A few months ago, New York City's real-estate market was on fire, with no signs of slowing down.
But that's changed as inflation continues to rise, federal interest rates spike, and construction costs climb — making it extremely expensive to purchase a home.
I can't say I didn't see this comingThe market frenzy earlier in the year was largely driven by lower interest rates making home ownership more affordable.
The real-estate market requires flexibility and patience, so that's what I'm focusing on right now.
Time has repeatedly shown us that the real-estate market is cyclical, and at some point, it will turn, for better or worse.