To Buy or Not to Buy: What Insiders Know About Manhattan Real Estate- By: W. Richards
On the whole, real estate brokers invest a lot of time and energy studying the market. They pass the results of the information they learn on to sellers and advise them accordingly.
Sellers naturally seek to get the best price for their property, so, they eagerly accept this advice. The price of property is based upon consultations with the experts. Basically, pricing is based upon analysis of the past, present and future of real estate market conditions.
- Real Estate Market History
Watching what the real estate market has done in earlier seasons is a key element in deciding real estate value. Since Manhattan real estate brokers use this strategy to advise their clients on pricing their property, why not use the same information to land a great deal?
Create your buying strategy by watching past real estate market trends. For instance, in the year 2011 and other years, the spring season brought a buyer’s feeding frenzy for Manhattan apartments and other real estate, giving sellers a clear advantage. Knowing this, consider waiting to buy until the playing field is more even.
- Current Real Estate Market Conditions
According to Manhattan real estate consultants, markets began slowing in June this year. This sluggishness has spilled over into the month September. Normally, selling a condo, co-op or townhouse is easier once Labor Day has passed.
Apparently, this is not the trend in 2011. So how does this condition affect buyers? Due to the unusually slow market this season, analysts are advising sellers and real estate brokers to re-think their pricing strategy, especially if the property has been on the market for a few months. If you are ready to buy, this translates into huge savings.
- Going Forward
During the fall seasons, brokers and sellers are customarily advised to wait to put property on the market because of upcoming holidays. However, this year it is predicted that the slow period will extend past the holiday season. Again, use this information to find sellers who are eager to get rid of property that has been on the market for months. Most of them will have this inside information and be willing to sell at a lower price.
In general, market does dictate the value of property. But the market is different every year. Learn how insiders interpret market changes of Manhattan real estate to gain a greater purchasing advantage.
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Richards Realty Group, LLC is a full service real estate company with membership at the Building Owner and Managers Institute International and the Real Estate Board of New York. The realty office is conveniently located in the heart of midtown near Grand Central Station, Bryant Park, New York City Public Library, The Chrysler Building and The United Nations.