A recent New York Times article has put into words something we have all been experiencing on both the buyer and the seller side. Buyers have motivated sellers by the throat as inventory stays high and real buyers, those that were able to get approved on a mortgage or have cash are harder to come by.
Well priced apartments have less to worry about as their honest listing price will attract more buyers to check it out and promote offers. However, to the uninformed seller who is not pricing to the market, they should expect buyers to come in and significantly undercut the listing price.
How much longer buyers have the power is too be seen, with estimates ranging from 3 months to a year or even more in some areas (less likely that includes NYC). Even as economic indicators are improving in many areas, there is a glut of inventory that needs to be picked up before the buyer/seller balance is restored.
Thinking about buying? Weild the power.
This Braswellian Life 
Posted on June 17, 2010
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