Strategizing For This Spring’s NYC Market
Gramercy
It’s that time of year again – sellers are preparing to list properties in the quickly approaching busy spring market. In 2018, approximately half of the properties listed during the spring in the city did not sell. Many were taken off the market so as not to become too stale. This year, will those be relisted with a better understanding of where the market is?
Battery Park City
Note to sellers
No matter the market, a well-priced property that shows well will sell. Many sellers are eager for a high asking price, only to watch as time passes without much activity. It has been our experience, and is also statistically confirmed, that a lower asking price right out of the gate will draw a larger number of buyers. This can create a higher demand and result in more offers, and a faster, better deal for the seller.
Williamsburg
Note to buyers
The asking price doesn’t necessarily dictate where the price will end up. If an apartment comes on the market at too high a price, it’s often wise to wait and let the seller see that the market won’t support it before putting in a more realistic offer. In these cases, we will stay in close touch with the selling broker to be sure there are no other offers. A well-priced apartment attracts multiple offers, often resulting in a selling price very close to or even over the ask. This doesn’t mean that you will be overpaying. The price will end up wherever it should in the current market whether the asking price is high or low. The value of a property is what someone is willing to pay for it.
Downtown Brooklyn
Where are the best deals?
Following the law of supply and demand, neighborhoods with the highest inventory will result in the strongest negotiating position for the buyer. In Manhattan at this moment, Gramercy, the Lower East Side, and Battery Park City all have an annual increase in sales inventory of over 20%. In Brooklyn, prices have been affected in Williamsburg and the surrounding area due to the L train shutdown, which is no longer happening. The neighborhoods with the largest influx of new condos coming to the market this spring include Williamsburg, Greenpoint, and Downtown.
At Spark Realty, we pride ourselves on helping Buyers and Sellers alike to achieve their goals. We are always studying the market and working together with our clients to strategize and position them for the best deal possible.
