In today's Real Estate market, who you work with matters
Fredrick Warburg Peters, CEO of Warburg Realty writes that as prices stabilize at lower levels, buyers have begun to re-enter the marketplace. While the 4th quarter was not strong in terms of contracts signed, we do feel a thaw in the marketplace. The key has been sellers’ acknowledgement of the market shift. This acknowledgement has prompted sellers to adjust prices to current market value which in turn has prompted buyers to trust the market and activate buying.
“Buyers have long since ceased making offers on properties they perceive as overpriced. Although many sellers still find this hard to accept, others have learned that a property priced to market can actually sell promptly, with several offers.”
We always tell our clients, “proper pricing is key to selling it successfully, thus avoiding the multiple price drops or elongated days on the market.”
While some buyers continue to hold back in the belief that the market has further to fall, evidence to the contrary is mounting. During Q4, Warburg has transacted a number of deals on properties which were many months on the market. Through a process of re-pricing and re-marketing, a number of these have sold at numbers appropriate to today’s realities. Greater demand and less inventory have mitigated the value loss in Brooklyn, although the downtown area still has its share of unsold condos. But as in Manhattan, overambitious pricing has been the enemy of the market. Our advice to any buyer seriously interested in owning a home or investment property, is to act now.
What does Warburg anticipate for 2020?
We anticipate a first quarter stronger than the final quarter of this year. Prices will be lower and transactions should flow more smoothly throughout the marketplace. New resale inventory will arrive on the market in January and February, but not in enormous quantity. If the market does continue to stabilize, more new listings will likely be placed on the market in the second quarter, and those which are priced well should sell within 30-60 days. The market will slow during the third quarter, as it does every four years, when attention to the Presidential race picks up. As for the fourth quarter, the Presidential election results will influence market stability in New York as it will across the country. We live in interesting times. But even in interesting times we have to live somewhere. Opportunities abound in New York for those wise or brave enough to seize them.
Whether you’re buying or selling there’s a lot of information out there, which is why in today’s real estate market, who you work with matters and we welcome the opportunity to share our market knowledge.
Have questions? Please contact us today. We are available to inform, guide and service all of your real estate needs.
Noemi Bitterman LICENSED REAL ESTATE SALESPERSON O: 212.380.2410 |nbiQerman@warburgrealty.com
Domingo Perez Jr. LICENSED REAL ESTATE SALESPERSON O: 212.380.2416 | firstname.lastname@example.org