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With new inventory due to hit the market in the coming weeks, we can expect to see a little more negotiability given the increase in supply. As I mentioned last week, NYC real estate enjoyed an unusual high-level of sales activity all summer long, which not only led to a decrease in inventory but a gradual increase in pricing—putting added pressure on buyers to act quickly.

With the median sales price of condos and co-ops rising to their highest levels in the 2nd quarter, buyers who had been sitting on the fence began to scramble before prices increased further. This also led to some buyers seeing this as an opportunity to increase their prices. However, sellers should recognize that with the market becoming slightly more competitive as inventory levels are soon to increase, they must be willing to negotiate and in some instances, decrease their price.

Also important to note is that the resale market experienced a slight dip in contracts signed in August compared to the previous month. New development sales, on the other hand, saw an increase in contracts signed, meaning buyers in recent months have been leaning toward new homes. This doesn’t necessarily take the edge away from resales, as they still performed better than new development sales.

With that in mind, sellers looking to list their homes should take into consideration that 1) more buyers are now looking at new developments and 2) competition is about to increase later this month. Strategic pricing has never been more important, not to mention, preparing a home to stand out in a saturated market.

Added to this, buyers represented by a savvy broker know that there will soon be a myriad of options available on the market, but that prices are only going to get higher in the months ahead, so it is in their best interest to act quickly. Whether you’re looking to buy or sell soon in the next three to six months, let’s talk to make sure you’re on the right path.

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Serjik ( Serj ) Markarian
Lic. Assoc. R.E. Broker
212.796.6110
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My business is proudly built on referrals. Who do you know that I can help find their perfect home?
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