By the end of 2018, the New York real estate market had shifted into a buyers’ market. With noticeably increased available inventory and the median asking price going down by 11%, buyers gained control and sellers began having to make concessions. Drilling down further, the market change was varied depending on price points, neighborhood, and segments. The shift in the market didn’t happen overnight. We had been noting these trends throughout most of 2018. So the question is, will this buyers’ market last through 2019? We think, yes.
What New York Real Estate Buyers and Sellers Need to Know
According to most sources in the industry, there are at least another six months of a cooling market ahead. As inventory continues to increase and pricing pressure keeps building, buyers and sellers will have to come together in 2019 to get deals done.
While sellers may be concerned, the changing market does not mean that they won’t be able to sell their homes. Despite the challenging environment in 2018, we were still able to get deals done for both buyers and sellers. If you’re looking to sell your home in 2019, you need to have a solid strategy for how you will position and market your property. Pricing is also a critical factor in today’s market. If you are too aspirational with your pricing, you can expect your listing to sit longer on the market. In short, sellers need to adjust expectations to the current landscape.
Home Sellers Need to Go the Extra Mile in a Buyers’ Market
Market dynamics vary considerably by price point. When creating our strategies in this environment, we need to be ready to compete and go the extra mile. Taking the time to prepare your home with touch-ups and staging will create a more appealing space for buyers. Taking professional photos and video to use in marketing will also help set your home apart from other similar listings. With so many options for buyers, the details matter!
Looking ahead at 2019, this type of buyers’ market doesn’t mean sellers can’t get what they want. It just says that every base needs to be covered and putting in the extra work is more likely to lead to success. If both sides are thoughtful and patient, there are deals to be struck!
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