The New York City real estate market has definitely changed. To some it may seem to be a buyer’s market, but sellers can often still achieve a strong sales price, as long as they are “price sensitive” when listing. In this month’s issue of The Real Deal, Jonathan Miller, one of the leading Manhattan real estate appraisers, sums the issue up nicely:
Once [sellers] are anchored to an unrealistic price, it can take them a couple of years to see the light.
The stats speak for themselves. According to The Real Deal,
In some instances, brokers said that even a tiny price reduction can spark interest in a property. Occasionally, price reductions lead to bidding wars.
Buyers are still in for a bidding war, as long as they perceive value! My recent sale at 145 East 15th Street had several offers and is in-contract just under the ask price after only one week on the market. My sellers were realistic and knew when to compromise in order to make the sale.
For the full article, click here.