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Developers, brokers wield mortgage buydowns to cut through high rates

New York City’s real estate market is witnessing a rising trend in mortgage rate buydowns, a strategic move by developers and brokers to enhance property appeal. This innovative approach, wherein sellers cover a portion of the buyer’s mortgage interest for a certain period, offers a fresh alternative to traditional price cuts. Initiatives like Extell’s at One Manhattan Square, offering a 2-point rate reduction for three years, exemplify the successful implementation of this method. As the market evolves, mortgage rate buydowns are becoming a significant tool in the arsenal of real estate professionals, demonstrating adaptability and client-focused innovation in the vibrant New York City property landscape.

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