Tips for Getting Ready for Spring 2015 Real Estate Market

by Laura Matiz 

Next weekend begins Daylight Savings Time. On Sunday, March 8th, we spring forward one hour. This calendar event has been my reminder that we are about to begin the busy spring real estate season. For many, the longer days and warmer weather act as catalyst to begin searching for a new home. And, given the inclement weather this winter, there is likely a pent up interest awaiting for sunnier days. If you are getting ready to buy or sell your New York City property, here are some things to keep in mind: 

• Mortgage rates have ticked slightly upward this past month, but
• Mortgage interest continue to be at historically-low rates (3.75%, 30 yr-fixed) 
  
• The US economy is healthier than it has been for years
• Lenders remain demanding, but they are lending
  
• Prices remain strong because of low inventory in most markets
• New developments are mostly adding inventory to the high-end luxury market 
• Correctly-priced properties are selling quickly and usually at asking price.

If you are considering jumping into the market this spring make sure you review the following reports: 

• Manhattan Sales Report, 4QT 2014 (Douglas Elliman)
  
• Manhattan Decade Report, 2005-2014 (Douglas Elliman)
  
• Primary Mortgage Market Survey (FreddieMac)
  
• 12-Week Guide to Selling Your Home (Brick Underground, infographic)
  

I urge my former clients to please reach out to me for conversations on what has changed since our last transaction. For new clients, call me to help you think about whether this is the right time for you to jump into the real estate market. To learn more about me, read my bio on this site.