The Marcelle Minute 9.30.25
The Marcelle Minute
A short, weekly update created forfirst-time homebuyers and current homeowners. It’s designed to give you themost important housing market news in just a few minutes—without the confusing jargon or overwhelming charts.
Current market trends in NYC and the tri-state area (rates, rents, sales).
Actionable tips for buying, owning, or refinancing a home.
Practical homeowner know-how—from budgeting to maintenance hacks.
A quick “Word of the Week” so you learn real estate terms step by step.
Keyword of the Day:Broker
A broker is a licensed real estate professional who helps people buy, sell, or rent homes. Think of them as the “guide” through the entire process. They don’t just find listings—they also help negotiate, explain contracts, and connect you with lenders, inspectors, and attorneys. In New York, brokers are especially important because the market moves quickly, and the paperwork can be complicated. A good broker saves you time, stress, and often money.
Market Breakdown
Mortgage rates in New York have dipped to some of the lowest levels this year, with many lenders offering around 5.875% for a 30-year fixed loan. That’s great news for first-time buyers—it means lower monthly payments compared to just a few months ago.
But lower rates don’t mean homes are cheap. The median sale price in Manhattan is about $868,000, and homes are selling in about 55 days on average. In places like Brooklyn and Queens, demand is strong, so homes that are priced fairly can sell fast—sometimes in just a few weeks.
Here’s what that means for you:
If you’re serious about buying, get pre-approved now. Sellers want proof that you can secure financing before they’ll take your offer seriously.
Start exploring neighborhoods where inventory (the number of homes for sale) is rising—more options mean less competition.
Pay attention to your monthly budget, not just the sale price. A $20,000 difference in price matters less than even a small change in the mortgage rate.
Homeownership Tips
Interview your broker. Ask how many deals they’ve closed recently, what neighborhoods they specialize in, and how they’ll help you compete in a fast market.
Be realistic about closing costs. These are fees due at the end of your purchase (lawyer fees, taxes, title insurance, etc.)—often 3–5% of the purchase price. Plan for them so you’re not blindsided.
Learn the local market rhythms. In NYC, fall often brings a rush of new listings as sellers want to close before year-end. Use that timing to your advantage.
At the End of the Day...
Buying your first home can feel overwhelming, but having the right team—and the right knowledge—makes it possible. If you’re ready to take the first step, or even if you just want clarity on how much you can afford, I’m here to guide you through it.
If you’ve been thinking about stepping into homeownership, now is the time to talk it through. Referrals are always welcome, and if you’re ready to explore your options, let’s schedule a consultation call today. Stay tuned—more updates are coming your way every week.
