realtor survey from corelogic on future of market

3 Replies

Jump to latestLatest
  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    6y

    I'd say this is more pessimistic than the outlook amongst agents in New York. Then again, demand is pretty high in NY. 

    That being said, I think it'll take 6-9 months for us to see our projected changes in property values.

    REbuild Team - eXp Realty5234 Reviews
    WebsiteView Page
    1Reply
  • Amanda McAvena
    Real Estate Agent · Brooklyn, NY · Member since 2018 · 17 posts · 15 votes
    6y

    I agree with @Abel Curiel and I think this is a pessimistic view. The data also appears to be national? Real Estate is local and varies widely by zip code and neighborhood. I service the Manhattan and Brooklyn market and if New Yorkers can start to return to work in May then I don't expect much of a decrease in values. There's definitely more negotiability on some new developments right now, but those incentives are likely to go away once the city reopens. 

    There's also not enough data yet to accurately show the market response. Only a handful of apartments entered contract these last couple of weeks, so it's too early to guess how and if the market will adjust. Mortgage rates are also still very low and most sellers are going to wait and see what the demand is these next couple of months. I'll keep Bigger Pockets updated once I get more data. 

    3Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free