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March 16, 2023
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March 16, 2023
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New Yorkers Are Staying in Their Homes Longer

Weighing in is economic uncertainty and post-pandemic rate hike

Riccardo RavasinibyRiccardo Ravasini
Affitti calmierati, più case e meno senzatetto: il piano di Adams per New York

Chrysler Building, New York (Foto di Terry W. Sanders)

Time: 1 min read

The pandemic has significantly impacted many aspects of daily life, including the real estate market in New York. According to a study conducted by Point2, the average length of homeownership has increased from 7.1 to 8.1 years from 2019 to 2022.

This trend is attributed to several factors. Firstly, many homeowners have benefited from long-term fixed-rate mortgages at very favorable rates. This has allowed them to have a level of financial stability and security that has reduced the need to sell their property quickly. Additionally, the pandemic had brought a lot of uncertainty to the real estate market, prompting homeowners to hold onto their properties rather than go on the market when it was unclear what would happen.

Furthermore, the recent rise in mortgage rates may impact the decision to sell, as the increase in rates has made mortgages less attractive and made it more difficult to access real estate credit. This has led many people to forgo selling their properties and stay in their current homes for a more extended period of time.

In conclusion, although there are several reasons why the length of homeownership has increased in New York, it is crucial to monitor this trend to understand the potential long-term implications carefully.

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Riccardo Ravasini

Riccardo Ravasini

Riccardo Ravasini è cresciuto in Italia, dove si è laureato in economia all’Università Bocconi di Milano. Dopo il trasferimento a New York, si è subito fatto affascinare dal settore immobiliare. La passione per il Real Estate unita all’esperienza e alla professionalità acquisita negli anni ha fatto sì che Riccardo sia diventato un punto di riferimento per i suoi clienti sia italiani che americani. Affiliato al network Compass Riccardo oltre che a New York è attivo anche nel mercato immobiliare di Miami. Riccardo Ravasini is a residential real estate agent based in New York City. Since 2008 he has led and managed an array of transactions and consulted a diversity of clients – from young professionals and families to individual investors, estates, corporations and more. In 2013, Riccardo became an active realtor in South Florida; his team offers investment properties in the Miami and Ft. Lauderdale markets to clients from all over the U.S. and the world. Riccardo is a graduate of Bocconi University.

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