Property Grunt has word of brokers getting very nervous:
Up in the burbs of NYC, brokers are going bats**t since nothing is moving. Even the high end luxury stuff isn’t budging. There is wide spread fear that the market is going to tank in a bad way. There is no sign of that soft landing. It appears the reckoning is coming.
Among the brokers in Manhattan, I am getting mixed signals. There are some brokers who claim to be making money hand over fist and others who are barely making a living. It is difficult to determine who is telling the truth. I already caught one agent who lied about closing a deal when in fact the exclusive had expired and the property was still on the market.
I’m puzzled why PropertyGrunt would be so secretive (why all the hiding behind the scenes?), but will assume he/she really is a New York real estate professional. And I would say kudos to him or her for an attempt at brutal honesty about the marketplace.
The nervous chatter about a cooling market has indeed picked up but predominately by those with less experience in the industry. The seasoned broker with significant time in the business has witnessed a cooler market and has not been as spoiled by the boom conditions of the past several years.
Who am I kidding, I loved it and am sad to see it go!
Those agents who have been in the industry for 7seven or fewer years are freaking out because they have had it easy. It’s time to step up the marketing, deliver what you say you will, put more effort into accurate pricing, and be patient. There was a time not long ago where property was on the market for two years and interest rates were well into the double digits. I don’t believe that is where we are headed but brace yourselves, the real ride is just beginning.