I’ve written about how buyers have gotten a bit accustomed to TV shows, where every house in Waco, Texas looks like a West Elm catalog. In the case of New York City, buyers have started to see more, more, and more staged apartments.
West Elm Goes to Texas
The expectation then becomes that every apartment is renovated, ready for instagram. In reality, the photos are great, but the apartments need work. Further, this generic look begins to wear on buyers, who are already being bombarded by bad news, and low mortgage rates, and this sense that there’s another shoe to drop in the stock market.
For a while, I thought about this as “buyer fatigue,” in that buyers simply kept not finding what they were looking for and had expectations that were too high. And buyers were getting frustrated by inventory and pricing. However, I’ve had a growing sense that buyers actually may be more ready to move forward than they were in the last couple of quarters.
Since mortgage rates have moved almost 20% up in the last 2 months, and there’s been plenty of sales volume at amazing prices that was recorded (and is public record)- and we’re seeing that buyers who make lowball offers do eventually “get it” that prices are already incredibly value-laden. There’s a chance that even more buyers will finally see the opportunity that’s right in front of them.
And right now, instead of buyer fatigue, I think the market is actually suffering from BROKER FATIGUE. Which is an opportunity, truly an amazing one, for buyers.
Listing Agents, aka “Listing Brokers,” are actively marketing at volume 11 at all times. Way too many open houses, broker events, food events, anything to capture eyeballs. With a slower pace and lack of lots of offers, brokers and sellers can easily get disheartened, and the disconnect between seller/agent expectations and reality creates an opening for buyers. The result is great opportunities, though there are almost too many choices for buyers.
Our apartment marketing goes to 11, my friends. ELEVEN.
What am I trying to say? As a buyer, if you have the stomach to see 5-10 properties per week, and are willing to make offers guided by an advisor/agent, you will CERTAINLY find at least one seller willing to engage at a great price. You just have to know when that opportunity is right in front of you, and certainly work with a buyer agent who is ready to run that marathon with you!
Right beyind broker fatigue, is seller fatigue, and behind that? A great story when you move into your great apartment. Call us! We’ll tell you what VISIONARY BROKERAGE is all about!