MEIER MARKET MONTHLY · 1,000. We’re seeing a slower pace in new inventory as well with 1,537 new...

What do toilet paper and New York City housing have in common? There’s a large demand for both this past week.

You might think COVID-19 fears would slow down real estate interests, but for us it’s been unusually busy for the current

environment. We’re still getting many showing requests and had four contracts signed last week. It seems people might be

more active before a perceived slowdown, or maybe when we feel threatened we think about shelter,

food and household necessities.

The big question on the minds of buyers and sellers right now is how is the real estate market being affected by fickle

stocks and the worsening coronavirus pandemic? As of Friday, contract activity was at 863 for the month — typically around

1,000. We’re seeing a slower pace in new inventory as well with 1,537 new listings on the market compared to 1,792 last

year. Less people are listing, yes. But with 1,671 open houses scheduled, these sellers are serious about selling.

We don’t yet know what’s happening to prices as there’s a delay to price discovery of around five months. Those looking to

rent, or own a new home by taking advantage of low rates, might want to get in quickly before there’s less inventory.

At MEIER we’re here to help and are monitoring the situation and safety of our clients one day at a time while taking extra

precautions. There are plenty of open houses taking place — if you want a private or video showing, reach out to us!

– Michael Meier16 Years Experience With An Award-Winning Brokerage & Top-Producing Team!

P.S. I need your help! I’m working with a buyer looking for a two-bedroom in NoMad. Can you help them select which

apartment to purchase? Tune in below!

INTERNATIONALREAL ESTATE

MEIER MARKET MONTHLY

Kick Off With A Note From Our Founder

MEIERREALESTATE.COM

MARCH 2020

http://meierrealestate.com/

With the COVID-19 pandemic shaking everything up right now, it’s important to remember that we’ve survived outbreaks in the past — like SARS and H1N1. What’s different about this coronavirus is that we don’t know much about it, and it’s spreading dangerously fast. Also that it’s being introduced to us in a more connected world where fear mongering amplifies the effects it has on stock and consumer

behavior. With all this in mind, buyers are faced with the dilemma of deciding whether to take advantage of dropping interest rates and lock in on a mortgage or pause from a position of caution in an uncertain market. Either way it’s a great time to refinance, and pricing significantly lower than even just a few weeks ago is a good thing for buyers. And with 841 new contracts signed last month — a 12.1 percent increase from last year — people were

definitely buying. Pending sales were up by 13.1 percent and market pulse by 11.1 percent. Inventory was up by a modest 2.3 percent as well, indicating that demand was starting to outpace supply. These were excellent signs

for this time of year.

A snapshot of the NYC real estate marketMEIER Market Monthly Stats

MARCH 2020

Price trends, however, were down 2.9 percent for the price per square foot and 5.1 percent for the median sales price. The average time it took before a listing went into contract was 102 days, higher from last year by 3 percent. The median listing discount was also bouncing up to 6.8 percent — up 6.2 percent from last year. In this type of market sellers should expect to negotiate about 7 percent down from

the original asking price. The market was definitely picking up in February. Time will tell how the stocks and coronavirus are making their impact, as a lot of the numbers we see now are a reflection of what happened up to six

months ago. How are agents reacting to this market? We’re keeping safety at the forefront. We’re asking all visitors to disinfect their hands as soon as they enter a home. No handshaking or other unnecessary touching, no sharing of items, and we’re offering private showings if people feel uncomfortable attending an open house. We’re also asking people if they have traveled recently or felt any symptoms before scheduling appointments.

Source: UrbanDigs.com

MEIER | 469 SEVENTH AVE. 7TH FL, NEW YORK, NY 10018 | 212.502.1121 | MEIERREALESTATE.COM


http://www.MEIERREALESTATE.COM

Which Would You Choose? My clients are looking for a spacious two-bedroom apartment in NoMad with lots of light exposure and high ceilings — and outdoor space would be a bonus! So I’m expanding the

question out to you. Which apartment do you think they should purchase? The unit with 82 feet of expansive space from northern to southern exposure, plus an outdoor area and a home office? The brighter fourth floor unit with an extra 30 feet of wide space to make your own? How about the artistic loft with 19 steel-encased windows showcasing dramatic views? Or the one by Rizzoli Bookstore with 12-foot ceilings and sunny southern exposure centrally located between NoMad

and Flatiron?

Tune in below to watch the full episode!

MEIER In The City

MARCH 2020




http://meierrealestate.com/2020/03/12/meier-in-the-city-which-would-you-choose/

345 W. 58th St., Apt. 15P | Just Sold! | Sales Price: $1.2 Million | 2BD / 1BA Co-op

MEIER Exclusives

MARCH 2020


178 E. 80th St., Apt. 20E | Contract Signed! | Asking Price: $650,000 | 1BD/1BA Co-op

http://meierrealestate.com/listing/OLRS-1850705/





http://meierrealestate.com/listing/MEIER-1851016/



Open houses – All prospective buyers are invited to tour the property for one to two hours. Typically open houses are advertised on consumer websites like StreetEasy.com and pushed on social media. Reserving Sundays for open

houses is strongly recommended — it’s the most popular day for buyers.

Strategic showings – These are private showings for buyers and brokers representing buyers who have expressed interest. We often schedule them around the same time to help create high

interest and demand, driving up the potential for a competitive bidding environment.

Last-minute showings – Sometimes there’s an international buyer coming into town for a few hours who wants to check out properties they’re interested in. It’s important your agent can say yes, as you never know who the right buyer could be. Last-minute showings also often pop up during offer negotiations.

Get more helpful tips like this by signing up for my free First-Time Seller Seminar by clicking HERE.

MEIER Tips

MARCH 2020


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Be sure to speak with your agent about how often your home should be shown once it’s listed for sale. Keep in mind:

https://michael-meier.mykajabi.com/first-time-seller-seminar-registration



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