As usual, Labor Day marked a pick-up in sales inventory after the typically slow summer. The seasonal increase should lead to more opportunity for buyers and more sales. According to Noah Rosenblatt, founder of UrbanDigs.com, a website that tracks Manhattan’s inventory in real time, post-Labor Day sales inventory is on par with last year, when there was a 12.5% increase in listings from the beginning of September to October.
During the week after Labor Day this year, 560 new sales listings were added, representing a 4.5% inventory increase.
But those looking to buy are facing several challenges: Banks are relunctant to loan money to those without extremely strong credit, and in some cases they’re looking for a 30% down payment. For those with flawless credit and a good chunk of change to put down, however, now might be a very good time to buy.
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