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What can buyers expect as the market shifts in their favor

View of Manhattan from Hudson River with Via 57 building in the background

Given the increase in inventory and drop in demand as indicated in the Q3 report earlier this month, Manhattan is officially in a buyer’s market. According to UrbanDigs, this is the first time since early 2021 that the market favors buyers. Yet most likely it will be several weeks and/or months before we begin to see prices fall. In fact, John Walkup, UrbanDigs Co-Founder cautions buyers to not expect bargains or deeply discounted prices because “sellers are not panicky”.

Nonetheless, anyone seriously considering buying should start looking now. As I mentioned a couple of weeks ago, mortgage rates will most likely continue to increase so buyers requiring financing should act sooner rather than later. Also as prices will appear to drop over the next few quarters (when compared to their respective periods from the previous year when the market was hot), it will offer some room to buyers for negotiation.

At the risk of sounding like a broken record, there is a lot to consider when buying. Please refer to my Buyers Resource page and feel free to request a no-obligation planning consultation on the website page. Also worth pointing out is prospective buyers, particularly first-time buyers, should pay attention to timing if they need to move by a certain date. For example, board approval can take longer than expected for a number of reasons such as scheduling interviews and poor building management. There are a variety of factors that could impede or delay the process so set reasonable expectations and plan as far in advance as possible.

While there are a lot of moving parts in the process, the good news is that buyers will now be in a position where they have some negotiability and a fair number of options to consider. As always, please reach out with any questions whether you’re buying or need to sell. I am happy to jump on a call.


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