Manhattan's residential real estate market has caught fire over the past couple of months, relative at least to recent years. The surging stock market, lower interest rates, and release of pent-up demand after the election, have stimulated buyer interest, especially at the high end.
Here's how I'm advising my clients - based on the conditions of their particular micro market and subject, of course, to their unique needs:
Sellers:
- We are in an environment where aspirational pricing is generally unsuccessful. Price competitively to avoid deeper discounts later. Seasonally slow deal activity from now through late February makes smart pricing imperative.
- Offer a generous buyer broker commission package to motivate our sales force - the buyer brokerage community.
- Showcase your home by making necessary (and especially minor) repairs, strategically staging, cleaning-so-it-sparkles, and marketing innovatively.
- We are in an environment where aspirational pricing is generally unsuccessful. Price competitively to avoid deeper discounts later. Seasonally slow deal activity from now through late February makes smart pricing imperative.
- Offer a generous buyer broker commission package to motivate our sales force - the buyer brokerage community.
- Showcase your home by making necessary (and especially minor) repairs, strategically staging, cleaning-so-it-sparkles, and marketing innovatively.
Buyers:
- There are deals to be had. Consider listings lingering on the market for over 180 days and properties that aren't move-in ready.
- Understand that there will be less negotiability and higher competition for well-priced, move-in-ready homes.
- There is likely to be increased competition from springtime buyers flush with year end bonus money.
- Be prepared to act quickly with a pre-approval letter, proof of funds, a completed financial statement and a residential real estate lawyer fully familiar with Manhattan coops and condos.
- There are deals to be had. Consider listings lingering on the market for over 180 days and properties that aren't move-in ready.
- Understand that there will be less negotiability and higher competition for well-priced, move-in-ready homes.
- There is likely to be increased competition from springtime buyers flush with year end bonus money.
- Be prepared to act quickly with a pre-approval letter, proof of funds, a completed financial statement and a residential real estate lawyer fully familiar with Manhattan coops and condos.
As I read this advice, I realize that most of these tips are universally timely. The more things change, the more they stay the same....
