By Serj Markarian, Licensed Real Estate Salesperson and Manhattan Market Expert

Yesterday, we learned that inflation fell to 2.9 percent year-over-year—the lowest since March 2021. This economic data suggests that we may see the anticipated rate cut by the Fed in September, which could help stimulate the market. This summer, the market was sluggish as buyers held out, hoping for more inventory and lower prices, while sellers waited for stronger demand to push prices higher.
 
For those eager to buy but holding off to see what the Fed might do, this could be your cue to start your search. According to a StreetEasy economist, October is one of the best times to buy in NYC. Sellers often reduce asking prices to generate more demand and avoid lingering on the market. As the holidays and winter season approach, prices tend to drop, making early autumn particularly advantageous for buyers. Last year, for example, nearly three out of every 20 listings saw price reductions during this period.
 
Additionally, October through December generally sees the least competition among buyers. With fewer buyers in the market, sellers remaining through the fall and winter may be more inclined to negotiate with interested buyers.
 
As I always advise my clients, the best time to buy is when you’re financially prepared and have done your research with the help of an experienced real estate broker. To get started, I recommend checking out some helpful resources on my website, including a buyer’s guide and the top 20 things to consider before buying in NYC. However, this is just the beginning. Every client’s situation is unique, with various factors and nuances to consider, so it’s important to consult with someone who can address your specific needs and goals. Remember, no broker should charge for that initial consultation or make you feel obligated to work with them in exchange for advice.
 
Feel free to reach out if you have any questions or need more information. I'm happy to make myself available at your convenience.

For questions on the Manhattan real estate market, connect with Serj Markarian here.