This month, we discuss current pricing in the market. It seems that Winter has sellers and buyers in somewhat of a holding pattern, and I want to shake things up a bit!
I really am looking for buyers ready to pull trigger on purchasing decisions.
Presently, sellers are not always cutting their asking prices when an apartment has been on the market for a while. Further, sellers are still pricing their newly listed properties at prices that buyers aren’t happy with. That is, prices are higher than buyers expected at this point.
Sellers are keeping an eye on negotiation. But in speaking to them, sellers are, more now, open to selling at lower prices than you think. I’ll tell you why.
First, inventory remains low. Sellers still are holding onto the idea that they may have a property that will outperform the market. A lack of inventory may help their cause. I understand this notion. However, inventory, even in areas like the Upper West Side, is up across all of Manhattan. The numbers do not lie.
Despite this inclination to price with room for negotiation, sellers also have a rational fear of what the Spring market holds. What I mean is this- If this spring we finally see an abundance of property to market, sellers realize they will have even more competition for lethargic buyers.
It is taking time, due to this plodding pace and this expectation gap between buyers and sellers, for new market levels to be found.
The important thing to keep in mind through all of this psychology is this: Despite what buyers think about current asking price levels, very few sellers are putting property on the market just to “test” it. Indeed, they are real sellers.
So let me be the first to tell buyers- Don’t be afraid to make an offer on that property – at a price we determine together to be appropriate. Try not to focus on the asking price- you may be surprised at how the sellers react.
Jump in with both feet! Let me and my team help you find that new dream apartment. The market remains full of opportunities.