Apartment Transactions Survey
While the Federal Reserve’s 50-basis point rate cut didn’t arrive until last week, anticipation for easing monetary policy has been building enthusiasm in the transaction market, evidenced by escalating positivity across our metrics this month. Most importantly, seller supply increased meaningfully, the key factor limiting transaction volume. Lower borrowing costs improved buyer underwriting, acquisition financing availability, and development debt and equity financing accessibility. Less than a quarter of contacts believe the wall of debt maturities will create meaningful buying opportunities, and expectations from earlier this year are likely to fade away. The experts on our multifamily panel at our housing summit two weeks ago expect increased transaction volume as buyers and sellers come into the light of a clearer outlook for the drivers of an efficient market.
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