Timing…

Dear Friends and Family,

"Luxury" in real estate, especially in New York City, is easy to define as closing costs and prices per square foot. In reality, time is the last luxury, because unlike dollars, once spent, you can never get it back. What are you doing to ensure you spend your time wisely?

Many people look to "time" the market, be it real estate, stocks, or any other financial market. As with everything though, hindsight is 20/20. It's much easier to see the bottom after it's happened. So rather than try to predict the future, focus on what is best for you and your family. The right time to transact is when it makes sense for you, not for economists or politicians.

For many economists, real estate is a great barometer of overall economic market strength. It's important to remember that closings (which most people look at for market trends) are typically 60-90 days after a contract is signed, even for all cash offers. This delay is an important metric when considering "time" in the market.

It's likely that a similar delay exists in the correlation between banking and real estate. Looking at the week of the SVB and Signature Bank closings, Manhattan saw 36 contracts over $4M, the most signed in a single week this year. Since then we saw 28, 32, and 34 contracts signed, respectively. If there is a dip related to the bank closings, it likely will come later this month.

Pre-approval and working with trusted partners are paramount to getting the right deal in this shifting economy. This has led to a growing patience among buyers to find the right deal. Days on market is up 22% YOY and 11% compared to 2019. This means that when a contract is signed, both parties have thoroughly assessed the opportunity and made a thoughtful decision that is right for them.

"Overall, cash deals rose to a record 57% of all sales in the quarter, Miller said. At the high end of the market, three-quarters of all sales over $5 million were all cash."

– Johnathan Miller for CNBC

As we continue to work with buyers and sellers across the globe, time also plays a major role in the logistics of negotiation. From early morning calls East, to late night video walk-throughs West, me and the team are working around the clock to ensure the best for our clients. So when I say "call me anytime" I mean it. I'll be there!

And speaking of team, I'd love to introduce Vlada Khomutova, the newest member of the Toni Haber Team!⁠ Skilled New York City real estate professional, Vlada offers a dynamic approach to buying and selling fueled by her background in interior design and marketing. She speaks English and Russian and is ready to devote the time needed to secure any deal.

Whether it's you or a loved one, let me know what time works best to say hello!

Always

Toni Haber

Licensed Associate Real Estate Broker
Founder, Toni Haber Team | Private Client Advisors
TONI@compass.com | 917.543.1999