West Side Rag
  • TOP NEWS
  • OPEN/CLOSED
  • FOOD
  • SCHOOLS
  • OUTDOORS
  • REAL ESTATE
  • ART & CULTURE
  • POLITICS
  • COLUMNS
  • CRIME
  • HISTORY
  • ABSURDITY
  • ABOUT US
    • OUR STORY
    • CONTRIBUTORS
    • CONTACT
West Side Rag
No Result
View All Result
SUPPORT THE RAG

Search the site

No Result
View All Result
Get WSR FREE in your inbox
SUPPORT THE RAG

West Side Real Estate Market Bulletin, March 2023

March 31, 2023 | 4:01 PM
in REAL ESTATE, SPONSORED
0

Dear Subscriber,
Our focus for this March edition includes:

  • The status and outlook for inflation on our real estate market
  • The status and outlook for mortgage rates on our real estate market
  • The impact of the recent bank crisis on our real estate market

Inflation
Inflation, the bugaboo that’s been menacing our markets, has ratcheted down for another month from 6.4 to 6.0%.  After registering a high of 9.1% last July, this drop is a positive sign but still far above the Fed’s target of 2.0%, and still capable of inhibiting market growth.

Mortgage Rates
The Fed’s major tool to combat inflation is raising interest rates which, by default, includes mortgage rates.  Prospective home buyers are being handicapped by decreased purchasing power, resulting in weakened demand for housing, and subsequent declining listing inventories and prices.

“30-Year Fixed Mortgage Rates”have dropped off a bit from a high In July of 7% to 6.5% currently a modest improvement considerating that these rates had increased about 40% from a year ago, and are unlikely to encourage any significant demand for mortgages.

 The Banking Crisis
Following on the Trump administration’s ill-advised deregulation of the banking industry, banks were able to take on riskier investments, and now the inevitable consequence has occurred: Silicon Valley Bank was unable to allow depositors to withdraw funds on demand, prompting a panic that spread to other banks who had followed the same risky deregulated practices a la SVB.

Swift emergency measures were devised by the Fed and leading national banks to avoid a meltdown of the entire banking industry that otherwise would have subsequently ensued.

Considerable uncertainty about the future of the economy’s markets existed prior to Silicon Valley Bank’s collapse, as reflected in the weakness in prices and inventories over the past year or so.  But this new banking crisis has compounded the pre-existing degree of uncertainty by orders of magnitude.  At this stage it’s problematic to forecast the track of real estate markets with precision, but it’s likely that credit will become more expensive and less available.

 What’s Next?
Have you been considering buying or selling an apartment in the coming year?  No doubt the heightened level of uncertainty in our real estate market has caused you to pause and reflect how to adjust your real estate plans accordingly.

As you might expect, good deals can be found in down markets if one is vigilant and adequately prepared.  If you’re interested in learning more about this intriguing possibility, just click on the link below to explore how to identify and transact exceptional down market deals.

Thanks for your interest and stay tuned. 

 

 

 

Data courtesy of Urban Digs

Share this article:
SUPPORT THE RAG

Leave a Comment

Our hope is that the comment section will provide a forum for meaningful, respectful, informative, and humorous discussions among neighbors, factual and relevant to the article that is the subject of the comment. We hope that more of our readers will join in and share their opinions, insights, and expertise. Your email address will not be published. Please limit comments to 100 words and keep them civil. We delete comments that don’t adhere to community guidelines.
Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

YOU MIGHT LIKE...

Protect Your Legacy with Ligh Law: Your Trusted Partner in Estate Planning
SPONSORED

Protect Your Legacy with Ligh Law LLC: Free Webinar on Wills, Trusts, and More

June 13, 2025 | 8:18 AM
Manhattan Market Report: ‘How’s the Market?…You Ask?’
SPONSORED

Manhattan Market Report: ‘How’s the Market?…You Ask?’

June 12, 2025 | 8:34 AM
Previous Post

Armed Robbers Swipe Bikes and Cell Phone in ‘Robbery Pattern’: NYPD

Next Post

Is the UWS Overburdened, Underburdened, or Just Doing Its Fair Share in Helping the Homeless?

this week's events image
Next Post
Is the UWS Overburdened, Underburdened, or Just Doing Its Fair Share in Helping the Homeless?

Is the UWS Overburdened, Underburdened, or Just Doing Its Fair Share in Helping the Homeless?

April

April

Weekend Column: Rites of Spring

Weekend Column: Rites of Spring

  • ABOUT US
  • CONTACT US
  • NEWSLETTER
  • WSR MERCH!
  • ADVERTISE
  • EVENTS
  • PRIVACY POLICY
  • TERMS OF USE
  • SITE MAP
Site design by RLDGROUP

© 2025 West Side Rag | All rights reserved.

No Result
View All Result
  • TOP NEWS
  • THIS WEEK’S EVENTS
  • OPEN/CLOSED
  • FOOD
  • SCHOOLS
  • OUTDOORS
  • REAL ESTATE
  • ART & CULTURE
  • POLITICS
  • COLUMNS
  • CRIME
  • HISTORY
  • ABSURDITY
  • ABOUT
    • OUR STORY
    • CONTRIBUTORS
    • CONTACT US
  • WSR SHOP

© 2025 West Side Rag | All rights reserved.