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.