Is it a buyer’s or seller’s market?

I posted Corcoran’s Q3 2023 Manhattan market report here. So what does this mean for buyers and sellers?

Sellers

For existing sellers with a property on the market for over 90 days, the prognosis is challenging. With newer listings absorbing attention, if there hasn’t been any bidding activity within 30 days, it’s time to reconsider your pricing, especially as demand might see a seasonal uptick this month of October. For those considering listing a property now, grasping the present buyer’s ambivalence is crucial. Many properties are being met with less than enthusiastic bids, especially ones needing work. Pricing should be very strategic, styling and photos must be impeccable and expectations must be realistic.

Buyers

The present landscape is a window of opportunity for buyers to influence sellers to meet their terms. With the challenges of sagging liquidity, dwindling listing success, and an overall shifting climate, sellers with languishing listings are more open to negotiation. The key is to strike a careful balance between assertiveness and a realistic offer for the current landscape, ensuring the deal doesn’t slip through.

Final Thoughts

The Manhattan residential sales market ebbs and flows in response to myriad internal and external factors. The recent data underscores a transitional phase marked by a rise in seller challenges and a simultaneous uptick in buyer opportunities.

Sellers are advised to remain observant, frequently reassessing their strategies in line with emerging market trends. Buyers, on the other hand, stand in an advantageous position, presented with a wider spectrum of choices and increased negotiation leverage. With that said, as with any transitional phase, the market’s trajectory is not set in stone. Both clients and brokers must stay alert, continuously adapting to the market’s shifts. Understanding these trends and taking strategic action will be the key to success for both buyers and sellers during the remaining months of 2023.