In case you missed it, New York City’s City Council just passed a new rule that will impact the real estate market forever. They all but eliminated the dominant business model that has ruled the rental market for more than three decades: tenants paying brokerage commissions. I want to discuss all of the knock-on effects
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There’s a durable caricature of a real estate agent. Here’s the scene: you sit down and ask them if now is a good time to buy or sell, and you already can hear the answer: “Of course!” they say. All of the litany of plausible and less-plausible answers come pouring out. You’re not sure you
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Forget mortgage rates. Forget low inventory.Forget “prices need to adjust down further.” The data doesn’t show that any of that means as much as you think.And don’t take my word for it. The numbers show that buyers are active. Very much so. So if you’re thinking about selling, you may not want, or need, to
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So How’s the Market? There’s a lot that I can say about market trends, and this listing that just closed is indicative of a real estate market returning to health. This property at 200 Riverside Boulevard, a 26th-floor unit which was asking $2.25mm and sold for that level. It went into contract in 12 days
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I was touring the Penn Station renovation last month with a whole group of real estate professionals, and I struck up a conversation with MEP (Mechanical, Electrical, Plumbing) consultant, David Reiter of Consulting Engineering Services. He asked what I do, and when I mentioned residential brokerage, he told me about some innovation in construction, innovation
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I’m not one to panic. But I’m seeing something in the NYC Market today that doesn’t happen very often. I mean, not like that once-in-82,000-years rare, not a hunter’s moon, and not once-in-a-lifetime, either. But a moment that is at least quite rare in real estate: The win-win situation. How often can you, as a
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In the early weeks of a sea change in real estate, where all buyers must sign buyer representation agreements to work with agents (see our other post here), September’s Deal of the Month speaks directly to why, for most buyers, agents are so absolutely essential. How We Met We met these buyers not through some
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Well, we’re six weeks into the biggest shift in real estate history. I’m talking, of course, about the requirement across most of the country (except in New York City) for buyers to sign “buyer representation agreements” before agents will show them properties. The Wall Street Journal was breathless about the billions of dollars that buyers
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It’s not a buyer’s market. It’s not a seller’s market, either. Broker Frederick Peters called it a “broker’s market.” It’s a market that doesn’t want to be defined. Let’s call it a non-binary housing market. I’ll explain. When it was a Buyers’ Market Since mid-2022, buyers have had it pretty good—if they were carrying cash.
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Just a little enthusiasm about what the Fall real estate market is already seeing: Be in touch if you’ve been thinking about buying or selling. Now is the time! Have a great month! -Scott & The HRT
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