If you are wondering how real estate is faring in and surrounding Manhattan, our team will be providing up-to-date trends and information. This will be updated routinely as we navigate through these trying times. Check out our latest installment below and if you have any questions that could possibly be featured next week, please contact us.
Week of 5/18:
In this video, Russell Putterman and Jesse Gordon (Attorney at Law) with Gordon & Petkos LLP, sat down to discuss what new deals look like in NYC and types of concessions that have been seen during the spring of 2020.
Week of 5/11:
In this video, Matt Lenner (Our Long Island Team Leader) and Russ Putterman (Focus’ Team Leader) sat down to discuss the current real estate trends on the island, current showing restrictions amid the pandemic and tips for seller and buyers. Some of major topics that were discussed included:
What is being seen on Long Island during the pandemic?
Why is inventory an issue on the island?
New York restrictions for showing homes.
How Monmouth County of New Jersey is comparing to LI?
What is expected to happen in LI during the summer and fall?
Tips for buyers and sellers
Week of 5/4:
For this week’s video, Russ Putterman sat down with Todd Zipkin from Americana Mortgage to discuss the lending market. Some of major topics that were discussed included:
- How guidelines have recently changed.
- Availability/rates for jumbo, conforming and high balance loans.
- Rate differences between refinances and purchases.
- How banks are adjusting to the situation.
- Tips for refinancing.
Week of 4/27:
In this latest installment, we discuss some of the common questions that we’ve received as we head into May. This includes:
- Market updates for the end of April as well as the pace of units and supply.
- Can buyers negotiate prices at the moment?
- What are the new standards for selling your home in the current market?
- Can homes still close during the pandemic?
Week of 4/20:
In this first video, Russ Putterman (Focus’ Team Leader) sat down to answer some of the common questions surrounding the real estate market in late April. Russ reviews:
- The variances in how NYC, Long Island and New Jersey are responding to COVID-19’s impact on real estate.
- The effect on mortgages, liquidity in the market and where jumbo loans stand.
- What to possibly expect when the market goes back to some level of normalcy.
- How consumer behavior is changing for both the commercial and residential markets.
Team Leader. Russ Putterman, video chatted with Noah Rosenblatt of Urban Digs at the end of March to discuss the state of the NYC marketplace as well as the unknowns through the ongoing COVID-19 pandemic. Urban Digs is a real estate service provider that helps brokers to find comps, past sales and recent market analytics in NYC neighborhoods. We’ve compiled some of the findings from this discussion that are important to know as we face the current stay-at-home order in NYC.
What is currently happening with the market and is anyone buying?
- Prior to the current situation, NYC seemed to be on trend to come out of a buyer’s market – This is certainly not what was expected for the spring market. As it relates to the Manhattan real estate market, there is a lot less activity happening right now. The extent of activity includes digital activities such as signing online listing agreements, holding virtual open houses and video conferencing with clients but albeit, much slower. There are certainly people that are very serious in selling and buying for various reasons and those are the connections who are primarily engaged with this slow market at the moment.
Is there a noticable dislocation?
- We have many deals going into contract that were already in negotiation before it got to this level. Just like any market there is supply and demand – depending on location, there will be people willing to continue with transactions – especially when there is a big buyer’s market going on.
What should buyers and sellers expect over the next couple of months?
- We will likely see more people pause on moving if it is not essential. For buyers who have immediate interest, we recommend taking a look in a couple of weeks as we continue to digest the constantly shifting updates throughout the nation. Assuming things settle out over time, we will have inventory to look at then and there will be more liquidity in the market.
How is the Focus Team running in a paused environment?
- Our team is in constant communication and continuously does team activities through video chat. No matter the market factors, it’s still important to set goals and block time throughout the day to organize priorities. We are being very mindful about the transactions that are coming in during this time and planning remote closings and calls with our clients.
Stay ahead of the curve as we emerge from this together.