NEW YORK MARKET REPORT NOV.1, 2022.

There has been much talk about what is going on in the New York Market. Here is your trend report for the last week. Supply has been going down weekly, giving buyers fewer options to purchase. It is a weak season for the movement, as we should have a higher deal volume this time of year. Contracts were down 22% last week. Which only means it's a buyer's market. Pricing is the name of the game—sellers need to be realistic about the current state of the real estate market. Most buyers hope to get at least a 5% discount, maybe even 10% if they are lucky. Some sellers are taking this time to either opt into the rental market or take their property off the market. This correlates with the market supply decreasing and giving buyers more negotiating power.