2017, Whew! Hello 2018!
From stock market highs to North Korea blues, the ups and downs of 2017 were unprecedented, unexpected and really just unbelievable. And, based on just the first few days of 2018, it looks like we’re in for more of the same this year. Maybe this time around, we will all be more prepared for it — or not! Whatever 2018 has in store, we are more accustomed to the unexpected and hopefully more able to weather what's quickly becoming the norm.
But even in this new age of expecting the unexpected, there are a few things that held steady. One of which was our team’s strong and steady sales! In only 22 months at Compass, the Hoffman Team has done over 230 transactions and closed more than $200 million in total sales to date. We’re so excited and so happy to provide impeccable service to all of our current and prospective clients, always with the highest level integrity trust and professionalism. We have to tip our hats to Robert Reffkin and Compass for giving us the incredible platform that enables us to deliver unparalleled customer relations to each one of our important clients. Thank you!
Now, what to expect in the age of the unexpected!
There a lot of Nostradamus types who are saying 2018 will be a robust year for the global economy, Goldman being one of them. I think, for our purposes in the New York City real estate markets, it's best to be a bit more grounded and assume conservatively based on the 2017’s results. If buyers and sellers can stick to what has gotten them to this point, then 2018 should and will be a productive year for all who choose to be or need to be in the market. Last year saw buyers taking more time to find what they’re looking for and being a bit more cautious. 2017 also showed that when sellers were realistic about their selling price, property moved.
These two factors contributed to a resale market that saw a 17 percent jump in transactions year-over-year at the lower end below $1 million. The stubborn condo and new development market saw not only price drops, but also 74 percent of all the inventory has been listed for 180+ days, which is a 31 percent year-over-year increase
How the markets react to the new tax code in the long term remains to be seen, but if buyers and sellers stay grounded, and do what they did in 2017, the real estate market will continue to turn and be productive.
COMPASS News
- Our goal is for Compass to be everywhere, and by the end of 2018, we will be operating in every major metro area in the United States, bringing us to 100 offices nationwide! #CompassEverywhere
- Softbank invests $450 million in real estate tech company Compass at a $2.2 billion valuation. Read full article
- Copass co-founders Robert Reffkin and Ori Allon are named as 1 of the 7 most interesting people in real estate 2017. Read full article
- Watch out Dallas! Compass is coming for you.
- The Hoffman Team has grown! Please join us in welcoming Scott Sobol to the team.
