I have just finished perusing the RSS feeds and news stories today and nothing really grabbed my attention.
My anecdotal opinion on the current Manhattan real estate market: It’s quiet. This time of year traditionally sees a bit of a lull and I sit back and watch as many of my colleagues begin biting their nails (even after 15 years, I can sometimes be seen chewing a finger or two).
Last June was the "beginning of a slowdown" which in reality lasted through October when Wall Street bonuses were announced. Those who bought last summer actually picked up property for "reasonable" prices related to post bonus announcement prices. Once that bonus news hit, the market gained steam again and we all made "hay" this past winter. It appears that Wall Street is going to have another good year which will likely fuel another late Fall through Winter buying period.
Having said that, buying in the summer months often provides less inventory, but also fewer buyers to compete for that inventory. Summer buying can indeed be a much more relaxing experience than the multiple bid environment often seen from January through May. And for the buyer with no sense of urgency, the lack of competition in the market allows for a more patient approach to buying your home.
Sellers who wish to sell over the summer need to exercise a bit more patience than those who sell in a more active market but pricing your property appropriately will bring you a qualified buyer and likely a smooth, pain free transaction.
As a real estate professional, I’m a big fan of the summer months for both buying and selling as everyone has time to think before making a commitment. It’s a more traditional market mentality where offers are made, negotiations take place, and a meeting of the minds results in people moving to and from their homes. I’m not suggesting for one moment that there aren’t competitive bids for property in the summer months but I am suggesting it’s not as common place as it is in the winter months. In my experience, the lazy days of summer make for more relaxing transactions.