It mirrors what I am seeing in my practice. The last few weeks especially have felt a significant uptick in urgency from my buyer clients,especially those from approximately 600-2M. My 2-5M, and 6+ are less urgent, but trying to make decisions so they can spend the summer getting reacclimatized to the city (if returning) or a new home (if closing on something is to happen this year....)
The negotiations of contracts (or getting to the accepted offer even) is generally taking much longer. But it is still very much depending on the segment of the market, I have several buyer clients now at various price points, who of course have friends who are also in the market- and if the friend is making a decision on a property that is "less competitive" ,and there are more opportunities for discounts off of the asking, it then influences the other buyer who is perhaps bidding in a market where there are six competitive bids on a unit.
The old adage that sometimes you need to lose out on something, to light a fire of urgency, can be true. However cautious optimism is still the name of the game, and making good long term decisions with the information that we have. These days I feel like other than my emails/texts I spend all of my time referencing data from Urban Digs & Marketproof. So thanks for this platform Noah & John.
