New York real estate expert on the record market: “bargain” opportunities still exist
“Million Dollar Listing” star Ryan Serhant spoke about New York City’s booming real estate market on Tuesday, noting that “bargain” opportunities still exist despite rising demand.
Serhant, a real estate broker, told “Mornings with Maria” on Tuesday that there’s “no place like New York” and it’s “one of the safest real estate investments you can make.”
The founder and CEO of real estate company SERHANT noted that the setbacks the city initially faced due to the coronavirus pandemic and its associated lockdowns, which led to a mass exodus, as well as rising crime do not seem not leave a lasting impact on the New York City real estate market.
He pointed out on Tuesday that New York’s real estate market was “incredibly active” despite rising crime.
Real estate company SERHANT reported fourth-quarter Manhattan sales jumped 77% year-over-year to 3,380 closings. The company described Manhattan’s 2021 real estate market as “phenomenal.”
The report notes that “the robust level of sales put upward pressure on prices and downward pressure on discounts,” with the median price in Manhattan rising 4.3% in the fourth quarter to 1,136. $250.
The report also noted that the average discount was just 5.8% from the original list price, which was the lowest level in 2021 and well below the 15-20% discounts seen at the height of the pandemic.
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The SERHANT report highlighted that in the fourth quarter, the average days on market fell to 152, which was the lowest level in 2021. The company also provided its outlook for the new year, writing that ” We are optimistic that the first half of 2022 will be robust for Manhattan homes as international buyers return in greater numbers and domestic activity remains strong.” The report acknowledges that the increase in omicron cases presents “the biggest headwind” in the market and notes that the change in leadership in New York will likely prove “a favorable change”.
New York City Mayor Eric Adams unveiled a series of crime-fighting initiatives on Monday, in his fourth week on the job, in an effort to tackle the escalation of guns and the flow of illegal weapons following recent violence against police officers who killed one and left another. fought for his life last week.
At a press conference, Adams said his “Master Plan to End Gun Violence” will launch immediately and include more officers on the streets.
Manhattan real estate rebounded from its pandemic slump in 2021, posting its best year since full tracking began, real estate reports have revealed.
According to the Elliman Report, the Manhattan real estate market closed the year “at full steam with strong sales volume, rising prices and a sharply declining inventory of listings.”
The report notes that in the fourth quarter, the number of sales in Manhattan nearly doubled from the same period a year earlier for the “highest fourth quarter since full tracking began in 1989” and was nearly higher. 50% to the same period two years ago before the start. of the pandemic.
Serhant told host Maria Bartiromo on Tuesday that “there is something to be said for the numbers and the volume we are seeing and how more deals were signed last year than ever before in New York. York”.
“Overall prices on average in New York are still lower than 2015,” he added.
“Everyone thinks everything is so expensive, but it’s not. Things just sell faster and that volume will catch up with overall prices and so buyers who are in the market now, you always have the option to do good business in New York.”
On Tuesday, Serhant also weighed in on the domestic housing market, which hasn’t been this hot since 2006.
Existing home sales rose 8.5% in 2021, totaling 6.12 million, the National Association of Realtors reported. This as inventory levels fell to a historic low of 910,000.
Home hunters have taken advantage of near-record mortgage rates as they seek to swap or become first-time home buyers. The fixed rate for a 30-year mortgage has risen from 2.77% a year ago to 3.56%, but remains attractive. The average mortgage size hit a new record high last week of $418,500, according to the Mortgage Bankers Association.
Sales in December slowed, falling 4.6% to 6.18 million after three consecutive months of increases, according to the National Association of Realtors, and yet the market remains tight with 30% of sales driven by first-time buyers.
The association noted that 2021 showed the highest home price appreciation of 16.9%, with the median sale price of existing homes reaching $346,900, an increase of $50,200 from the year. former.
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Serhant noted that prices have skyrocketed on average in 2021 and that “inventory has now fallen below one million homes in the United States,” which he said “is the lowest ever. “.
“So what that’s telling us is that more buyers are entering the market than there have been historically, and that’s just not millennials,” he explained.
“People look at property as a place to put money because where else are they going to put it? In a savings account? Look at the markets today…there’s a lot of volatility, but you can use a house, you can use an apartment,” he added.
On Tuesday, US stocks were down at midday, but off the worst levels of the session, with volatility continuing after the massive swings of the previous day.
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Fox News’ Louis Casiano contributed to this report.