Spring Real Estate Markets Blossom Every Year!

(Despite Stormy Economic Outlooks)

Manhattan and Brooklyn are gearing up for their annual spring markets! That's despite interest rates that are twice as high as they were last spring and foggy (at best) economic outlooks. Although last week, some reports said economic conditions were improving, I'm sure next week we will be hearing stormy forecasts again. That's how it's gone for months now. Good news followed by bad news.

The fact is, whether there are negative economic indicators on the horizon or not, deals happen all year round! Case in point: Manhattan contract activity has jumped 25% in the past three weeks. Listing inventory comes on the market, and if it's priced right, it goes into contract almost immediately! This proves that buyers are hungry for new inventory that's priced right. Of course, we're not currently seeing the same record number of frenzied buyers putting property into contract that we did during the golden era of the post-COVID real estate boom. But we are seeing steady activity that is very similar to the last spring season before COVID! Buyers are putting property into contract, and if sellers are OK with stomaching a price a bit lower than what they probably missed out on last year, they will see strong interest in their apartment!

The crystal ball outlook says it will be more of the same for the rest of the spring. Real estate brokers, real estate attorneys and bank lenders all think it's going to be a robust and busy spring this year. While prices might not be increasing very much, if at all, there will be plenty of transactions. Buying and selling will happen even if interest rates fluctuate throughout the season, even with the possibility of inflation coming back into the equation, and even in the face of all the other world events that keep churning up. No matter what we do, spring is going to spring, and it's going to be busy!

The rental market is sure to be really active as well. With prices hovering about 30% higher than pre-COVID levels, we're expecting a very busy and robust rental season ahead. So if you're in the market, get in early. And if you're a landlord looking to rent, get your property painted, cleaned up and ready for an active spring!

And for the rest of you: If you're looking to buy a property or planning to sell, there will be plenty of activity this spring. We're already seeing it across the board, so get out there! Get the home you've always wanted, or sell the property you've always wanted to sell (finally!), and take advantage of a busy spring market – just like every year.

Local Happenings

SUNDAY, MARCH 26

MACY'S FLOWER SHOW

Macy's annual flower show is set to bloom again this spring beginning Sunday, March 26 at Macy’s flagship store at Herald Square. The 48th annual event will be a multi-sensory experience filled with beautiful views of flower arrangements taking over the store’s main floor, balcony level, and world-renowned windows. The show will operate during regular store hours.

Click HERE for more details.

FRIDAY, MARCH 17

NYC Saint Patrick's Day Parade

The Saint Patrick's Day Parade is coming up soon, and is a really big deal - it's the oldest and largest St. Patrick’s Day Parade in the world! From pipe and drum bands to dancers and performers in regalia, midtown Manhattan transforms into a big party with a sea of green revelers.

Click HERE for more details and join in on the festivities!