The summer is a time to recharge the batteries. In the case of the Manhattan and Brooklyn markets, it may also be a time to get really amazing deals. I’m thinking about how mortgage rates are likely to come down, inventory is slightly up in most places, and prices are slightly down from a year ago. There is still strong demand for well-priced property, and buyers can buy is slightly better prices, with more buying power due to lower mortgage costs.
We went to contract with record prices in two Upper West Side buildings in the last 6 weeks, and put together two off market deals for buyers actively in the marketplace.
The number of deals in the second quarter is nearly identical to the number in 2018, which speaks to this demand.
I’m also finding the sellers are much more flexible than listing prices might indicate, especially for any properties lingering on the market.
Is everyone a genius?
That is to say, is the “wait and see” attitude that many buyers are taking the sensible one? I’m not so sure that I agree. I’m not going to complain when the market picks up in earnest, but buyers may be surpised at the velocity of the market, too, and wish they had taken a much longer look at the opportunities in this market. -Scott