Coronavirus providing ‘great opportunities’ in NYC real estate: Ryan Serhant
Serhant founder and CEO Ryan Serhant on how the coronavirus outbreak has changed the housing and real estate markets.
The pandemic isn’t stopping homeowners from splurging for luxury real estate.
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High-end home sales surged 42% in the third quarter compared to 2019, the largest increase since 2013, a new report from real estate brokerage Redfin found.
“The luxury housing market normally takes a hit during recessions as wealthy Americans tighten their purse strings, but this isn’t a normal recession,” Redfin chief economist Daryl Fairweather said in a statement in the report.
Fairweather says Americans working remotely, along with record-low mortgage rates and strong stock prices during the pandemic, are all prompting wealthy individuals to seek out expensive homes with home offices and spacious backyards in suburban areas. The top 5% of the market, by price, is considered “luxury,” Redfin defined in the report.