Happy New Year, everybody!
As we wrap up another year helping home buyers and sellers navigate the complexities of the NYC real estate market, and saving them real money with our real estate broker commission rebates and discounts, I would like to extend a personal thank you to all of you for continuing to refer your friends, family, colleagues, and others in your networks to Digs. Without you, we wouldn’t be here doing what we do, and I’d probably still be toiling away as a real estate lawyer somewhere.
The big news that has everybody’s attention these days is tax reform and what it will mean for the NYC real estate market. While there has been no shortage of doomsday predictions, in the wake of the initial release of the House and Senate plans, that caused many buyers to think twice about a home purchase and put off their search, the effects of the tax legislation will not be immediate, and we will need to wait and see how the market responds. The bill has a number of nuances and complexities that are more appropriate for a tax professional’s analysis (make no mistake, we at Digs are NOT tax professionals and have been reading everything possible to better understand the law for our clients and us :-), but for our musings on the tax bill and what it means for the NYC real estate market, check out this article we just published.
The market has slowed down somewhat over the last couple months. Part of this is seasonal, as November, December and January are historically the slowest months for residential real estate (with the recent exception of January 2017), but part of it can also be attributed to the uncertainty many buyers have about where the market is going to go in the wake of the new tax bill. Closed sales and contracts throughout NYC are lower, while inventory continues to climb. Here are some interesting statistics, comparing Q4 2017 to Q4 2016 in Manhattan:
Now that tax reform has been signed into law, we believe that the market will continue to chug along at a softer pace than we have seen in the past few years. Once the effects of the bill have filtered through the market (states are already working hard to figure out an end run around the new tax bill), less and less uncertainty will drive buyer behavior, and a new baseline will be established from which the market will advance.
Digs News – Real Estate Broker Commission Rebates and Discounts
We just completed a year that far exceeded our expectations, closing 41 purchase and sale transactions, including our largest transaction to date (an incredible $8.7MM carriage house in Brooklyn Heights). We also saved our clients in excess of $850,000 this year in commission rebates and discounts! On top of that, we are taking 18 signed contracts (in excess of $30MM collectively) with us into 2018!
On Tuesday, January 9th, we will be doing another of our first-time homebuyer panels for NYC Cornellians, the local Cornell University alumni group. These seminars always sell out, but we still have a few spots left for this one. All are welcome, so please feel free to invite anyone you think might like to attend! Learn more & Register »
We also have some amazing apartments currently listed for sale – check out our exclusive sales listings below!
We are again looking to bring on agents to assist us in servicing our expanding client base and build a business of their own within the Digs framework. We are looking for agents of all levels of experience who are:
- committed to serving clients with honesty and transparency,
- looking to hit the ground running by getting immediate hands-on exposure to the most active and interesting segments of the residential market,
- interested in working on a high-volume real estate sales team, and
- open to working on an alternative platform.
If you know anybody who fits this mold, please ask them to check out our website for more information about our innovative brokerage model and what we do, and have them reach out to Dan Gotlieb at [email protected].
We can guarantee that, with Digs, new agents will learn more, more quickly, than with anyone else in the NYC brokerage community.
Check out our currently available listings. Please be in touch if you’re interested or forward them along to anyone you know who might be!
Upper West Side
107 West 86th Street, 14H
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10 West 15th Street, 723
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201 East 28th Street, 5G
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453 West 43rd Street, 3A
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Digs Realty is a full-service residential real estate brokerage company specializing in home purchases and sales in New York City. Clients working with Digs on a purchase are eligible for a rebate of up to 2% of the purchase price, and clients working with Digs on a sale are eligible for reduced commissions.