Residing in New York City, New York, Joshua Weisfeld earned a bachelor's degree from Syracuse University with a focus on communications and rhetorical studies. Joshua "Josh" Weisfeld then became the asset manager at W Brothers Realty, LLC, where he helps negotiate real estate transactions in the New York City area while putting his client's needs and goals at the forefront of every deal.
According to Norada, the striking increase in inflation and mortgage rates in New York has slowed sales and the amount of inventory on the market. Data shows that with the volatile economic market, buyers are waiting to buy a home as their financial situations may have changed, or they may be waiting for the real estate market to reset.
Closed sales in New York were down 23 percent (pulled in November 2022) from the previous year, and new listings have decreased by 9.2 percent. That could be why the median price of a home has gone up 2.7 percent.
However, as the interest rates on mortgages rise at any given time, the value of cash flow futures is diminished, thus lowering the value of real estate property. This causes investors to seek higher returns even though the property is the same. The relationship between rising interest rates and inflation in real estate is even more complex, so it helps to have a solid real estate agency on its team that can help buyers and sellers navigate the nuances of the current market.
