As the summer heat hit its apex in late July and early August, so did housing prices in Manhattan. We noted in a post at the end of July that the luxury housing market was overheating due to softening demand and a robust supply of apartments and townhomes in New York City. Because of this, properties worth $2 million and more were taking longer to sell.
Indeed, the fall of 2016 is definitely not like the same period in 2015. Gone are the days where a $2 million apartment would go on the market, and buyers would line up to offer 20-25 percent more than the asking price.
Unfortunately the softening market has not reached homes worth between $500,000-$600,000. But getting what used to be a $2 million property for $1.4 is still considered a good deal. With that in mind, buyers and sellers will have to change their strategies.
For sellers, chances are that they will have to enlist the services of more than one broker, according to a recent nytimes.com report. Essentially, not every broker will look at a property in the same manner, so they will likely suggest different price points. Also, not every broker has the same clientele, so the broader range of the buyers, the better the chance the property will sell.
Also, having an experienced and knowledgeable real estate attorney on your side could make a difference. An attorney can help in evaluating offers and help avoid the pitfalls that could sink the sale.
If you have questions about residential real estate purchases or sales in New York City, we encourage you to contact us.