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RE Rundown (7/30/20)

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.

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.



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