The luxury market, which has consistently been the best performing segment in Manhattan, closed 30 contracts last week, two of which were significantly discounted. In fact, they were the two highest dollar signed contracts according to Olshan Realty. The most expensive property dropped from $19.5M to $16.9M over the course of one year, and the second most expensive home dropped from $22M (when it was first listed in 2020) to a $16.5M asking price.
While this represents only a small fraction of the total contracts signed, it is a subtle indication that sellers must adjust their prices to be in line with the current market. There are still sellers who are pricing themselves out of the market, which only deters buyers to look elsewhere. Your real estate broker should work with you to determine a sales price based on comparables sold in the neighborhood over the past six months and what is currently active in your area. This is just one tip I offer in my short video on how to successfully sell your home in the current market.
Strategic pricing is just one component. There are several other things to consider if you’re serious about selling your home. BrickUnderground compiled a list of “deal breakers” that I’ve shared with you before but bear repeating. Again, these are all the things your real estate broker should be communicating to you as you prepare to list or reevaluate your existing listing.
The spring season will soon be transitioning into summer, but it is not too late to take advantage of the current market. Analysts expect sales activity to remain healthy well into summer. It’s important to be represented by an experienced real estate agent who can navigate today’s market. The broker is working for you, so I recommend vetting a short list of agents. You should trust your gut instinct, making sure you’re comfortable working with him/her. I am happy to interview with you or even just meet to answer any questions you may have, with no obligation to commit.