No Supply Problems, No Demand Problems….Do we have a Pricing Problem?
The Year is ended with some good news in the world, and NYC Residential Real Estate is no exception. We don’t seem to have supply problems – plenty of apartments for sale, though that number is shrinking- and will encourage more sellers to sell. We don’t seem to have DEMAND problems, as the number of transactions is increasing every month. Heck- luxury sales over $4mm is actually HIGHER than in 2019. All we seem to have is a PRICING problem.
The Pricing Problem
If sellers are priced to the market, within 3-4% of where the market value is, they will get showings, offers, and deals. If they are over that level, they may not even get viewing requests.
It’s binary right now. While that is frustrating for sellers, it’s nevertheless encouraging. We have deals coming together, and seemingly more every month!
2020 Is Over. 2021 Looks Very Promising, Indeed. Here’s to You! Your Health! To the Real Estate Market’s Health. And to a brighter future. New York City is Alive, indeed!
You can check out all of my musings about the New York City Residential Real Estate Market by heading to my YouTube Page and Subscribing. Thanks and Happy New Year! -Scott