A tale of two real estate markets

It's an interesting thing to be working in both NYC and in Park City. In NYC, the market seems to be heating up, and now buyers are out there trying not to miss the buyer's market they've been enjoying since before Covid. You may not realize this, but the market started to shift in 2018 as the SALT deductions went into effect. Buyers started to push back on the prices that sellers were demanding after they enjoyed a seller's market (similar to today's market pretty much everywhere except NYC) for 2 years. Now buyers see more CERTAINTY that NYC will come back, however long it may take. Things are starting to open up, investors are scooping up homes, and I'm witnessing sales taking place in days instead of months. So that market is shifting and I'm using negotiating strategies I haven't had to use in a while.

Meanwhile in Park City, UT the market is still very hot, with multi-million dollar homes selling before they hit the market. The one exception is in the condo market, especially those that would normally get a high rental return when conventions are actively taking place. So this is leaving the condos to sit a little longer. In fact, I showed a couple of 3 bedroom condos to a buyer via FaceTime over a month ago and we have patiently been waiting for them to get vaccinated and take that ski vacation they've been putting off. Well, both units we saw are still available, and we are hoping they stay available through the weekend. However, anecdotally, I have been hearing that some buyers are starting to push back on the extreme pricing and multiple bids scenarios that are artificially increasing the value of homes. It's just a matter of time before something triggers a shift.... I assume it'll be more vaccinations, more people who can come back to Park City and get their home ready to sell, and hopefully more building elsewhere in the country so they can shift their money and maybe enjoy a more ideal lifestyle.

I am grateful that I've experienced the extreme shifts in the market and have the scripts and strategies ready to go depending on the market. Buyers and sellers want certainty, they want a deal, and they want stats. With Covid we are struggling to find good comps that support our price, and an appraisal. This chapter will eventually close, and I'll be ready to take on whatever comes our way! Because after all, if you can make it in NYC... you know how that ends!