Banks have the upper hand in the real estate market.
Transcript:
Ryan Serhant: The balance is definitely tilted towards the banks because rates are high and there’s significant profits being made across the banking sector right now. The mortgage. And we use mortgages all day long. The mortgage is a product. It’s a product that in cities like New York City, if you have a mortgage recording tax here, I have to have that conversation with people who’ve never bought a place in New York City before and come and say, listen, this is what your average home price is going to be. Let’s also talk about closing costs in New York City. You also pay a tax on your ability to get a mortgage. So that in part, fuels cities should they use that revenue wisely. A lot of them do not. But it is a product. And so buyers today, I think, have some more opportunity to buy homes at the right prices today than they have over the past couple of years. You’re seeing some price increase, but you’re seeing a lot of negotiability and listings now than we’ve seen over the past 24 months. I think Sellers, if you’re priced right, you can still sell quickly nationally. I think the average days on market right now is just under 10 days. Some markets it’s one, some markets 7, some markets, urban markets. If you’re overpriced, it’s still put your house on the market and never find a buyer. But I think the banks are the ones who are reaping the rewards today, and I’m looking forward to that. Moving back to the customers.
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