In a 35-year career, I’ve worked up markets, down markets and everything in between and can say unequivocally, each market presents challenges and opportunities for buyers and sellers.
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Multiple bidding is occurring with increasing frequency especially for entry level homes and well priced properties under $2M. As competition heats up, it’s worthwhile to review four competitive bidding tips.
I’ve been selling residential real estate for 35 years, and for the first time I hosted a business talk last week in my Living Room with a guest banker and an attorney. I had a script and an agenda, but we were an intimate group, and the setting was informal, so as I touched on the stats that impact the market, I encouraged Q & A from the buyers and sellers who had gathered. To set the stage for discussing whether now is the time to buy or sell, I offered an overview of current inventory, identified 3 distinct market segments, highlighted the rise of the condo product, and considered absorption rates.
If 2005 was the year of the bubble that wasn’t, how will this sixth year of the second millennium play out for buyers, sellers and brokers?
Last year, boom and bust stories about the real estate market dominated the press with dramatic headlines. For the most part, however, the reports were conflicting, and the media spin on medians and averages proved to be confusing ultimately for readers. There were contradictory interpretations of statistics as data was misread and facts were distorted—particularly in the year’s last quarter which saw a decided drop in the volume of sales, though not in the price of transactions.
Construction cranes are everywhere in this city, and new development business is booming. According to The Real Deal, by the end of 2005, more than 9,000 new condominium units will have come on the market this year. To put that number into perspective, only 1,300 new condo apartments were offered in 2000; 2,200 units were added in 2001; 2,900 in 2002; 3,000 in 2003; and 4,800 last year. With the high number of new projects complete with amenities packages not found in older products, buying opportunities and choices abound. However, caveat emptor—buyer beware—was never more important than when buying new construction.