January 4th 2023
MarketWatch
The housing market downturn didn’t spare the Big Apple.
High mortgage rates and low demand from buyers depressed sales in New York City in 2022, according to a new report by real-estate agency Coldwell Banker Warburg.
“Buyer caution reasserted itself through all price ranges as increasingly anxious sellers went through the five stages of real-estate grief,” the report stated.
The market first went through denial, with sellers refusing to believe that their property couldn’t fetch the price they had in their heads.
Then it went through frustration with marketing, with sellers believing that advertising more would entice buyers.