Interest hikes mean buyers can’t afford the same house they could a few months ago. kvelsey reports
Photo-Illustration: Curbed; Photos: GettyIn August, Becki Danchik, a broker with Coldwell Banker Warburg, listed a $385,000 studio on the Upper West Side. Within ten days, it was in contract for over the asking price. The housing market was cooling at the time — the interest rate was in the 4 percent range in early August — but the apartment was in a sought-after line in a doorman building and New York doesn’t have a lot of inventory in what passes for the starter-home category.
And for the most part, sellers aren’t lowering prices to make up the difference, brokers say. “Inventory is still low, the labor market is strong, and sellers who scored low-interest rates have even fewer reasons to sell,” says Lee. “During the spring, the market was really on a boil. Now it’s come down to a simmer.”
“I told her she should move forward and refinance next year,” says Cangiano. “She had a little panic attack but then thought,And the price she got was very good, just under $700,000. But she was scared.” And sellers willing to come down in price to meet the realities of the new market are the exception, she adds: “Sellers are always the last to get the memo. And the market was so high in January, February, and March that everything on the Upper West Side sold with like seven offers over ask. Of course sellers want to get those numbers.”
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