exhilarating summer sports event—is one of the most exciting things to do each year and finally, it’s back. The 2022 U.S. Open will take place from Monday, August 29 through Sunday, September 11. Tickets are now available to the general public for purchase!
Click HERE to purchase tickets and learn more about the 2022 U.S. Open.
The Feasts of all Feasts!
The Feast of San Gennaro is back and will be running in Little Italy, NYC from Thursday September 15 through Sunday September 25! The annual event includes the best spots in Little Italy - eat at some of the best Italian restaurants in the city, watch colorful parades, catch free concerts and of course, see the world-famous cannoli eating competition.
Click HERE to learn more!
Listing Spotlight:
Lifestyle Tips & Tricks:
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While one might be well advised not to go chasing waterfalls, the design world is all over it; because nothing captures our marble-loving hearts like waterfall countertops. With an edge that cascades seamlessly to the floor, this expanse of stone can be a decadent focal point that links floor design with cabinetry. Courtesy of Elle Decor
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On really warm days spent cooking over a hot grill, it's nice to have a few fuss-free options that skip the heat but keep the flavor. Enter these no-cook appetizers.
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U.S. News Ranks the Best Places to Live in the U.S. in 2022-2023
U.S. News & World Report revealed the 2022-2023 Best Places to Live in the U.S. rankings, which compares the 150 most populous metro areas in the U.S. based on affordability, quality of life, desirability, job market and net migration.
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