{"id":494,"date":"2022-11-03T15:00:21","date_gmt":"2022-11-03T20:00:21","guid":{"rendered":"https:\/\/www.urbandigs.com\/blog\/?p=494"},"modified":"2022-11-03T15:56:26","modified_gmt":"2022-11-03T20:56:26","slug":"the-buyers-market-that-isnt-a-battle-of-data-vs-perception-in-new-york-real-estate","status":"publish","type":"post","link":"https:\/\/www.urbandigs.com\/blog\/the-buyers-market-that-isnt-a-battle-of-data-vs-perception-in-new-york-real-estate\/","title":{"rendered":"The Buyer\u2019s Market That Isn\u2019t: A Battle Of Data Vs. Perception In New York Real Estate"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"494\" class=\"elementor elementor-494\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-46359940 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"46359940\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2230cf99\" data-id=\"2230cf99\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1fa2afb elementor-widget elementor-widget-text-editor\" data-id=\"1fa2afb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.1 - 23-03-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>The Manhattan real estate market entered the typical busy fall season in a quote-unquote buyer\u2019s market. To many, that conjures up visions of panicked sellers hastily making fire-sale deals at enormous discounts with whatever intrepid buyers remain. Others thought that with mortgage rates above 6%, cash would be king, and with it, they would get substantial discounts for the ability to get a deal done quickly without any financing contingencies attached.<\/p><p>So far, however, neither scenario has panned out. Frankly, as far as buyer\u2019s markets go, this one is pretty lousy. To wit:<\/p><ul><li>No desperate sellers<\/li><li>No obscenely great deals<\/li><li>Not too many more choices<\/li><li>Still plenty of buyer competition<\/li><\/ul><p>As such, it\u2019s shaping up to be a battle of data versus perception to determine whether we actually are in a buyer\u2019s market. We\u2019ll break it down further and keep the score below. Deals are not falling out of the sky<\/p><p>Over the last twenty years, there have only been a few buyer\u2019s markets in Manhattan. Credit that to generally robust long-term demand helping to keep growing inventory in check. Buyer\u2019s markets are created when there is an imbalance between supply and demand. As measured, it\u2019s when there are relatively more units for sale than there are units in contract. The overhang in supply leads to seller competition which manifests itself in the listing discount.<\/p><p>Below we can see the median listing discount for Manhattan with the buyer\u2019s markets shaded in.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44f6991 elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"44f6991\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe loading=\"lazy\" width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vRj_Nmca-qT2K9i9JjcUKzzC9yzLZT8O2AGbXhqwljvRCEuhPpnuh7kYveEVfJERMhD0OmTW_LxJRaO\/pubchart?oid=1374893490&amp;format=interactive\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-67c86b11 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"67c86b11\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f77c5ed\" data-id=\"6f77c5ed\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3f8485a3 elementor-widget elementor-widget-text-editor\" data-id=\"3f8485a3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Discounts tend to average more than 6% during these periods. Today, however, the data suggest the median listing discount is still below 6%. Granted, it has risen sharply as the market slowed and is likely higher for many units on the market today.<\/p><p>However, compared to the degree it fell in early 2021, as buyers were signing contracts left and right, the current rise upward has been relatively tame. In fact, the median listing discount for contracts signed after less than 30 days on market is still 0%. Units priced at the market are still selling and selling quickly. So, score one for data.<\/p><p><strong>The score: Data 1 &#8211; Perception 0<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-643745ac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"643745ac\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3fa65387\" data-id=\"3fa65387\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b4cb4e2 elementor-widget elementor-widget-heading\" data-id=\"3b4cb4e2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.1 - 23-03-2022 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Lackluster inventory<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f49080d elementor-widget elementor-widget-text-editor\" data-id=\"3f49080d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The listing season this fall has been notably lackluster. Supply is barely above where it was in 2021, below where it was in 2019 \u2014 the last more-or-less typical year before the pandemic \u2014 and well below where it was in 2020. While buyers have more choices now compared to two months ago, it\u2019s well below expectations and suggests that competition among sellers is not as fierce as buyers perceive.<\/p><p><strong>The score: Data 2 &#8211; Perception 0<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e77a19 elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"2e77a19\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe loading=\"lazy\" width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vRj_Nmca-qT2K9i9JjcUKzzC9yzLZT8O2AGbXhqwljvRCEuhPpnuh7kYveEVfJERMhD0OmTW_LxJRaO\/pubchart?oid=10375714&amp;format=interactive\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-36e325f4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"36e325f4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1cb3346f\" data-id=\"1cb3346f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5cc27269 elementor-widget elementor-widget-heading\" data-id=\"5cc27269\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Sellers are not panicking<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9f66ac elementor-widget elementor-widget-text-editor\" data-id=\"f9f66ac\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The lack of notable discounts is an insight into the current mindset of sellers. Prices, as reported in the recently released quarterly reports, are showing discounts from the peak, but that is not surprising. The market has shifted lower. Many buyers are seeing data on falling prices and imagining that sellers want out at any price.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a8c46c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a8c46c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c52a03\" data-id=\"5c52a03\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9b30a38 elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"9b30a38\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe loading=\"lazy\" width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vRj_Nmca-qT2K9i9JjcUKzzC9yzLZT8O2AGbXhqwljvRCEuhPpnuh7kYveEVfJERMhD0OmTW_LxJRaO\/pubchart?oid=1489740883&amp;format=interactive\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5423566 elementor-widget elementor-widget-text-editor\" data-id=\"5423566\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>However, this is not news to sellers. Today\u2019s sellers understand the market mechanics of the past six months and believe they have priced appropriately. While some are likely asking more than they can reasonably expect, many others are pricing at market. They are doing this because, for most of them, today\u2019s prices are still above where they bought.<\/p><p>Looking at current inventory levels, the average last sale date for units on the market today is roughly 2014, when the median price was $830,000. The current median asking price is $1.4 million, suggesting that sellers still have plenty of room before desperation sets in.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-977b8bd elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"977b8bd\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe loading=\"lazy\" width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vRj_Nmca-qT2K9i9JjcUKzzC9yzLZT8O2AGbXhqwljvRCEuhPpnuh7kYveEVfJERMhD0OmTW_LxJRaO\/pubchart?oid=1378077310&amp;format=interactive\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d92984 elementor-widget elementor-widget-text-editor\" data-id=\"9d92984\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Indeed, a look at price action by purchase year shows that besides units bought in 2021 and 2022, only peak Manhattan sales from 2016-2018 are still showing less than 10% appreciation since purchase. Generally speaking, if a seller today bought before 2016, they are likely sitting on a greater than 30% gain.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8b1e87 elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"a8b1e87\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe loading=\"lazy\" width=\"704\" height=\"388\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vRj_Nmca-qT2K9i9JjcUKzzC9yzLZT8O2AGbXhqwljvRCEuhPpnuh7kYveEVfJERMhD0OmTW_LxJRaO\/pubchart?oid=1568278743&amp;format=interactive\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ade77b elementor-widget elementor-widget-text-editor\" data-id=\"1ade77b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In short, sellers are not panicking, but most are essentially playing with house money at this point. Certainly, many would prefer to have top-ticked the market back in April, but many of today\u2019s sellers appear to be happy to make fair deals \u2014 meaning negotiating down to market, but not throwing in thousands of dollars in concessions simply to get a deal. It\u2019s easier to wait for market conditions to improve when playing with the house\u2019s money. Figuratively and literally!<\/p><p><strong>The score: Data 3 &#8211; Perception 0<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b00a7a3 elementor-widget elementor-widget-heading\" data-id=\"b00a7a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Sellers are locked into low rates\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4178bf elementor-widget elementor-widget-text-editor\" data-id=\"e4178bf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A lot has been written about this topic recently, but it is worth noting that deciding to sell in order to upgrade became a lot harder when rates moved up earlier this year. Many sellers who locked in rates below 3% might just make do with their space instead of giving up a low payment.<\/p><p>Compare this to 2008-2009, when adjustable rates reset, and many sellers found themselves not only upside down on their home purchases but also facing quickly-rising monthly payments. While 2008-2009 was a buyer\u2019s market as well, it was an entirely different one.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd5beec elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"dd5beec\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe loading=\"lazy\" width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vRj_Nmca-qT2K9i9JjcUKzzC9yzLZT8O2AGbXhqwljvRCEuhPpnuh7kYveEVfJERMhD0OmTW_LxJRaO\/pubchart?oid=162952805&amp;format=interactive\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08ef39a elementor-widget elementor-widget-text-editor\" data-id=\"08ef39a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Finally, the continued strength of the rental market breaks the sell high\/rent low equation. Even though rents have eased off recent highs, they are staying stubbornly elevated. So, even with mortgage payments, sellers have no reason to give up lower monthly costs to rent.<\/p><p><strong>The score: Data 4 &#8211; Perception 0<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e48abc elementor-widget elementor-widget-heading\" data-id=\"2e48abc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Still plenty of buyer competition<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53e95d9 elementor-widget elementor-widget-text-editor\" data-id=\"53e95d9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>When sellers compete, buyers win discounts. The perception in a buyer\u2019s market is that sellers are all competing with each other, and buyers can bank on automatic discounts.<\/p><p>That is just not the case today.<\/p><p>As mentioned above, the median listing discount from the original listing price for units on the market less than 30 days remains at 0%. In effect, units priced at the market are trading quickly at their asking price. True, discounts are rising for mispriced units lingering on the market, but with supply remaining in check, competition for fresh listings remains among buyers, not sellers.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ce55bb elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"4ce55bb\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe loading=\"lazy\" width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vRj_Nmca-qT2K9i9JjcUKzzC9yzLZT8O2AGbXhqwljvRCEuhPpnuh7kYveEVfJERMhD0OmTW_LxJRaO\/pubchart?oid=2020797437&amp;format=interactive\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f100eaa elementor-widget elementor-widget-text-editor\" data-id=\"f100eaa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Lastly, the $4M+ luxury market \u2014 which is often a bellwether for Manhattan \u2014 is on track to notch three consecutive months of gains in deal volume. Compared to other Octobers since 2015, 2022 is right on track to be normal. It\u2019s certainly below 2021\u2019s epic Spindletop-style blowout but above 2019 and 2020 and right in line with 2016-2018, when the market was also coming off a peak. To sum it up: if luxury sales are a glimpse into the future, there is a whole lot of normal ahead.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2722db elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"f2722db\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe loading=\"lazy\" width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vRj_Nmca-qT2K9i9JjcUKzzC9yzLZT8O2AGbXhqwljvRCEuhPpnuh7kYveEVfJERMhD0OmTW_LxJRaO\/pubchart?oid=874749114&amp;format=interactive\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0e64c1 elementor-widget elementor-widget-heading\" data-id=\"e0e64c1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Altering perceptions to fit reality<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4bb3df elementor-widget elementor-widget-text-editor\" data-id=\"e4bb3df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa3d809 elementor-widget elementor-widget-heading\" data-id=\"aa3d809\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Advice for sellers<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea43cc2 elementor-widget elementor-widget-text-editor\" data-id=\"ea43cc2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Prices, as reported by quarterly reports, will likely head lower simply because higher volume quarters of 4Q21, 1Q22, and 2Q22 will be compared against today\u2019s lower volume environment. With that in mind, the paramount issue for serious sellers is to correctly identify their local market and price accordingly in order to maximize price and minimize time on market.<\/p><p>As shown, proper pricing should lead to a deal within 30 days, while aspirational pricing could lead to months on the market and a discount that essentially brings the asking price back to today\u2019s levels. Also, sellers should bear in mind that for all practical purposes, the market basically hibernates from mid-November to mid-January as thoughts turn to holidays and holiday recovery. Knowing this, sellers should not immediately jump to drastic measures when buyer traffic predictably drops off in the months ahead.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8cc2a8 elementor-widget elementor-widget-heading\" data-id=\"a8cc2a8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Advice for buyers<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1344867 elementor-widget elementor-widget-text-editor\" data-id=\"1344867\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As demonstrated, a buyer\u2019s market does not mean buyers hold all the cards. Yes, deal volume is down, and fewer buyers are searching across a slowly growing pool of supply, but given that supply is not accelerating, many buyers are chasing after the same well-priced units within days of listing.<\/p><p>For buyers trying to make sense of this, the best advice is to know your price, know your market, and jump on opportunities when you can. Too many buyers are holding on to the perception that the New York City markets will crash. The reality is that New York City prices did not go parabolic and will likely not crash as expected. True, fast-money condos may fall more than slow-money co-ops, but the decline is more of a deflation back to normal.<\/p><p>With this in mind, remember that only an immediate need for liquidity will drive sellers to become desperate. Otherwise, they appear more than happy to wait this market out.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e2b499b elementor-widget elementor-widget-text-editor\" data-id=\"e2b499b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.forbes.com\/sites\/johnwalkup\/2022\/10\/27\/the-buyers-market-that-isnt-a-battle-of-data-vs-perception-in-new-york-real-estate\/?sh=6d650e855e6d\">Originally published on Forbes.com:<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de80b03 elementor-widget elementor-widget-html\" data-id=\"de80b03\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\thttps:\/\/www.forbes.com\/sites\/johnwalkup\/2022\/10\/27\/the-buyers-market-that-isnt-a-battle-of-data-vs-perception-in-new-york-real-estate\/?sh=6d650e855e6d\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Manhattan real estate market entered the typical busy fall season in a quote-unquote buyer\u2019s market. To many, that conjures up visions of panicked sellers hastily making fire-sale deals at enormous discounts with whatever intrepid buyers remain. Others thought that with mortgage rates above 6%, cash would be king, and with it, they would get [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights"],"_links":{"self":[{"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/posts\/494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/comments?post=494"}],"version-history":[{"count":20,"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/posts\/494\/revisions"}],"predecessor-version":[{"id":518,"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/posts\/494\/revisions\/518"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/media\/495"}],"wp:attachment":[{"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/media?parent=494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/categories?post=494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.urbandigs.com\/blog\/wp-json\/wp\/v2\/tags?post=494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}