After a period of stagnation, the real estate market will see a comeback this Spring

Manhattan is arguably one of the most competitive real estate markets, and it has earned the right to be. From stately prewar to shiny postwar buildings brimming with a thoughtful mix of classic and trendsetting design, there is a property that speaks to everyone. 

This Spring season will bring a renewed energy, marked by a wave of interested buyers, competition, and a return to financing. The following proven tips will help buyers prepare for success. 

• Confident, not cocky. Buyers will approach the Spring market thinking they have the upper hand, however, they will quickly realize that they in fact, do not. 

• Pressure is building. The pace of the market has quickened in-step with increased competition. To break away from the crowd, buyers will need to ensure that they have their ducks in a row at the onset of their search, and be prepared to react with smarter, more efficient offers.

• Appropriate is the new aggressive. Financing is creeping back into the market, high negotiability is a thing of the past and both sides will need to work a little bit harder. This season, buyers should be prepared to make offers closer to 5% within the asking price for the best chance of an accepted offer.

• Location, location, location. We’re seeing the perennially popular Soho, West Village, and prime Tribeca maintain rank among the city’s desired areas. Additionally, buyers continue to crave the Upper West Side and Upper East Side’s properties along the Park. 

• Bonus tip to all sellers. Sellers often do not act quickly enough when a market softens, and much too quickly when it seems the market has a positive outlook. Due to this, we will continue to have a price sensitive market. Sellers need to know the market and take the condition of their property into account. The cost of taking on renovations in New York City is high and the property must be priced rather attractively, otherwise people just won’t act on it. 

Lisa K. Lippman

Lisa K. Lippman has been the number one agent at Brown Harris Stevens for the past seven consecutive years. With over 25 years of proven industry experience, her depth of expertise, marketing savvy, and personal attention to every detail is sought out by buyers and sellers of high-end cooperatives, condominiums, and townhomes throughout Manhattan.

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