Javier and Thomas discuss the Manhattan's market report of the last quarter of 2021. They talk about buyers, sellers, rentals, mortgages, interest rates and how the upcoming 4 to 6 months look like. Seems like everybody wants a piece of New York, again!
How are you?
I'm Javier, I'm Thomas, we are the founders
of the Thrive Real Estate Team at Compass
and we wanted to chat today a little bit about
what the market did in 2021, right?
I think talking about with marketing 2021
I think about talking about what the market
is doing now is important which is 2021 yeah
yeah but like I mean, like now, because what
the market's doing today is not what the market
was doing six months ago.
Absolutely, Absolutely and what's happening
It's gonna take us into like a crazy year
next year, I believe, what do you think?
I think the numbers and the data show that
we are going to have a surprisingly busy winter,
normally winter is considered kind of quiet
not a lot going on but with everything that
has been happening i would say in the last
30 to 60 days is proving to be otherwise,
so what has been happening?
Tell me a little bit of what's going on in
the market right now in Manhattan?
Well, typically this time of year, families
are with families, they're not out shopping,
they're not out looking at inventory and the
data is showing that people are saying, oh,
I can't go home to my family so i'm gonna
go buy an apartment instead.
Contracts are up, inventory is down, prices
are holding steady or going up.
It is a little crazy it's actually taking
us back to like 2014.
yeah, it's crazy, to give you an idea last
week we had like 268 or 267 properties come
to market when I say last week it seemed like
last seven days in manhattan and so 268 year
tech 380 or 370 went into contract and that's
not counting the expires, temporarily off
market, permanently off market, so inventory
is coming in way slower than it's going out
and that is not normal for December.
We usually have less activity coming into
December, after thanksgiving we're used to
just sitting around doing nothing planning
next year in marketing, this year hasn't been
the case, it's been a busy season for buyers
agents and listing agents, right? and that's
gonna take us into what we believe it's gonna
be a different winter.
yeah yeah I think normally we see a little
push in January because people get their bonuses,
people get family money and so they have a
little bit more liquidity, I think they have
some new year goals of getting property, new
year goals, we like when you have a new year
goal getting property.
I think we are going to see that January is
going to have a significantly more amount
of activity going on.
If you're a smart seller you're probably going
to list now instead of waiting for the spring.
yes, the reason you would want to list now
is every other seller is going to list on
April or maybe end of March because that's
when they're told that the busy time is but
if you list now you're going to avoid all
that competition which to be fair it usually
I mean it probably will be this year but i
think we're going to have way too much inventory
hitting the market in spring, yeah we're still
going to have the buyers but you want to have
less competition, competition as a seller
you want to put your property on the market
probably January, late January early February
yeah yeah if you're a buyer you also don't
want the inflation to kick in too much so
you also want to be shopping for property
right now, right now, no pressure, no pressure,
but inflation is at an all-time high so there
actually is a little bit of pressure there.
yeah that is a little bit of pressure.
Anyway if you have any plans of buying or
selling next year please reach out, do yourself
a favor and reach out to some of us to get
some advice because it's not a regular New
York market and we just talk about Manhattan,
what's happening in Brooklyn is similar and
in certain neighborhoods 2x what's happening
In Williamsburg there's like double the property
leaving the market than it is coming to market,
Greenpoint the same, Bushwick is ridiculous,
Downtown Brooklyn it's almost untouchable
in terms of how little inventory there is
compared to buyers looking.
so yeah don't just wait to see what's happened,
get updates, get data and empower yourself,
Well definitely want to be empowered, you
don't want to be a buyer who's like, i'm going
to be aggressive because I heard in the New
York Times some time ago maybe two years ago
that that it was a buyer's market, it's not,
it's definitely a seller's market, it's definitely
not the time to be aggressive with your bids
if you see something that you like show that
you like it, and put in a real offer.
right, you can be aggressive on the higher
side if you really want a property if you
just want to shop around and make the offers.
yeah, I had a buyer put in five different
offers he got outbid on all four of them significantly
and then finally realized that he was like
oh i actually have to put in a real offer
if i want to find a place to live.
yeah and now we're going into contract.
yeah, i'm advising all my buyers to search
for a little bit below their budget because
it's likely that bids are going to happen,
yeah anyway, I'll see you next year, probably
see you next week, but we'll see you next
year, keep in mind what we said hot market
for sellers difficult market for buyers so
be careful how you make the offers, make sure
you know what the seller wants and sometimes
it's not always price making a good offer
it's really a more an art than just like sending
some paperwork at least that's what I think
and we'll see you next year, see you next
year, take care, bye!