These are actual headlines from Broker-to-Broker email solicitations. For buyers, such words were fantasy just a few short years ago. Such words have also awakened the serious buyers who are recognizing the opportunity at hand.
Whereas overall geopolitical sentiment remains uncertain and unpredictable, the predictability of Manhattan's residential marketplace is becoming clearer. With not much, if any, more room to drop, deals are beginning to be consummated. These deals are a result of the irrefutable positive market dynamics for buyers.
It’s arguably Manhattan’s best buying opportunity in our lifetime.
Find out what's happening in New York Cityfor free with the latest updates from Patch.
Here’s why…
Listing inventory has doubled since January 2015.
Find out what's happening in New York Cityfor free with the latest updates from Patch.
Meaning : you have TWICE as many choices as before.
Homes are staying on the market TWICE as long since 2015.
Meaning : properties are more negotiable and you actually have TIME to
negotiate.
Interest rates have dropped more than an entire point in the last year.
Meaning : You can borrow over 13% more right now.
These are market conditions that buyers literally fantasized about:
"If only I had more choices."
"If only I had time to think through this and have a meaningful negotiation with the
seller."
"If only I had been looking when interest rates were lower..."
"I missed my chance....etc. "
NO!!!!....Now is your chance. Buyers have a tendency to want what everyone else wants (or has), at a time when there is more competition to get it, when conditions are far less favorable, resulting in a much higher price to obtain it. Why is that? Anyone, with a 5-7 year time horizon, who buys in the next 12 months, by the culmination of next year's election cycle, will ultimately prove to be a genius.
Again...
Meaning : These market factors make it the best buying opportunity, in Manhattan,
in our lifetime, especially if you want to upgrade!
For those who want really want a deal, consider engaging before the end of the year, when the majority of buyers check-out or wait for bonuses. Watch, you'll have the seller's ear more so than ever before.
QUESTION:
Are you prepared to dive in? You should always know what you are in a position to buy or sell at all times. If you don't know, reacquaint yourself with the marketplace. What is your property worth? What can you afford to buy? Anyone interested in buying or selling, should be rolling up their sleeves to determine whether the time is right to sell or if there's a home or investment property out there for them.
Roberto Cabrera
Licensed real Estate Broker
Brown Harris Stevens
212.906.0554
rcabrera@bhsusa.com
Your City, Your Broker...
#YourCityYourBroker #NewYork #Manhattan
This post is an advertorial piece contributed by a Patch Community Partner, a local sponsor. The views expressed in this post are the author's own.
For more about Community Partner, click here.