With the interest rates at a high point, I’ve been saying that we’re in a buyer's market because we are seeing sellers slash their prices and are being more negotiable.
But StreetEasy is trying to frame it in a different way. They suggest that based on two data points, that we are actually in a seller’s market. Here are their two arguments:
The median number of days listings are spending on the market remain low. As of yesterday, units have remained on the market for an average of 69 days this month, which is an 11.3% increase from last month.
StreetEasy suggests that the share of listings offering price cuts are in line with seasonal behavior before the pandemic. This period between Labor Day and New Years is usually a slower time.
So we are in a weird situation. It is a tough market, and buyers are hesitant to buy – for good reason. But it seems if you put your unit on the market, it will sell. Maybe for a slight discount, but it will go.
There are buyers out there. There will always be people who need a home. Because supply is so low, the units that are available are going quickly.
So in conclusion, people are still buying, but maybe the lack of supply is hurting the market? Don’t be afraid to sell!
Have any questions about navigating today’s tricky market? Don’t be afraid to reach out!
Justin Diamond
Elegran Real Estate
(914) 874-7537
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