Sellers' Beware! It's A Buyer's Market
For the past decade sellers had the power in the NYC real estate market. No longer can sellers dictate every aspect of the transaction. No financing contingencies, shopping around offers, listing brokers double ending deals are no longer the norm.
Currently buyers have the upper hand. Buyers are putting in low offers and they are getting countered. Developers are offering incentives and are marketing value rather than luxury.
Buyers are putting in multiple bids on several properties just as sellers were accustomed to receiving multiple bids and playing buyers against each other.
It won't last for ever as real estate goes in cycles. It is however the best buying opportunity since the early 90's. I remember the last buyer's market well since I bought a new apartment in 1989 right before the market turned.
For buyers that have been looking for a long time but have been trigger shy now is the opportunity to finally get that lower price with favorable terms - but please be realistic. Pay attention to comps. Know what you're asking for and what you're getting.
For sellers motivation is key. Your apartment has a lot of competition. Make it stand out from the crowd. Be flexible and consider all reasonable offers.
Buyers: Click here to receive current Manhattan listings.
Sellers: Click here to find out how much your apartment is worth in today's market.
Currently buyers have the upper hand. Buyers are putting in low offers and they are getting countered. Developers are offering incentives and are marketing value rather than luxury.
Buyers are putting in multiple bids on several properties just as sellers were accustomed to receiving multiple bids and playing buyers against each other.
It won't last for ever as real estate goes in cycles. It is however the best buying opportunity since the early 90's. I remember the last buyer's market well since I bought a new apartment in 1989 right before the market turned.
For buyers that have been looking for a long time but have been trigger shy now is the opportunity to finally get that lower price with favorable terms - but please be realistic. Pay attention to comps. Know what you're asking for and what you're getting.
For sellers motivation is key. Your apartment has a lot of competition. Make it stand out from the crowd. Be flexible and consider all reasonable offers.
Buyers: Click here to receive current Manhattan listings.
Sellers: Click here to find out how much your apartment is worth in today's market.
I think for some it is a good time to buy - some are afraid that prices will go down more - but all in all you can definitely pay a lot less now than you would have a year ago!
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