As the old adage goes: be at the party, but don’t leave last. The same applies to real estate. If you are selling your New York City apartment, you don’t want to be the last one to hit the market. Real estate is a roller coaster of high and low prices, buyer’s markets, and seller’s markets. Make sure you don’t wait too long before you cash in. What no one will ever tell you is that by the time mainstream and even local media decides we are in a seller’s or buyer’s market, the current market phase will already be halfway over.
In order for the “experts” to claim we are in a “buyer’s” or “seller’s” market, they have to analyze massive amounts of real estate data over an extended period of time. That review period could be a few calendar quarters or several depending on whether you are looking at national or local trends. Once the market experts make an assertion either way, that assertion is accepted as fact, whether fact or fiction. As a result, sellers on the fence take the leap and list their apartments. This newfound confidence generates a flood of listings, saturating the real estate market. Everyone is looking to profit, and mass media tells buyers they will have to pay more, now.
If the bottom is about to drop, then what?
You need to move with purpose. The longer you take to list your apartment, the longer you take to make repairs and contact a realtor, only compounding the issue. No matter what the analysts say, each and every real estate transaction is different. This gives you the opportunity to really see how the market will react to your listing. Plus, markets impact different neighborhoods and areas at different times and to different degrees. Unless you want to sit this round out, act now. Even if you don’t need to sell but want to see if your apartment will fetch a certain price, you need to list your apartment. In the worst case, your apartment doesn’t get any traction at your desired price point and you don’t sell. Life goes on. Just breathe.
Your guiding light
Your realtor is your guide through the listing process. The real estate landscape changes faster than you can say “Trump Tower.” The team at TripleMint is always in your corner, no matter what. TripleMint is a leader in the New York City market, helping clients buy, rent, and sell NYC real estate. It’s what they do best. Be sure to add them to your team the next time you want to buy or sell.
