3 Ways Lenders Are Impacting the NYC Market

3 Ways Lenders Are Impacting the NYC Market

3 Ways Lenders Are Impacting the NYC Market

6/20/2017

Anticipation and fear of significant changes in the lending market have been on people’s minds for the last 9 months. It’s been the big talk among anyone in NYC interested in real estate. But has anything really changed? In order to answer that question, I asked Andrew Dansker from our Capital Markets team to highlight current financing trends as they relate to the NYC market.

Lets hear from Andrew

The industry has been anticipating a rising interest rate environment for almost a decade. This year, rates have finally begun moving up, and the Federal Reserve will likely raise them again. According to Andrew, this opens up three important items for real estate investors.

Volatility and Opportunity

When most people talk about investing, using the words “volatility” and “opportunity” in the same sentence does not typically happen. However, today’s volatile environment is an opportunity for real estate investors.

In fact, in the past 45 days, rates have retreated. On stabilized NYC multifamily properties, we are now quoting loans again at 3.5%!  To understand a bit more about why this is happening, here is a good review from Bankrate – Mortgage Rate Trend Index Down: June 7, 2017 (http://www.bankrate.com/news/rate-trends/down/).

Yes, it is true that rates moved up 60 basis points post-election. But this was purely on the expectations of:

  • Tax cuts
  • Infrastructure spending stimulus
  • Cash repatriation holiday
  • Other business-friendly measures

Until these things occur, however, investors should make moves on rate dips. This reminds me of the phrase, “Growth doesn’t always move in straight line.” Well, neither have rates. That means that investors can act now to capture the low-cost debt before it disappears.

You Are Changing My Loan Amount?

With rising interest rates comes the constriction of lending parameters. Many banks prefer to lock their loans’ interest rates 2 to 3 days prior to a closing. This practice causes increased unpredictability, as proceeds may be cut at the last minute due to a debt service covenant. I increasingly hear anecdotal reports of borrowers finding themselves short of proceeds 48 hours before a closing.

What can an investor do? Always try to seek out lenders that will allow them to lock their loan’s interest rate well in advance of the closing date.

Also, be sure to look at a variety of lenders. In the current atmosphere, we have seen that many traditional lenders are changing their guidelines, and a significant amount of new alternative lenders have entered the market over the past 24 months.

Slow Increases…Fast Terms

So far, the interest rate increases have been slow, and I expect this to continue. Here’s why:

Our debt yields have become closely tied to geopolitical shocks. Every time there is an adverse event on the world stage, interest rates in the United States are depressed further. Although the Federal Reserve is working to move rates up, there is continued downward pressure from investors seeking safety from geopolitical upheaval by investing in treasury securities.

The real volatility in the lending environments is with regard to the terms, not the rate. In fact, the terms are impacting the market the most.  Investors should be wary of curve balls coming from the banks themselves, not the rate environment.

Conclusion: Would I Borrow Short or Long Today?

For value-add purchases, we are still recommending shorter duration, more flexible financing options because we don’t foresee dramatic rate changes in the near term.

For core and stabilized assets, we recommend obtaining the longest term debt possible. On a historical basis, rates are still incredibly low. Opportunities are shifting but remain abundant for those who are willing and able to act quickly to capitalize on them.

Andrew Dansker is part of the New York Multifamily team and handles financing for all types of clients.  He can be reached at 212-430-5168.

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Catch up on our most recent posts here:

3 Ways Lenders Are Impacting the NYC Market

Anticipation and fear of significant changes in the lending market have been on people’s minds for the last 9 months. It’s been the big talk among anyone in NYC interested in real estate. But has anything really changed? In order to answer that question, I asked Andrew Dansker from our Capital Markets team to highlight current financing trends as they relate to the NYC market.
Lets hear from Andrew…

read more

The Asking Price: When Asking Less Gets You More

The selection of an asking price can cause a lot of confusion among sellers, their brokers and buyers. Using an appropriate asking price is a huge strategic advantage for sellers, and requires navigating topics like trust (are they truly representing me?), competency (do they know the market?) and capability (can they get it done?) with your broker. Therefore, it can often seem like the interests of the seller and broker are not aligned.

I can recall a time when Rose, an elderly widow, forced me to price her $30MM Brooklyn portfolio 25% over market, saying “Sometimes you got to ask a lot… just to get a little.” This was a strategic mistake. Why? It’s counter-intuitive…sometimes, the lower your asking price, the higher your selling price.

read more

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

So far 2017 has been the opposite of what the experts’ predicted. When compared to one year ago, our teams’ inventory and transaction volume is substantially higher. Why? With the new government and rate increases wasn’t the market supposed to be slower? Lets explore…

The first major trend emerging is more product is coming to market. This is showing up as more potential sellers are asking for “opinions of values” and our listing inventory is up approximately 35%. To understand why, consider the mindset of the sellers. Five months ago, interest rates moved up for the first time in many years.

read more

The Asking Price: When Asking Less Gets You More

The Asking Price: When Asking Less Gets You More

The Asking Price: When Asking Less Gets You More

5/9/2017

The selection of an asking price can cause a lot of confusion among sellers, their brokers, and buyers.  Determining the best asking price is a huge strategic advantage for sellers and requires navigating topics like trust (Are they truly representing me?), competency (Do they know the market?), and capability (Can they get it done?) with your broker. If a seller is unrealistic about the asking price, it may feel as if the interests of the buyer and broker are not aligned. However, a good broker will always have your best interests in mind.

I can recall a time when Rose, an elderly widow, forced me to price her $30 million Brooklyn portfolio 25% over market, saying, “Sometimes you got to ask a lot… just to get a little.”  This was a strategic mistake.  Why?  Although it is counter-intuitive, sometimes, the lower your asking price, the higher your selling price.

Paradigm Shift

To understand this paradigm, you must consider a buyer’s perspective. Buyers have a limited amount of time to pursue numerous opportunities. They need to determine:

1. Which opportunities to review
2. Which to tour
3. Which to place bids
4. How to win the bid
5. If they will sign a contract and close

In the meantime, investor returns, expectations, market rents, interest rates and bank financing are all moving targets requiring attention. Further, buyers are juggling management-related tasks to their other properties. So with limited time, buyers pursue targets they have the best chance of hitting.

How Sellers Can Increase Competition

A seller influences sales price most by increasing the number of buyers competing. In addition to hiring the the right broker 😉  and marketing the building correctly, utilizing a strategic asking price is the best way to achieve a competitive environment.  By doing so, a seller sends a very clear message to buyers that:

  • The offering is real and not just testing the market
  • You have a legitimate shot at succeeding, and most importantly
  • THIS IS WORTH YOUR VALUABLE TIME

We’ve had several examples over the years where we’ve exceeded sellers expectations  by pricing strategically to achieve bids at (or very close to) the asking price.  Recently, some of our most successful assignments have been cleaning up the messes that other brokers have created by overpricing a seller.  We call this “buying an assignment.”

Pricing Strategy Linked to Market Cycle

The pricing strategy one uses depends on the the asset and the phase of market cycle .  Here is a simple rule of thumb:

In a rising market, lead the market by pricing well above current trades. In other markets, use the asking price as a strategic tool to increase competition.

In a future post, I will address in what scenario you should use an asking price at all. Like many other aspects of the NYC market, sometimes the best strategy is counter-intuitive.

Keep up-to-date with market commentary by following here!

CLICK HERE

Buy Peter's Book Today! Available on Amazon.

Catch up on our most recent posts here:

3 Ways Lenders Are Impacting the NYC Market

Anticipation and fear of significant changes in the lending market have been on people’s minds for the last 9 months. It’s been the big talk among anyone in NYC interested in real estate. But has anything really changed? In order to answer that question, I asked Andrew Dansker from our Capital Markets team to highlight current financing trends as they relate to the NYC market.
Lets hear from Andrew…

read more

The Asking Price: When Asking Less Gets You More

The selection of an asking price can cause a lot of confusion among sellers, their brokers and buyers. Using an appropriate asking price is a huge strategic advantage for sellers, and requires navigating topics like trust (are they truly representing me?), competency (do they know the market?) and capability (can they get it done?) with your broker. Therefore, it can often seem like the interests of the seller and broker are not aligned.

I can recall a time when Rose, an elderly widow, forced me to price her $30MM Brooklyn portfolio 25% over market, saying “Sometimes you got to ask a lot… just to get a little.” This was a strategic mistake. Why? It’s counter-intuitive…sometimes, the lower your asking price, the higher your selling price.

read more

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

So far 2017 has been the opposite of what the experts’ predicted. When compared to one year ago, our teams’ inventory and transaction volume is substantially higher. Why? With the new government and rate increases wasn’t the market supposed to be slower? Lets explore…

The first major trend emerging is more product is coming to market. This is showing up as more potential sellers are asking for “opinions of values” and our listing inventory is up approximately 35%. To understand why, consider the mindset of the sellers. Five months ago, interest rates moved up for the first time in many years.

read more

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

4/12/2017

So far, the 2017 NYC multifamily market has been the opposite of what the experts predicted.  When compared to one year ago, our team’s inventory and transaction volume is substantially higher.

Why? With the new government and rate increases, wasn’t the market supposed to be slower? Let’s explore what is actually happening.

Trend #1: More Inventory 

The first major trend emerging in 2017 is that more multifamily properties are coming to market. We see more potential sellers asking for “opinions of values,” and our listing inventory is up approximately 35%.

To understand why, consider the mindset of the sellers. Five months ago, interest rates moved up for the first time in many years. This spooked owners into thinking we were entering a new market phase where interest rates would continually increase. Whether rates move higher or not is anybody’s guess. However, given the current circumstances, rates have been relatively steady after the initial jump. This means that sellers who were thinking of selling sometime in the next 24 to 36 have decided to move to market now.

Trend #2: Realistic Expectations

The second trend is that the sellers who are coming to market today are more motivated, sometimes for a very specific reason. This translates into realistic pricing.

You often hear questions about where we are in the real estate cycle and how that relates to current pricing. The data clearly indicates that the peak of the last market was reached in the fourth quarter of 2015. With this understanding, sellers are not hurting themselves by “over-stretching” and pricing their properties too far out of the market. This has created a fertile environment for transactions. In fact, even though other brokers may not agree, we have seen the most realistic pricing expectations from the selling community in 2 to 3 years.

Trend #3: Connecting Capital with Opportunities

The third trend that has increased transactions is a result of our team’s growing capabilities.  Our ability to match different capital sources with new opportunities has been our jet fuel.

More than any time in the city’s history, buyers are willing to move from borough to borough and neighborhood to neighborhood. A seller from the Bronx is buying in Manhattan, Brooklyn owners are looking in the Bronx, Manhattan owners (who were buying in Brooklyn) are now looking at Queens, and so on and so on. Without territory restrictions, our team provides a perspective on the market owners cannot find anywhere else.

A Surprise Ahead for the rest of this year? 

Looking forward, please watch as changes to the tax code may also cause a significant jump in inventory coming to the market. Every time an administration changes the tax code, like lowering capital gains taxes, the following 24 months have produced higher than normal sales velocity.

Of course, no one knows what will happen next. We will have to wait and see.

Keep up-to-date with market commentary by following here!

CLICK HERE

Buy Peter's Book Today! Available on Amazon.

Catch up on our most recent posts here:

3 Ways Lenders Are Impacting the NYC Market

Anticipation and fear of significant changes in the lending market have been on people’s minds for the last 9 months. It’s been the big talk among anyone in NYC interested in real estate. But has anything really changed? In order to answer that question, I asked Andrew Dansker from our Capital Markets team to highlight current financing trends as they relate to the NYC market.
Lets hear from Andrew…

read more

The Asking Price: When Asking Less Gets You More

The selection of an asking price can cause a lot of confusion among sellers, their brokers and buyers. Using an appropriate asking price is a huge strategic advantage for sellers, and requires navigating topics like trust (are they truly representing me?), competency (do they know the market?) and capability (can they get it done?) with your broker. Therefore, it can often seem like the interests of the seller and broker are not aligned.

I can recall a time when Rose, an elderly widow, forced me to price her $30MM Brooklyn portfolio 25% over market, saying “Sometimes you got to ask a lot… just to get a little.” This was a strategic mistake. Why? It’s counter-intuitive…sometimes, the lower your asking price, the higher your selling price.

read more

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

So far 2017 has been the opposite of what the experts’ predicted. When compared to one year ago, our teams’ inventory and transaction volume is substantially higher. Why? With the new government and rate increases wasn’t the market supposed to be slower? Lets explore…

The first major trend emerging is more product is coming to market. This is showing up as more potential sellers are asking for “opinions of values” and our listing inventory is up approximately 35%. To understand why, consider the mindset of the sellers. Five months ago, interest rates moved up for the first time in many years.

read more

3 Ways to Guide Foreign Investors in the NYC Market

3 Ways to Guide Foreign Investors in the NYC Market

3 Ways to Guide Foreign Investors in the NYC Market

3/14/17

Foreign capital has always influenced the New York City market. In fact, a recent study by the Association of Foreign Investors in Real Estate (AFIRE) shows that 95% of foreign investors plan to maintain or increase their investments in the US. Additionally, NYC is the number one city for the seventh year running among foreign investors and is the top global city.

Once, while walking a foreign investor through the Upper East Side, we passed two identical buildings. The first was 100% occupied, and the other was vacant with boarded up windows. The investor looked at the vacant building and said, “Maybe I should buy that one.” The point was that he assumed he would get a discounted price.

This is one of the nuances of the NYC multifamily market: vacant buildings are often more valuable than occupied because they are not encumbered by leases. As one client put it, “In the Midwest, I am trying to keep my tenants, but in NYC, I am trying to get rid of them.”  This reminds me of HSBC’s airport ad campaign, where sometimes the same picture or scene can have the opposite meaning depending on it’s location.

Let’s discuss three choices international investors need to make before they purchase in NYC.

1. Finished Product vs. Value-Add?

The first choice an investor needs to make is if they would like to purchase a “finished product” (core) or a “value-add” opportunity.   Many subsequent decisions will flow from this initial selection.

In general, the finished product or core assets will require less work during the holding period. The initial return will be higher when compared to other opportunities, but the long-term appreciation may be less.

Conversely, value-added investments will require additional capital and expertise during the holding period. As a result, they may offer greater appreciation.  It’s more difficult and risky for an out-of-town investor to execute a “value-added” strategy without a local partner, which brings us to our next question.

 
2. Direct Investment or Joint Venture?

Some investors are very specific about having or not having partners. I’ve heard the saying, “If partners were so good, God would have one!” Plus, we all know families who have been torn apart because business got in the way.

Your level of trust and comfort with a local partner will help determine the type of investment you should pursue. To sum up,

  • Investors without partnerships should stick to core opportunities.
  • Investors in partnerships should seek value-add opportunities.

But…where should you buy?

 
3. Market Nuances
As discussed, NYC requires local knowledge. New investors will need a strategy to save them time, become educated about the market, and create opportunities.

Furthermore, the varying neighborhoods and multifamily building types each call for different business plans.  An active, established, reputable broker can offer guidance in this area.

When I am hired exclusively by foreign investors, they essentially “rent my brain” for the several months while we work together, which is a huge time saver for them. Of course, they can also read my book book first.

Finally, part of the investment strategy includes assembling a team of lawyers, banking contacts, expediters, construction/maintenance teams, and rental brokers.

In the past 24 months, we have represented investors from Asia, Canada, Europe, Middle East, and South America.  With New York City continuing to rank among the top global markets to invest, I expect the trend of foreign investment to continue.

 

Keep up-to-date with market commentary by following here!

CLICK HERE

Buy Peter's Book Today! Available on Amazon.

Catch up on our most recent posts here:

3 Ways Lenders Are Impacting the NYC Market

Anticipation and fear of significant changes in the lending market have been on people’s minds for the last 9 months. It’s been the big talk among anyone in NYC interested in real estate. But has anything really changed? In order to answer that question, I asked Andrew Dansker from our Capital Markets team to highlight current financing trends as they relate to the NYC market.
Lets hear from Andrew…

read more

The Asking Price: When Asking Less Gets You More

The selection of an asking price can cause a lot of confusion among sellers, their brokers and buyers. Using an appropriate asking price is a huge strategic advantage for sellers, and requires navigating topics like trust (are they truly representing me?), competency (do they know the market?) and capability (can they get it done?) with your broker. Therefore, it can often seem like the interests of the seller and broker are not aligned.

I can recall a time when Rose, an elderly widow, forced me to price her $30MM Brooklyn portfolio 25% over market, saying “Sometimes you got to ask a lot… just to get a little.” This was a strategic mistake. Why? It’s counter-intuitive…sometimes, the lower your asking price, the higher your selling price.

read more

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

So far 2017 has been the opposite of what the experts’ predicted. When compared to one year ago, our teams’ inventory and transaction volume is substantially higher. Why? With the new government and rate increases wasn’t the market supposed to be slower? Lets explore…

The first major trend emerging is more product is coming to market. This is showing up as more potential sellers are asking for “opinions of values” and our listing inventory is up approximately 35%. To understand why, consider the mindset of the sellers. Five months ago, interest rates moved up for the first time in many years.

read more

Winning in New York City’s Rental Market

Winning in New York City’s Rental Market

Winning in New York City’s Rental Market

The dynamics of New York City’s rental market have changed. The New York Times, Wall Street Journal, Real Deal, and other major newspapers and journals are running articles about the shift in rents. Let’s take a deeper dive to see what is happening.

How Did New York City’s Rental Market Get Here?
New York City’s rental market has risen dramatically over the past five years. In many cases, year-over-year increases were in the double digits. Why? Owners and developers realized a very strong demand from millennial renters who “paid up” for high-quality renovations and building amenities.

As this trend continued, more and more owners took notice and redeveloped more apartments specifically targeting the “higher end” of the rental market. With land prices rising, especially in Brooklyn and Queens, new rental developments were built specifically for this class of renter.

The result? An increased supply and more neighborhood options for NYC apartment dwellers.

What’s the impact?

Recently, as rental growth slowed, owners continued to push the “asking rent” for apartments higher and higher. Those increases were outpacing the demand and affordability for some of the rental population. To counteract this, owners began offering one month free, then two months free, and finally, paying the rental brokerage fee.

As a result, although the rents in New York City’s rental market appear high on the surface, determining the “real” rents inside of a building has become confusing to investors. They often ask, “What is the ‘net effective’ rent”?

Within 24 months, the new supply will be absorbed and high end rents will firm up again.

Two New Yorks?

With all of this focus on the upper end of the rental market, also known as class “A,” few developers spent time creating and redeveloping more affordable housing. Although the mayor has an agenda to create more affordable housing, how it is done appears to be controversial.

Therefore, finding a way to create more middle income housing is an opportunity for investors as rents in the middle and lower end are experiencing moderate growth. Furthermore, there are no immediate prospects for developing an impactful supply in this category.

The Blink of an Eye
For high-end rentals, we recommend owners in New York City’s rental market implement a strategy for the next 24 months.

  • Owners should offer no more than a one month concession
  • And/or extend lease terms.

This leads to less confusion about the real operations of the building, and in the event of a sale or refinance, this places the owner in a powerful position defending the building’s gross income.  Within 24 months, the new supply will be absorbed, and high end rents will firm up again.

Many successful real estate investors are contrarians. So, while today there is a transition in the rental market, it is not permanent. For those with an optimistic outlook, 2017 may present buying opportunities.

Connect with us to stay in the loop on additional information & analysis!

Buy Peter's Book Today! Available on Amazon.

Catch up on our most recent posts here:

3 Ways Lenders Are Impacting the NYC Market

Anticipation and fear of significant changes in the lending market have been on people’s minds for the last 9 months. It’s been the big talk among anyone in NYC interested in real estate. But has anything really changed? In order to answer that question, I asked Andrew Dansker from our Capital Markets team to highlight current financing trends as they relate to the NYC market.
Lets hear from Andrew…

read more

The Asking Price: When Asking Less Gets You More

The selection of an asking price can cause a lot of confusion among sellers, their brokers and buyers. Using an appropriate asking price is a huge strategic advantage for sellers, and requires navigating topics like trust (are they truly representing me?), competency (do they know the market?) and capability (can they get it done?) with your broker. Therefore, it can often seem like the interests of the seller and broker are not aligned.

I can recall a time when Rose, an elderly widow, forced me to price her $30MM Brooklyn portfolio 25% over market, saying “Sometimes you got to ask a lot… just to get a little.” This was a strategic mistake. Why? It’s counter-intuitive…sometimes, the lower your asking price, the higher your selling price.

read more

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

So far 2017 has been the opposite of what the experts’ predicted. When compared to one year ago, our teams’ inventory and transaction volume is substantially higher. Why? With the new government and rate increases wasn’t the market supposed to be slower? Lets explore…

The first major trend emerging is more product is coming to market. This is showing up as more potential sellers are asking for “opinions of values” and our listing inventory is up approximately 35%. To understand why, consider the mindset of the sellers. Five months ago, interest rates moved up for the first time in many years.

read more

NYC Multifamily Owners: What are the 3 R’s of 2017?

NYC Multifamily Owners: What are the 3 R’s of 2017?

NYC Multifamily Owners: What are the 3 R’s of 2017?

1/4/2016

Welcome to 2017!  This year we look forward to the growth that (hopefully) comes from a more favorable business environment. The past 12 months have been marked by uncertainty as prices, rents, financing, equity, and government regulations all changed.  We hope the year ahead will bring resolution where needed–and looking forward–we focus on three categories: Rates, Rents, and Regulation. These are the “Three R’s of 2017.”

Rates

Interest rates have started to rise and indications are such that we should anticipate moderate future increases.  To hold its value, a property’s rents must rise at a much faster pace than interest rates, so we are watching this relationship closely. However, some inflation isn’t so bad. Inflation translates into higher incomes and rents and lowers the relative value of existing mortgages.  So, when will rents grow?

Rents

Recent headlines are sour on NYC residential rents. We believe the topic is more nuanced, however, and see two “New York rental markets.” First, in the value neighborhoods, where mid-level rents are growing slightly and second, in the high-end markets, where there is new supply, concessions, “owner pays” broker fees, and softening demand. With almost no major land trades in 2016, we predict the current softness in rents to last 12-24 months. So, how do we create more free market housing?

Regulation

Throughout my entire career, investors have complained that the buildings offered don’t have enough rent stabilized units.  Today, to many, there are not enough free market units! The inconsistencies in rulings like “Altman” and the “Rent Regulation Act of 2015” have impacted investors’ tolerance for regulation. In 2017 we hope to gain clarity and resolution on contradictory legislation, improving transactions and the operations of buildings.

Overall, I sense more optimism this year compared to last, and I leave you with three operational questions to ask:

1) What is your 24 month rental strategy for your free-market units?
2) Have you locked-in financing today at the lowest possible rate?
3) Have you performed an audit on the quality of your paperwork for your free-market and stabilized units?

I wish you the best of luck with your investment choices this year.

Connect with us to stay in the loop on additional information & analysis!

Buy Peter's Book Today! Available on Amazon.

Catch up on our most recent posts here:

3 Ways Lenders Are Impacting the NYC Market

Anticipation and fear of significant changes in the lending market have been on people’s minds for the last 9 months. It’s been the big talk among anyone in NYC interested in real estate. But has anything really changed? In order to answer that question, I asked Andrew Dansker from our Capital Markets team to highlight current financing trends as they relate to the NYC market.
Lets hear from Andrew…

read more

The Asking Price: When Asking Less Gets You More

The selection of an asking price can cause a lot of confusion among sellers, their brokers and buyers. Using an appropriate asking price is a huge strategic advantage for sellers, and requires navigating topics like trust (are they truly representing me?), competency (do they know the market?) and capability (can they get it done?) with your broker. Therefore, it can often seem like the interests of the seller and broker are not aligned.

I can recall a time when Rose, an elderly widow, forced me to price her $30MM Brooklyn portfolio 25% over market, saying “Sometimes you got to ask a lot… just to get a little.” This was a strategic mistake. Why? It’s counter-intuitive…sometimes, the lower your asking price, the higher your selling price.

read more

3 Reasons the NYC Multifamily Market Is More Active Than Predicted

So far 2017 has been the opposite of what the experts’ predicted. When compared to one year ago, our teams’ inventory and transaction volume is substantially higher. Why? With the new government and rate increases wasn’t the market supposed to be slower? Lets explore…

The first major trend emerging is more product is coming to market. This is showing up as more potential sellers are asking for “opinions of values” and our listing inventory is up approximately 35%. To understand why, consider the mindset of the sellers. Five months ago, interest rates moved up for the first time in many years.

read more