Manhattan - Market Activity Uptick
As we are in the midst of the cyclical "busy season", we are indeed seeing significantly more activity in the marketplace as compared with last month and as a year-on-year comparison with 2018. Whereas the deal flow is still relatively moderate it has trended upward due to sustained low interest rates, which are nearly a point lower than six months ago. Additionally savvy sellers have recognized the new "norm" and have lowered their prices. Interestingly, it is the newer sellers that are capitalizing on the pain of the old sellers who have been trying to sell for a long period of time. The new sellers have read the writing on the wall and are deciding to price accurately to "value" and getting in and out of the marketplace with a deal in hand, before they slide into the graveyard of stale listings that simply will not sell and linger for a painful period of time resulting in an erosion of value.
Although it will take several more months of a sustained uptick in market activity, as we are currently seeing, for us to truly identify and define that the bottom has come and gone; however, it seems as if the seeds have been planted. As I have often mentioned, once we have identified that bottom the marketplace will have already been several strides into its recovery. The buyers are also reading that writing on the wall and they are engaging.
For those still fixed on timing the market, they may well lose out on their best opportunity. It is impossible to time the market with any precision. If you are even considering buying in the foreseeable future you should be out there seeing property and making offers.
QUESTION: Are you prepared to dive in? You should always know what you are in a position to buy or sell at all times. If you don't know, reacquaint yourself with the marketplace. What is your property worth? What can you afford to buy? Anyone interested in buying or selling, should be rolling up their sleeves to determine whether the time is right to sell or if there's a home or investment property out there for them.
Read the entire report here: https://conta.cc/2Vlw2Ml
