Did you notice the change in the real estate marketplace?
You didn’t notice?
Yes, even six months ago, it was a buyer’s market. But, as things do, particularly in New York, the market changed, nearly overnight.
It is now a seller’s market.
In other words, there is very little inventory and there are many buyers for every property that is listed for sale. Interest rates for mortgages are still very low and buyers have buying power, but because there is low inventory, purchase prices are increasing.
There are bidding wars.
So, how can you, as a buyer, position yourself as the “winning” buyer or the “winning” bidder?
I interviewed two stellar New York real estate agents and they spoke to me about what buyers can do to really set themselves apart from the pack. You can hear the interview in the link below. What you will hear them speak about includes:
What does that mean that buyers need to be more prepared?
How can a buyer prepare?
_____ kills deals
The importance of engaging in a “_________ negotiation”
It is possible to experience gazumping – and you don’t want to!
Importance of having the right team in place
You can listen in to the call with Leonard Gottlieb and Lori Winick if you missed it by clicking “play” below:
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I am surprised to hear this. I think maybe, as usual, the midwest is behind the trend. I think Florida is still a buyer’s market. I would love to lead in this and sell my home…then move to a place that hasn’t seen this change yet:) Thanks for an informative post.
How to position yourself as ‘the winner’ is so interesting for both real estate and business. I feel the parallels and am learning from this, even though I am on the other side of the world from this market.
Yes – it’s always good to be prepared – whether you are a buyer or seller – or in actually anything in life (even if you are in the market for a new computer).
Definitely shifting. An agent commented to me yesterday that even the rental market is thin. Not many properties available for the number of people looking. Great to have the insights of experts!
Great topic! It such a relevant conversation even outside of the real estate arena. When competition is high, you really have to know how to ‘sell’ yourself – even if in this case – where you have to sell your bid…
It’s still very much a buyer’s market here in the midwest. Hoping for things to switch up for some of my friends with properties on the market!
And even if it’s still a “buyer’s market” there are things that sellers can do to set their properties apart from the others that are on the market. Check out my prior post here: http://bit.ly/14TtWNQ