How to Play in the Current Real Estate Market
Updated: May 28, 2018
A friend who I work with was once married to a big-deal mergers and acquisitions Wall Street guy. It didn’t last, but who cares about that part of the story? He told her that a company is worth what someone is willing to pay for it at the time someone else wants to sell it. No more. No less. It comes to mind now as I read about the change in the real estate market in New York City, and how prices are dropping and rentals abound.
I read these articles that seem to be everywhere, and then I look at my own portfolio. I have never had so much business on the table as I have now. You can see if you follow me that between this week and next, I will have helped six sellers and buyers close their deals.
Here is the lesson: If you are looking to buy or sell, then measuring all the elements around your needs will dictate how fast and for what price the deal you want can be done. If you want to move NOW, then price is everything. You will sell for a little less, or buy for a little more to get the owner out faster. If you want the perfect forever home, and you have another year on your lease, you will take your time, bid with caution—hoping that the seller is ready to unload his or her property—and not be afraid to walk away.
Don’t read what’s happening in the market. It’s never an overall buyer’s or seller’s market. It’s the dance of needs of both parties that determines whether the deal is more advantageous to the buyer or the seller. Where I call home, and where my business is built, is in Forest Hills, Queens and Long Island City. There are deals to be had and buyers to be found.