Fighting Fatigue

It's only February, but we all deserve a vacation.?

I've been working with a buyer for over two years - trying to find them the right home. They're a wonderful couple with two young children and a very healthy budget. $15M.?

They're currently renting and paying a small fortune in rent. Their rental apartment was supposed to be a temporary stopgap measure for a year - but now, almost three years later, they're a few months away from having to re-sign their lease for another year at a steep increase.

I've shown them everything on the market for sale. I've also shown them everything off-market "not for sale." (A new trend).?

The first place I showed them was a beautiful penthouse asking over $20M. It was perfect for them, albeit overpriced. They loved it, and they offered $17M. The seller didn't respond. The property sat on the market, had two broker changes, and traded last week for below the $17M my clients offered for it more than 2 years ago. Very frustrating.?

The interesting thing about this story is that I have a number of clients like these who have had similar experiences. Clients across all price points from $2 million-$50 million.?

All too often, a seller is so paranoid about underselling their home that they overprice it and have to sell for less when the listing becomes stale. In a market with a strained supply, the smartest thing a seller can do is meet the market and use the momentum of a new listing to generate enthusiasm.?

If all of this isn't tiring enough, prices are about to get higher. The housing shortage (across every market segment) continues to shrink, and 2025/2026 will get smaller. ?

According to New York YIMBY, New York City's developers filed 2,744 new building permits, combining more than 71 million square feet. That sounds like a lot, but it won't solve most of my client's problems. Of the 53,000 new residential and hotel units, only about 6,500 will be in Manhattan; many will be hotel rooms and rentals in office to condo conversions in the Financial District. ?

Many economists are projecting that the cost of this housing will skyrocket because of new immigration laws, causing labor prices to go up and the threat of tariffs (whether they happen or not) pushing up the cost of materials. This means that if and when this new inventory comes to market, my buyers will have to pay more for less.?

It's difficult not to get fatigued by all of this, but it's important to remember that being patient and remaining positive increases the odds in your favor.?

Let's do this!?

Shaun