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The summer heat is upon us. Rising interest rates, rental bidding wars, rising inflation, and of-course, hot temperatures give a lot of reasons to skip the open houses and go to the beach instead!

Before we get into all of that... a moment to toot

Real Trends/Wall Street Journal came out with their top individual agent rankings:

Thanks to our clients and friends for choosing to work with us. On that note, all of the (10) Kantin Team listings that we launched this spring are in contract or sold (hooray!), so we're spending our summer right and studying the market for the fall. With this in mind, we're including some great beach reading for you. Feel free to give us a call anytime and I'll give you the skinny on my predictions.

First: The NYTimes does a great job of articulating the experiences and concerns of the real estate market below:

NYT: What’s Up With the Crazy Housing Market?

Rising mortgage rates. Faltering home sales. Skyrocketing rents. Here’s how to make sense of a baffling real estate market

After a two-year boom, the United States housing market finds itself at a pivotal moment — but pivoting to what, exactly?

This spring should have been a busy time for home sellers. Instead, the season was a dud, stalled by a dramatic spike in mortgage rates that stunned even industry experts with its chilling effect on the market.

The frenzied environment we had become accustomed to — with its eye-popping price increases and bidding wars that left buyers dejected and sellers giddy — suddenly seemed to be a thing of the past. While buyers stood on the sidelines, recalculating their much larger mortgage payments, sellers began to realize that offers of $100,000 or more over asking might not be forthcoming.

And over in the rental market, it’s “The Hunger Games,” as rents skyrocket and would-be renters in cities across the country compete with dozens of other applicants.

But prices are unlikely to collapse — in part, because inventory is still low, and there are more people who want homes than there are homes to buy. Although inventory of active listings increased by almost 19 percent in June from a year ago, it is still down by 53.2 percent from 2019, according to Realtor.com.

“People waiting for home prices to fall are probably going to be disappointed,” Mr. Sharga said. “This is not 2008 all over again — we’re not looking at a housing bubble.”

The rental market is still in a boom. With above-asking offers (yes, on rentals!) and an over-saturated tenant pool, rents are still on the rise. Halfway through the year, and we're seeing many tenants renewing their leases in the current market. With rising interest rates, construction of new homes may be slower, and would-be buyers, may stay in the rental pool... all meaning that high rents may be here to stay.

34 N. 7th Street, #PH-2B

[Off Market]

Email to inquire | 2 Bed / 2.5 Bath | 1,739 SF | 843 SF (Outdoor) | Williamsburg Waterfront

Music: Celebrate Brooklyn!

Launched in 1979 to bring the borough together, the BRIC Celebrate Brooklyn! Festival was an early anchor in the park's revitalization and has become one of the city's foremost summer cultural attractions.

All BRIC Celebrate Brooklyn! Festival performances are free! The festival attracts upwards of 200,000 attendees from across New York City to the Prospect Park Bandshell each summer.

Music: Summerstage Manhattan!

Returning with a full season of shows this year, SummerStage will celebrate New York’s revival and the festival’s return to Central Park and 12 local community parks across the city celebrating culture at a time when neighborhood parks have never been more crucial to the city’s wellbeing. The season will once again showcase established and emerging artists, presenting distinctly New York genres including salsa, jazz, hip-hop, indie rock, reggae, Afrobeat, soul, pop, global, contemporary dance, and many more.