demand Archives - Rava Realty

Decoding the Future of NYC Real Estate: Will Rate Cuts Change the Game?

Currently, the Fed has maintained its benchmark interest rate at a 23-year high to combat inflation, resulting in elevated mortgage rates. This has deterred many potential buyers, especially those with limited funds. Meanwhile, existing sellers, benefiting from historically low mortgage rates of around 3 percent, have been reluctant to enter the market, fearing higher rates upon purchasing a new property.

A rate cut by the Fed could theoretically prompt more sellers to list their apartments. However, such a move might not substantially alter the landscape for buyers. Lower ...

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20
MAR
2024

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apartments, benchmark interest rate, bidding wars, demand, Fed, inflation, inventory levels, landscape, market, mortgage rates, NYC, potential buyers, property, rate cut, sellers

New development market defies seasonal norms

Posted by: Riccardo Ravasini

Usually, the ideal time to be on the market is to launch sometime in March or April, but we are seeing a different trend, at least in terms of new developments. Despite a slowdown in April due to various factors such as holidays, spring breaks, and the First Republic bank failure, New York City’s new development got a fresh wind in May.

Surprisingly, higher interest rates have boosted demand for new developments, as potential sellers in the resale market are hesitant to list and lose their lower rates. Developers have no ...

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19
JUN
2023

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contract signings, demand, developers, higher interest rates, inventory, labor and material shortages, new developments, prices, prime areas, real estate market, resale market, supply

NYC: more buyers than new listings, but ‘shortages’ are not imminent

Posted by: Riccardo Ravasini

In 2021, new signed contracts for Manhattan and Brooklyn co-ops, condos, and townhouses outperformed last year, with new listings struggling to keep pace with demand.

As a result bidding wars are increasing, the Covid discount is shrinking, and prices are on the rise in NYC.

In November, for example, new signed contracts for Manhattan co-ops under $500,000 increased by 52.7 percent over November 2020, while new listings for the same price category fell by 15.3 percent, according to the latest edition of the Miller Samuel Report. Manhattan condos priced $500,000 to $999,000 saw new signed contracts increase ...

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27
DEC
2021

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buyers, covid, demand, discount, listings, manhattan, new york, new york city, offer, shortages

Powerful new rush of buyers sends housing prices soaring

Posted by: Riccardo Ravasini

So far in 2021, residential real estate experts are reporting a powerful new wave of buyers, increasing the demand on an already low housing inventory throughout Miami-Dade County.

The powerful new wave of domestic buyers, purchasing more expensive primary residences and second homes with longer stays, is a also direct result of the pandemic catapulting the remote working trend, tax reform creating tax refugees, Florida’s no state income tax, and the influx of technology and finance companies; not to mention the quality of ...

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18
JUN
2021

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2020, 2021, average sales price, condo, covid, demand, florida, inventory, market, median sales price, Miami, miami beach, prices, real estate, recovery, soaring, south florida, transaction volume

Manhattan Sales Report 1Q 2021

Posted by: Riccardo Ravasini

Let’s take a look at closed sales in the first quarter of 2021.

Manhattan has finally joined the real estate party that the wider tri-state region, and also most markets in the USA, have been experiencing since the summer.

Manhattan lost more residents than the other boroughs during the pandemic due ...

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16
APR
2021

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1, 1Q2021, 2021, average, buyers, days on market, demand, discount, first, first time, inventory, listing, manhattan, market, median, new york, new york city, price, q, quarter, real estate, sales, square foot, supply, update, USA

Supply and Demand

Posted by: Riccardo Ravasini

The National Association of Realtors reports that total existing-home sales dropped, nation wide, 8.5% in March. Despite the decline, home prices are still steady. The median existing-home price in March was $280,600, UP 8.0% from the same period in 2019. Total housing inventory at the end of March was down 10.2% from one year ago.

Many sellers had withdrawn their properties ...

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8
MAY
2020

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2020, condo, coronavirus, covid, covid-19, demand, housing, investment, investors, manhattan, market, market update, new york, new york city, pandemic, properties, rava realty, real estate, rent, rental, supply