Mortgage rates have dropped by nearly 1% since June, unlocking parts of the NYC real estate market that had been in a holding pattern. The high-end segment has been the most active, while first-time buyers remain relatively quiet. Over the past couple of years, roughly two-thirds of transactions have been all-cash, but as rates continue to decline, we may finally see more financed purchases — a welcome shift for new buyers.
October felt slightly busier overall. We saw steady showing requests across all of our listings, and several offers came in — still below sellers’ expectations, but at least movement. A few of our buyer clients went into contract, though I wouldn’t call it a full turnaround just yet. The market has quieted again as New Yorkers turn their attention to the polls.
I’ve officially started touring high schools for my older daughter, Kelly — gasp! It feels like just yesterday we were visiting middle schools. Two months in, I’ve gotten a pretty good feel for the NYC high school landscape and will soon be meeting with a consultant to dig deeper.
There are so many great schools out there, and I’m genuinely enjoying the process — looking for an environment where Kelly can continue to grow into the vibrant, curious, and full-of-life young person she’s becoming. Plus, it’s been such a joy spending extra time together on these tours! If you’re also navigating the NYC school journey, feel free to reach out — I’m happy to share what I’ve learned.