Possibly. It is accurate to say that interest rates have been gradually inching up in recent months. However, it’s easy to forget that securing a 30-year fixed mortgage at a rate as low as 2.75% was highly unusual, especially after enjoying historically low interest rates for an extended period.

Supply and demand in the real estate market are actually within normal ranges. The number of available units typically falls between 6,000 and 8,000 units. Demand is also returning to habitual levels, as shown by long-term averages and actual contract activity since 2008.

Considering the near-full recovery of the New York labor market, it’s time to shed the pessimistic mindset and recognize that normalcy has been restored. For those looking to make a purchase and hold onto their property for some time, historical patterns indicate a high probability of financial gains. Similarly, sellers can rest assured that there are interested buyers in the market. Disregard any concerns about vacant office towers; New Yorkers are resilient and thriving, living and working (including remote work) in the city.