From My Desk
Over the years, I’ve learned not to judge a market by whether it’s busy or slow. I’ve found it more useful to ask a different question.
What is the current market rewarding?
Right now, I think it’s preparation.
That isn’t a comment on inventory or mortgage rates. It’s an observation about people. Buyers are arriving at showings having done their homework. Sellers want to understand the reasoning behind a pricing recommendation rather than simply hearing a number. Even attorneys seem to be spending a little more time making sure everything is in order before moving forward.
When I think about the most successful agents I’ve known over the years, they all shared one characteristic. They weren’t waiting for problems to develop before responding to them. More often than not, they had already anticipated the next question, the next concern, or the next step and were ready for it.
Clients don’t know how much preparation takes place behind the scenes. They simply expect everything will go smoothly.
I’ve always thought that one of the quiet satisfactions of this profession is that the better prepared you are, the less your clients ever have to think about it, they just feel confident in how the search or the showings are progressing.
Now let’s look at some numbers.
Market Dashboard
Current Market
30-Year Fixed Mortgage Rate = 6.49%
Manhattan Active Inventory = 6,546 listings
Manhattan Signed Contracts = 1,112 (+14.9% year-over-year)
Manhattan Median Sale Price = $1.29 million (+3.5% year-over-year)
Median Listing Discount = 3.8%
U.S. Existing Home Sales = 4.09 million annualized
Overall Market Perspective
The numbers above continue to describe a market that is remarkably steady. Mortgage rates remain elevated, yet contract activity continues. Inventory is still somewhat constrained, supporting higher pricing for well-positioned properties. Buyers appear to be adapting rather than withdrawing, while sellers who enter the market with realistic expectations continue to find opportunities.
It isn’t a market driven by emotion although that’s always a factor with buyers.
It’s a market that rewards thoughtful discussions and decisions on both the selling and buying side.
Thought for the Week
As you look ahead to next week, Pay less attention to the headlines and more attention to the conversations taking place around them.
Sometimes the most useful thing we can do is notice what our clients are asking today that they weren’t asking six months ago.
Those questions often tell us more about the direction of the market than the statistics alone ever could.
Have a great week,
George