August 2021: Your Big Break
This last year-and-a-half has been a long, uphill journey, and it goes without saying that we could all use a break. Whether that means taking some time to relax in the sun, or finally winning the bid on your dream home, here’s hoping these last few weeks of summer offer you just what you need! Read on!
The Story: What, No Summer Break?!
The Jump Off
Traditionally, summer was a quiet month for NYC real estate. This made it hard for buyers on the hunt who lost out in spring bidding wars. Good news is, this summer there is more inventory than ever!
Last year when the spring lockdown ended, we saw a flood of homeowners leave the city. Many of them ended up renting out their vacant homes rather than sell in an uncertain market. As those one-year leases expire so too ends that interim solution, and owners must decide whether to move back in, continue to rent (if bylaws allow) or sell. And while many New Yorkers living elsewhere are pining for the city, there are still plenty who are putting their property on the market.
The Wrap Up
To be honest, the seasonality of the NYC real estate market — based on some old school of thought that wives and children were off on vacation while businessmen bachelored it up in the city — hasn’t been true for some time. True, there are fewer buyers out there than in the spring (good news if you’re trying to eliminate the competition) but be warned that prime inventory goes fast. If you see something you like, be ready to make a move!
The Cheat Sheet
Although real estate is not taking much of a break this summer, you still can! Make sure to schedule in some self-care before the season’s over, whether that’s a solo trip to your favorite beach, or just hiding away with a great summer read. Surrounding yourself with some relaxing summer vibes is also a great way to trick your brain into thinking you’re on vacation (whether or not you are) so go ahead and get your place all decked out like you’re living in that dream Maine cabin, outdoor kitchen and all!
The Gabriele Moment: Breaking the Mold
When I joined Compass in 2015, we were 200 people strong. Six years and 25,000 people later, we’ve reached heights the industry didn’t think we could. I think our co-founder Robert Reffkin said it best: “For years, the naysayers have said that Compass would never be profitable, that we were going to fail, that our model just didn’t work. This quarter, we proved them all wrong. Our Q2 Adjusted EBITDA (which is a measure of profit) was $71 million dollars.” To all our clients who believed in us over the years, you have our heartfelt thanks! We couldn’t have done it without you!
Share The Joy
Know someone considering a move or an investment? Please forward this newsletter to your family and friends — most of my business comes by word of mouth! I truly appreciate every one of your referrals. Thank you.