Inside Scoop on New York Real Estate Market

Inside Scoop on New York Real Estate Market

Table of Contents

1. Introduction
2. About Voice Wealth Management
3. About Jeff Goodman
4. Jeff's Approach to Real Estate
5. The Impact of the Pandemic on the Sales Market
6. Migration Trends and the Real Estate Market
7. Advice for Buyers and Small Landlords
8. Neighborhoods: Hottest and Coldest Areas
9. The Future of the Market
10. The Effect of Rising Mortgage Rates
11. Final Words and Contact Information

Introduction

Welcome to the latest episode of "Discuss with Russ." In this episode, Russ Rivera, the founder and president of Voice Wealth Management, interviews Jeff Goodman, a licensed real estate agent from Brown Harris Stevens. Throughout the episode, Russ and Jeff discuss the impact of the pandemic on the New York City real estate market, trends in migration, and Jeff's expert insights into the hottest and coldest neighborhoods. They also Delve into the future of the market and provide valuable advice for buyers and small landlords.

About Voice Wealth Management

Russ introduces himself as the founder and president of Voice Wealth Management. His firm primarily works with entrepreneurs, young professionals, and their families to help them maximize their finances. While Russ is a Chartered Financial Analyst and Certified Financial Planner, he also plays the role of a Personal CFO and financial therapist. He recognizes the psychological power of money and uses short-term and long-term planning to help clients make the most out of their earnings.

About Jeff Goodman

Russ welcomes Jeff Goodman to the program. Jeff is a licensed real estate agent who works with Brown Harris Stevens, a leading New York brokerage. As a native New Yorker, Jeff has extensive experience working across various neighborhoods in the city. He takes pride in helping people find their dream homes and passionately engages with the community through his award-winning programs, such as neighborhood walking tours and a weekly radio Show and Podcast.

Jeff's Approach to Real Estate

Jeff shares his out-of-the-box approach to engaging with people and the real estate industry as a whole. He recognizes that real estate involves connecting with individuals and enriching their lives. Despite being labeled a workaholic, Jeff is motivated by his dedication to helping people and connecting them to their passions.

The Impact of the Pandemic on the Sales Market

Russ asks Jeff about the developments in the sales market since the fourth quarter of 2020. Jeff explains that the market has almost returned to its pre-pandemic Shape. The number of closings in December was higher than the previous quarters, indicating a resurgence in the market. Furthermore, the pandemic has created a unique subset of buyers, such as families with multiple school-age children seeking homes in Manhattan. The affordability and potential for equity growth have attracted first-time homebuyers, further contributing to the market's recovery.

Migration Trends and the Real Estate Market

Russ and Jeff discuss the migration trends caused by the pandemic. While a significant number of people have left the city, particularly families looking to buy homes in the suburbs, Jeff believes that many homeowners have stayed in New York City. He expects a potential influx of buyers and renters in the future, particularly as employment opportunities and city life gradually bounce back. However, Jeff acknowledges that certain neighborhoods, such as those offering properties appealing to families, have experienced increased popularity, while sales of co-ops close to midtown have softened.

Advice for Buyers and Small Landlords

Jeff offers valuable advice to buyers and small landlords. He stresses the importance of working with a knowledgeable real estate agent who can provide industry insights, negotiate contracts, and guide buyers through the application process. Jeff also encourages buyers to have an open mind about the market, consider their long-term financial goals, and prioritize value appreciation. As for small landlords, Jeff advises patience and suggests taking AdVantage of the potential blossoming of new businesses in the city once the pandemic subsides.

Neighborhoods: Hottest and Coldest Areas

Russ asks Jeff to share insights into the hottest and coldest neighborhoods in New York City. Jeff explains that the market varies Based on property Type, location, and whether it involves sales or rentals. He mentions that multi-bedroom co-ops close to midtown are currently facing softness in demand. On the other HAND, areas like Brownstone Brooklyn, Brooklyn Heights, Park Slope, and Fort Greene are experiencing heightened buyer interest, especially among first-time homebuyers.

The Future of the Market

Both Russ and Jeff discuss their predictions for the future of the market. While Jeff expects a gradual improvement in sales, particularly during the spring and summer seasons, he highlights that the rental market may take longer to fully recover. However, Jeff maintains an optimistic outlook for both buyers and sellers, anticipating an increase in supply and demand over time. He also believes that the pandemic has created an opportunity for new businesses to emerge, impacting rental and commercial properties positively.

The Effect of Rising Mortgage Rates

Russ raises the question of rising mortgage rates and their potential impact on the market. Jeff explains that a slight increase in interest rates is unlikely to deter serious buyers. The difference between a 3% and 3.75% rate is still relatively low. Jeff emphasizes that there are many motivations for buyers besides low-interest rates, such as long-term stability, tax benefits, and building equity. Ultimately, he believes that the market will adapt to gradual changes in interest rates without causing a significant shift in the overall market conditions.

Final Words and Contact Information

In their closing remarks, both Russ and Jeff emphasize the excitement of homeownership in New York City. They encourage buyers to consider trading up and taking advantage of the Current market conditions. Jeff advises aspiring buyers to approach their search with an open mind and to consult with an experienced agent. Additionally, he highlights the importance of realistic expectations when negotiating prices. Jeff provides his contact information, including his email address and phone number, for viewers interested in reaching out to him for further assistance.