Episode 54: Listen Up Home buyers – Navigating the New York City Real Estate Market

Episode Summary

Episode Notes

In this episode of Listen Up Homebuyers, host Victoria Ray Henderson speaks with Gea Elika, a seasoned real estate broker in New York City. They discuss the current state of the real estate market, focusing on the challenges faced by home buyers, particularly first-time buyers, in a fluctuating economy. Gia shares insights on the luxury market, off-market opportunities, and the complexities of co-op living in NYC. The conversation also touches on the evolving role of AI in real estate, emphasizing the importance of human expertise in navigating the market.

Takeaways:
-The New York City real estate market is experiencing mixed signals.
-Luxury buyers are currently more active due to available stock.
-First-time home buyers face challenges with limited inventory and high interest rates.
-Off-market properties require buyers to be prepared to pay a premium.
-Co-ops are a unique form of ownership that requires thorough vetting.
-The co-op application process is rigorous and can be subjective.
-AI can assist in real estate but cannot replace human insight and experience.
-Understanding the nuances of co-ops versus condos is crucial for buyers.
-Market conditions are influenced by broader economic factors like tariffs and interest rates.
-Managing buyer expectations is key in a competitive market.

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