The housing market is under pressure from high interest rates and low inventory. Jessica Markowski, the Serhant real estate agent featured in Netflix’s "Owning Manhattan," sits down with Alexandra Canal to discuss the current state of the housing market and how buyers are navigating high prices.
Markowski expects an interest rate cut to come in September as inflation continues to cool, bringing relief to some buyers turned off by high mortgage rates. She explains, "We're expecting interest rates to drop. I think everyone's really optimistic. There's not a lot of inventory on the market right now, but there's still a lot of great inventory out there. But we're hoping that come September, we're going to have a little decrease."
Many of the buyers on "Owning Manhattan" are wealthy individuals who - despite often buying homes in cash - hold firm in negotiating. Markowski stresses the importance of agents in the home buying process, saying, "We find this to be a beautiful craft and we've figured out a science to how we're negotiating. And we are that middleman to really help our client to get the best deal possible."
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