Stop waiting for the market to change. Start making it work for you.
Last weekend, I was out with two buyers at opposite ends of the Manhattan real estate market. One was a couple looking for their first home in the $700,000 to $1 million range. They have good jobs, mortgage pre-approval, and are ready to move in together. The average rent downtown for a one-bedroom is approximately $6,000 a month. My question is simple: why keep paying someone else’s mortgage when you may be in a position to start building equity of your own? This buyer looked at three different potential homes in Hell’s Kitchen and the Upper West Side. The first was an estate sale, a two-bedroom, one-bath co-op asking $675,000, needing some love. The second, a Co-op on West End Avenue, high floor facing west with spectacular water views, a renovated one-bedroom with a small dedicated office space asking $760,000. The third home was a condominium in Hell's Kitchen in a new development, a 700 sf one-bedroom asking $950,000. All three are sellers who want to and/or need to sell.
My other buyer? A cash buyer looking at trophy apartments and luxury pied-à-terres priced at $20 million and above. This savvy buyer has been watching thirteen properties over two years of which only two of thirteen have sold. As for the rest of those trophy properties, they are taking price reductions in some cases up to 25%.
Two completely different buyers, two very different budgets, but one common denominator: opportunity exists at every price point. And with fewer buyers competing for properties this time of year, prepared buyers may have more leverage to negotiate, challenge asking prices, and get sellers to the table.
I often hear buyers ask, “When can I get a COVID deal?” or “Should I wait for interest rates to come down?”
My answer is this: the best time to buy isn't necessarily when the market is perfect. It's when you're ready and the opportunity is right. You don't need to predict the market. You need to understand it, be prepared to act, and recognize value when you see it. Don't wait for the perfect conditions. Make the conditions work for you.
And don't go it alone. Partner with a buyer's agent who understands your goals, knows the market, and can help you negotiate from a position of strength. Whether you're buying your first apartment or a $20 million trophy property, the strategy is the same: be ready, be smart, and be intentional.
You may not control the market, but you can control how you play it. Make your own market.
As I always say, Love where you Live.
