Wednesday, February 20, 2013

It's a little wacky out there...

In the span of one week we had a client miss out on two apartments.  The first after offering $100,000 over the asking price (over 10% in this case) and the second was well over the asking price as well, in Gowanus!

Seller's and their agents are taking advantage of the limited inventory as buyers are scrambling for what is out there, especially in the 2+ bedroom market.  When quality, fairly priced apartments are coming to market the sharks are circling and cash (or non-contingent offers) have been king.  A recent NY Times article did nothing to calm the waters...

We are hoping that more inventory hits the market as it traditionally does in the spring, and things cool off, bringing some more logic and rational thinking into play.  For now, take this market with a grain of salt.