Source: West Side Rag —
It’s a seesaw and both parties, buyer and seller, are airborne…suspended in equilibrium, for now…but as always, the momentum will eventually lean in favor of the heavy weight, the seller. Buyers have always had to be welterweights, faster, lighter on their feet….nimble. As mentioned though, right now, the market is wonderfully balanced for both parties to thrive. With approximately 6,600 listings on the market (down from last year’s highs of 9,500+, but above lean years like 2013, 2014 & 2015 when inventory occasionally dropped below 4,000), buyers still have a moderate level of choice. It’s no longer like trying to acquire concert tickets. You can visit a property, see it again and even negotiate; this is a healthy place to be for buyers. That said, if you wait too long, this window will pass.
While the market pace has moderated from the frenzy of Spring/Summer, some buyers have been spooked by the headlines focusing on the overwhelming deal volume. The stories not being told, which they should concentrate on, are: 1) the fact that, while the “Covid discount” has virtually disappeared, there has been no significant price appreciation that has occurred…yet; and 2) as a buyer, the timing of “now” could be your greatest asset.