Hi everyone,
It's hard to speak about the market as a whole now, but I can speak from direct experience with our own Jackson Heights portfolio.
Recently, most (not all) our properties traded with a 20-30k discounts in comparison where they would have traded before the pandemic. They all started listed at pre-pandemic prices. Some sellers also adjusted pricing in 20-30k range. As more properties sell and come on/off market, we will be able to tell IF we are on continuous downward trajectory OR the 20-30k range is the extent of the COVID era market correction.
Ahead of us are elections, hopefully a vaccine and what will ultimately be the post-vaccine economic report. These are all moving parts that based on outcome, will move the market needle.