"We work in the greatest city in the world. It offers everything from economic opportunity to limitless access to arts, parks, and museums. As our CEO has said, New York real estate is always a safe bet." – Marsi Gardiner, Brown Harris Stevens Broker and Manhttan Expert
As we step into the latter half of 2024, the Manhattan real estate market continues to capture the attention of both buyers and sellers. According to industry experts at Brown Harris Stevens, this period is poised to bring both challenges and opportunities. The city's inherent appeal, combined with its economic vibrancy, ensures that Manhattan remains a focal point for real estate activity.
Amelia Gewirtz, a top-producing Broker with over three decades of experience, notes, "This is different from any market I have seen over the last 30 years."
For buyers, she says the next six months present a unique window of opportunity.
"Grab the best deal and refinance later. You can always get a lower rate, but you can't get a lower price from that seller's home you like. Buy now. To sellers: I would hold as long as you can, ideally until Spring 2025 … patience is key in this market." – Amelia Gewirtz
That being said, the nature of real estate is often that people are forced to sell due to factors beyond their control, such as a new job opportunity or the passing of a loved one. And with the Federal Reserve teasing its September rate cut, there could be area for opportunity. "For those considering selling this fall, this is encouraging news, as prospective buyers may be more motivated to purchase," said seasoned Broker Serj Markarian.
"Given that we’re more than halfway through summer, I highly advise those planning to sell this fall to begin preparing now to put their homes on the market. While a 60-90 day preparation window is ideal, a 30-45 day window should suffice for most people ... With the right pricing and marketing strategy, sellers should be able to successfully sell their homes this year." - Serj Markarian
Top-ranking NYC Broker Marjorie Flannigan MacLachlan offered a broader perspective on the anticipated trends for the latter half of the year, highlighting the importance of pricing correctly, ideally under the guidance of a seasoned real estate professional with access to proprietary market data.
"Absent price adjustments in some segments of the market, there is likely to be little shift in the second half of 2024. But if those adjustments do come, we are ripe for an uptick in activity. Based on the market's history over time and the City's enduring appeal, I know Manhattan will be just fine in the end." – Marjorie Flannigan Machlachlan