Here’s What the Market Is Actually Doing — And What It Means for You A March 2026 Briefing for Brooklyn and Monmouth County

The spring market looks normal from the outside. Open houses, fresh listings, the usual uptick in activity as the weather turns.

But I’ve been watching three things happen simultaneously that tell a very different story — and if you’re planning to buy or sell in Brooklyn or Monmouth County, you need to know about all three before you make your next move.

Here’s exactly what I’m telling my clients right now.

1. Mortgage Rates: The Window Just Got Smaller

For most of 2026, the housing market was finally catching a break. Rates had been drifting downward since late 2025, and at their low point this year, some lenders were quoting 30-year fixed rates in the mid-5% range — the most borrower-friendly environment since 2022.

Then last week happened.

The conflict in Iran introduced a wave of economic uncertainty that pushed bond markets higher and mortgage rates with them. As of mid-March, the 30-year fixed rate is sitting around 6.35–6.41% — up sharply from where it was earlier this month, according to HousingWire. For buyers who were pre-approved at a lower rate just weeks ago, this shift is real money.

Analysts at Realtor.com are warning that the early-year momentum the housing market was building could stall if rates push toward 7%. We’ve seen this movie before.

What the Numbers Actually Tell Us

•       National median home prices are up just 1.1% year-over-year — a dramatic cooling from the 4%+ gains of a year ago

•       Purchase mortgage applications are still running 10% ahead of last year, which means buyers haven’t given up

•       Nearly two-thirds of 2025 buyers received a discount off list price — the largest seller concessions since 2012

Here’s the local angle that matters most: according to Cotality’s March 2026 Home Price Insights, New Jersey is one of the top-performing states in the entire country right now, with year-over-year price appreciation of 5.6%. And New York City is actually classified as “undervalued” relative to market fundamentals — which some analysts are reading as a setup for a price rebound in 2027.

My take: If you’re a Brooklyn buyer who has been waiting for rates to drop further, that window may have just narrowed. If you’re a Monmouth County seller, you’re sitting in one of the strongest-performing markets in the country — but pricing discipline matters more now than it did six months ago.

2. New York Just Changed the Rules. Here’s What’s Already in Effect.

The 90-Day Rule for Corporate Buyers

As part of New York’s FY 2026 Budget, a law now bars large entities — defined as owning 10 or more homes with $30M+ in assets — from making an offer on a 1- or 2-family home until it has been on the open market for 90 days. Penalties for violations can reach $250,000.

What this means for you: If you’re a seller receiving quick all-cash offers, your agent needs to be vetting who’s on the other side of that contract. Institutional investors can no longer jump the line.

Buyer Representation Agreements Are Now Required

New York State Association of Realtors has aligned fully with the NAR settlement terms. Every buyer’s agent in New York must now have a signed Buyer Representation Agreement in place before or immediately after the first property showing. Commissions are explicitly negotiable and must be clearly disclosed.

If someone shows you a home without having you sign anything first, that’s a red flag worth asking about.

All-Electric New Construction

As of January 1, 2026, most new construction buildings seven stories or shorter must be fully electric — no gas hookups for heating or appliances. If you’re considering a newly built home or condo in Brooklyn, your agent should be walking you through what heat pump systems and induction cooking actually look and feel like in daily life.

COPA: Coming in 2027 — But Plan for It Now

The NYC Council passed the Community Opportunity to Purchase Act (COPA), which gives certified nonprofits a first right to purchase certain qualifying multifamily buildings before private buyers can step in. It’s expected to be implemented in 2027. If you own a multifamily building in Brooklyn and are thinking about selling in the next 12–18 months, this is a law you need to understand now.

3. New Jersey Changed the Rules Too — And One of Them Is Going to Cost Sellers More

The Mansion Tax Just Got Bigger — and It’s Now on the Seller

Signed into law by Governor Murphy in June 2025, the revised NJ Mansion Tax has two changes that affect anyone selling a higher-priced home in New Jersey:

•       Tax rates now escalate for properties over $2 million: 2% over $2M, 2.5% over $2.5M, up to 3.5% for properties over $3.5M

•       The obligation to pay has shifted from buyer to seller, effective July 10, 2025

If you’re selling in Rumson, Colts Neck, Little Silver, or anywhere in Monmouth County above the $2M mark — and there are more of those than people realize — this is real money. A home at $2.5M now carries a $50,000 seller-side tax obligation. This needs to be in your net sheet before you price.

The Consumer Protection Enhancement Act: What’s Now Required

Fully in effect since August 1, 2024, New Jersey’s Real Estate Consumer Protection Enhancement Act has changed the mechanics of every transaction:

•       Sellers must provide a fully completed Property Condition Disclosure form before a buyer signs a contract — no exceptions, including estates and bank-owned properties

•       All agents must use written Brokerage Agreements with every client on every transaction

•       Designated agency is now permitted, meaning two agents from the same brokerage can each represent a buyer and seller in the same deal with full fiduciary duties to their respective client

•       Listing agents must post written disclosure of their representation at every open house

More paperwork, more disclosure, more intentional conversations. That’s good for consumers. It’s also more reason to work with an agent who knows exactly what’s required and doesn’t cut corners.

4. Homes Are Selling Before They’re Listed. Here’s What’s Behind It.

This one doesn’t make the front page, but it’s reshaping how homes trade in competitive urban markets — including ours.

A pocket listing or off-market home is a property sold without being publicly advertised on the MLS or consumer sites like Zillow or Realtor.com. Instead, it moves through private agent networks, brokerage-to-brokerage, or exclusive buyer lists. And it’s becoming more common.

Why It’s Growing

According to the 2026 Swanepoel Trends Report, several forces are pushing more listings off the public market:

•       Large brokerages with dominant local market share have a competitive incentive to keep listings within their own network

•       Some sellers value privacy, speed, and control — especially in high-end markets where a public price reduction carries stigma

•       In markets like Brooklyn and Rumson, where the pool of qualified buyers is smaller and more focused, private marketing can be efficient

NAR’s New “Delayed Marketing” Policy

In March 2025, NAR introduced its Multiple Listing Options for Sellers policy, officially creating a “Delayed Marketing Exempt Listing” category. Sellers can now instruct their agent to delay pushing the listing to public consumer portals for a set window. The listing is still filed with the MLS and visible to agents — just not to the general public online.

Think of it as a private preview period where the seller controls the pace of exposure. Each MLS sets the length of the delay window, and sellers must sign a disclosure acknowledging the tradeoff.

The Compass vs. Zillow Battle

Worth knowing: Compass — which uses a three-phase marketing approach (private → coming soon → MLS) — sued Zillow in 2025 over Zillow’s policy of not publishing listings that bypass the MLS. In February 2026, a New York federal judge denied Compass’s injunction request, meaning Zillow can continue enforcing its standard. The lawsuit continues. This matters to sellers because it determines whether a home that goes through a private phase gets full Zillow exposure when it finally goes public.

What This Means for You Specifically

For sellers: Off-market strategies can protect privacy and test the waters. But data from Zillow suggests homes sold entirely off-market tend to sell for about 1.5% less than comparable MLS-listed homes. The smart strategy — for the right property — is often a private preview followed by a full public launch.

For buyers: If your agent isn’t connected to private networks and off-market inventory, you may be missing homes that never appear on Zillow. In Brooklyn, the most desirable homes in Bay Ridge, Carroll Gardens, and Cobble Hill often move quietly. Access is everything.

Frequently Asked Questions

I get versions of these questions from clients every week. Here are my straight answers.

Q: Are mortgage rates going up or down right now?

A: Both, depending on the week. Rates hit multi-year lows earlier in 2026, then spiked back to 6.35–6.41% in mid-March due to uncertainty tied to the Iran conflict. The trend is volatile right now. If you’re waiting for rates to drop before you act, you may be waiting longer than the market will let you.

Q: Is it a good time to buy a home in Brooklyn in 2026?

A: Yes — if you’re financially ready and in it for the medium to long term. Sellers are offering more concessions than at any point since 2012, inventory is slowly improving, and NYC is considered undervalued by analysts relative to market fundamentals. That’s a combination that doesn’t last forever.

Q: Is it a good time to sell in Monmouth County?

A: New Jersey is one of the top-performing housing markets in the country right now, with 5.6% year-over-year appreciation. Demand is real and inventory is still tight in most of Monmouth County. The key is pricing accurately from day one — buyers are more informed and less forgiving of overpriced listings than they were two years ago.

Q: Who pays the NJ Mansion Tax now — buyer or seller?

A: As of July 10, 2025, the obligation shifted to the seller. And the rates went up for sales over $2 million. If you’re selling a higher-priced home in Monmouth County, this needs to be factored into your net proceeds before you set your list price. It’s a number that surprises people who haven’t been updated.

Q: What is an off-market or pocket listing, and how do I access them?

A: An off-market listing is a home for sale that never gets publicly advertised on the MLS or sites like Zillow. It sells through an agent’s private network. The only way to access them is to work with an agent who is actively plugged into those networks. If you’re a buyer in Brooklyn or Monmouth County and you want access to what’s not on Zillow, let’s talk.

Q: Do I need to sign a Buyer Representation Agreement before seeing homes in NY or NJ?

A: Yes, in both states. New Jersey has required it since August 1, 2024 under the Consumer Protection Enhancement Act. New York followed through alignment with the NAR settlement. The agreement outlines your agent’s responsibilities and how they’re compensated. It’s actually a good thing — it protects you and clarifies the relationship upfront.

Q: What is COPA and should Brooklyn property owners be paying attention?

A: COPA — the Community Opportunity to Purchase Act — gives certified nonprofits a first right to purchase certain qualifying multifamily buildings in NYC before private buyers can step in. It’s expected to be implemented in 2027. If you own a Brooklyn multifamily building and are thinking about selling in the next one to two years, I’d have a conversation about your timeline sooner rather than later.

Q: How do I know if a home is being sold off-market before I even know it’s available?

A: You don’t — unless your agent does. This is one of the most honest things I can tell you about the current market. The buyers who win in Brooklyn and Monmouth County often know about properties days or weeks before they go public, because they’re working with agents who are networked into those conversations. It’s not magic. It’s relationships.

The Bottom Line

The spring 2026 market is not simple. Rates moved in your favor for a while and are now testing higher again. Albany and Trenton have both made significant changes to how transactions work. And the playing field for finding — and marketing — homes has shifted in ways that aren’t visible unless you’re inside the industry.

What hasn’t changed: buyers and sellers who are well-informed and working with the right people will always have an edge.

I’d love to be that person for you. Whether you’re thinking about buying in Brooklyn, selling in Monmouth County, or you just want to understand what’s actually happening in this market — let’s talk.

Laurie Savino Licensed Associate Real Estate Broker | The Corcoran Group Certified Negotiation Expert | Corcoran Luxury Agent Brooklyn, NY & Monmouth County, NJ

📞 Ready to talk? Reach me at savinoteam.com | Serving Brooklyn & Monmouth County