Are the days of a red-hot market soon behind us? Recent market activity shows demand is cooling off, although it’s still very much a competitive market with buyer activity still around 30 percent higher than normal. The red flag here is “buyers are not in a rush to strike deals”, according to UrbanDigs Analytics Co-Founder and Partner, John Walkup.
Also worth noting is the number of new listings hitting the market is increasing. As I mentioned several weeks back, sellers are motivated to list their homes as prices continue to rise. This could significantly offset demand if buyer activity continues to slow down, meaning sellers’ listings may sit on the market for longer than normal, driving some sellers to succumb to price drops.
As of now, it’s too early to tell. The dip in buyer activity, while not sizable, has analysts keeping a close eye on a possible shift in the market. As we approach the end of real estate’s busiest season, it will also be interesting to see if sales activity cools off in the summer, as we return to traditional selling patterns. If that is the case, this will definitely impact the dynamic of the market, causing sellers to rethink their strategy.
If you’re in a position where you need to sell in a saturated market, having a good strategy in place when it comes to marketing, staging and pricing is key. I’ve had clients get dissuaded by market conditions, but a smart approach with the help of a NYC real estate expert will help you attain your real estate goals.