So many of us who work in real estate have been looking for the answer to the question of what the market will be like as we come out of the Coronavirus pandemic. Real estate professionals across the country, including those of us in New York City, experienced a robust selling market as we came into March with limited amounts of inventory. As the pandemic hit, some of the inventory that was currently on the market was withdrawn, leaving even lower inventory levels.
As the country’s economy dips into a recession as a result of the pandemic, real estate execs caution that we will in no way be in a situation like that of 2008 or 2009 as inventory levels were extremely high at that time with 10 or more months of inventory. Going into the 2020 pandemic inventory levels were in the 3-month range with strong buyer demand.
Chris Stuart, of Berkshire Hathaway Home Services, now sees the potential for new buyers coming into the market, as they may be looking to change their venue and/or seek different things in their homes, such as home offices and outdoor space. He believes that there will also be sellers seeing an opportunity In this market. When asked where he is currently seeing significant activity in Berkshire Hathaway Homes Services, he cites Florida as well As Philadelphia and New Jersey suburbs. When asked where In the country he would most like to live, he mentions New York City as his favorite place in the world. And as Jordan Brill, a New York City developer Of 100 Barclay Place and 196 Orchard says, “New York’s not going anywhere. The island of Manhattan has sustained all types of tragedies and triumphs.”
To learn more from each of these real estate professionals, click on the below two articles in Global Mansion.
While no one can exactly say what the balance of 2020 will bring, our team are New York City loyalists and we are here to provide you with the best current market information possible, whether you are a potential buyer or seller, or are just interested in learning more about our market. Should you be interested in properties outside of New York City, as either a primary or secondary home, we can put you in touch with a Compass agent in many markets throughout the country.