By Alexander Powers, BHS Content Team
The recent half-point interest rate cut by the Federal Reserve has many optimistic regarding the future of the economy, with more cuts expected to come toward the close of 2024 and into 2025. Particularly in the world of New York City real estate, industry professionals--as well as prospective sellers and buyers--are questioning what lies in store for the market following the nationwide slowdown in sales over the last year.
In a recent episode of Talking New York Real Estate with Vince Rocco, Vince, a Brown Harris Stevens Broker, discussed the recent 50-basis point-cut-- the first of it’s kind in four years and the largest rate cut since 2008, which came in response to slower-than-expected economic growth and weakening labor market conditions, despite previous efforts to control inflation. The episode featured Brown Harris Stevens Chief Economist Greg Heym, David Roderiguez of Loan Depot, and Steven Gottlieb of Coldwell Banker Warburg.
