The first quarter of 2018 is over and the numbers are in: Brooklyn prices continued to set records amid a drop in the overall number of sales. Manhattan sales numbers dropped even more dramatically, accompanied by a drop in median price.
Brooklyn prices continued to set records amid a drop in the overall number of sales.
Though the new tax plan may be giving some buyers more reason for pause, other factors, like the need for more space for growing families, a desire to live within a certain neighborhood, job relocation, etc., continues to motivate purchases. There is still a high demand for homes and little inventory, which has historically translated into prices rising steadily, but we may have finally reached a point where buyers are willing to wait out the market to a certain degree.
Rather than a heated bidding war after the first weekend, the new norm is a trickle of offers. Buyers can be more hesitant to follow through and are more apt to negotiate terms and/or walk away if their needs aren’t met, but it’s still not a buyer’s market and for desirable property, competition is still fueling above-ask bids.
It’s still not a buyer’s market and for desirable property, competition is still fueling above-ask bids…Lowball offers are not necessarily effective.
For Brooklyn sellers, with available inventory selling faster and at higher prices, it is still a good time to sell. Pricing your home appropriately for the market is more critical now as you don’t want your listing to face multiple price cuts and appear stale. Staging and marketing is even more important to ensure your home stands out as highly desirable. Our goal is to convey a lifestyle within your walls that creates a sense of urgency as soon as buyers walk in the door, so that we can bring you multiple bids and ensure a quick and easy sale.
Staging and marketing is even more critical to ensure your property stands out…
For buyers, the market remains competitive and lowball offers are not necessarily effective. Negotiations might be more possible for new condos in the $1.5M+ range as developers compete for buyers, and in the high-end $4M+ market where inventory is currently superseding demand, but sellers will also be hesitant to accept what they might consider a below market price.
Determining the “right” price for selling or purchasing a home is part analytics and largely a matter of experience; it’s more an art than a science. If you’re feeling puzzled about your right price or how to make your home look amazing for a sale, use the below form to contact me. Pricing and staging consultations are always on the house (pun intended)!
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