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How Has Politics (Anything From the Trade War to Local Housing Regs) Impacted the Nyc Residential Sales Market? And How Significantly Has Politics Impacted the Market as You...

Martin Eiden Team | October 28, 2020



From my perspective, this is the first real estate downturn I have been (I've been doing this for 20 years) that is mainly caused by politics. I feel like I'm in a banana republic!
 
Buyer anxiety is at great recession levels. As such, 3 out of the 4 groups of buyers are on the sidelines.  They are as follows:

  • International buyers. In short, they do not feel welcome here. In fact, I'm helping them get money out of the country ASAP...selling at losses. They are buying in the EU.
  • Domestic pied-a-tier buyers. While they may be wealthy, they do not feel good about the future. They are not buying big-ticket luxury items such as second homes. They are staying in hotels instead.
  • First time home buyers in their 20s-40s. They have good jobs and make good money.  But they don't feel good about the future. They are renting and saving. They have a wait and see attitude.

The only group that are buying is the "must buy now crowd." The classic example is a couple with twins expecting. They live in a studio and need a 3-bedroom asap.



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