BrokerageIndustry News

New York buyers play by new rules

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This article is reposted with permission by The Real Deal. View the original article. By CANDACE TAYLOR NEW YORK -- It should come as no surprise that resale brokers are reporting an uptick in activity after a slow summer. But there has also been an uptick in sales in the new condo market, which has been notoriously sluggish for the last two years. How can this be, in today's still-difficult lending environment? One answer, experts say, is that buyers are exhibiting a drastic shift in attitudes toward getting a mortgage. While lenders still require larger downpayments and reams of paperwork, buyers, it seems, have come to expect lending complications and are no longer being scared away. "Buyers are not as worried about getting financing," said Rich Bouchner, the owner of Bouchner & Co. Real Estate, and as a result, "people are buying instead of looking." Meanwhile, the industry has also changed its tune: La...