Check out the latest inventory numbers from Jonathan Miller’s Matrix which shows the number of available co-ops, condos and townhouses dropping 26.1% from last year to its lowest level since August 2005. So what does this mean? Frustrated buyers! There is so little inventory on the market right now that most of my buyers (and I’m working with many more than I typically do) are incredibly frustrated with the lack of options available to them in all price ranges. Having said that, property with inflated prices is not moving but new property that is appropriately priced is being snapped up by buyers who are waiting on the sidelines for "their home" to hit the market.
So if you are considering selling your apartment in the next 6 months, I have never believed more that the summer market may indeed be good for you. The buyers are just waiting for you to put your place on the market but don’t be fooled into thinking you can get whatever price you want because the current pool of buyers is patient and willing to wait for the right home at the right price. It’s simple supply and demand. The demand is there at the right price if only you would release the supply.
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