Despite New York City's 🏙recent emptiness, the ✨luxury home market ✨has been reinvigorated this week. The homes 🏠are more diverse and discounted than ever before, causing buyers to jump at these listings without even seeing them 🤯.
As New York begins to reopen, both buyers and sellers move full speed ahead with the seemingly impossible task of closing on time. Covid-19 has brought forward additional hurdles that differ based on the building 🏙. Agents and co-op boards still are trying to accommodate during these trying times✏️.
With one of the most historic job losses of the 21st century, the pandemic has created an entirely new rental crisis 🏙. Now that the unemployment benefits have expired, communities, especially those of color, are once again at risk. Some households are spending 💲more than 50% of their income to keep a roof over their head.
Pending home sales surge for the second consecutive month as the Realtors raise their forecast for 2020
If you thought pending home sales (signed contracts on existing homes) in May did well, June did even better 😏. High buyer demand remains one of the major themes of this pandemic. Supply of existing homes for sale is falling ⬇️, and will be an issue if the demand remains this stong.
Preparing a home for sale, fearing a home won’t sell, making costly upgrades, and even showing it can be stressful. A survey from the LandingTree showed that trying to sell 🤝 a home while simultaneously buying the next one is the toughest part. Plan ahead ➡️for these obstacles if you’re thinking of selling.