Here’s what I’m seeing in today’s Manhattan real estate market:
- Realistic sellers who price "right" are seeing incredible activity on their homes with multiple bids and bidding wars commonplace on those properties that are appropriately priced. We are having yet another highest, best and final bid on one of our properties after more than 60 people visited our open house on Sunday.
- Buyers remain plentiful but more patient in cases where properties have been on the market for 3-4 weeks or more. Again, buyers who have significant experience and knowledge of the current market are snapping up ‘special" properties that are priced right.
- Some buyers remain confused and anxious about the national credit crisis and how it will effect our local housing market and overall economy. Many of them are actually angry that the Manhattan real estate market hasn’t corrected like many housing markets across the country. For those with a short time horizon for ownership (maybe they only want to own for 2-3 years) the anxiety is higher and perhaps warranted.
- Some sellers (very few that I’m seeing) are still choosing to "test the market" with unrealistic asking prices. Most of my colleagues with 10 or more years of real estate experience are choosing to steer clear of these sellers as overpriced properties languish on the market.
- Experienced Manhattan real estate agents are quite busy. Those newer to the industry appear to be having difficulty earning a living…with exceptions of course for the new "superstars."
So as everyone tries to make sense of what is happening with our local housing market (me included), many continue to buy and sell and many real estate professionals remain busy. In the meantime, angry buyers, testing sellers, and inexperienced real estate agents wait for more clarity.