The market is busy and it would be very easy to convince yourself that another bubble was in our midst. How could this be after what we just went through? I don't believe we are seeing the formation of a bubble in NYC housing, I just think we are seeing too many buyers chasing too few (quality) listings. If you are a dog in this market, you're a dog (no offense to dogs :)) and those listing are sitting. But when a new listing hits the wires that looks good, look out and be prepared for an Open House that has the feel of 2007!
This just came in as I was writing this post. Unfortunately it's been pretty typical:
We had 7 offers and went to best and final. We will let you keep you updated
Oh well, we'll just soldier on. Now is the time for cool heads to prevail, though when making offers it's not the time to be "penny wise and pound foolish". Bid sensibly within your comfort zone but bid an amount that you won't second guess yourself on in the event you don't come out on the winning side of a best and final. There are those that bid too much and wake up asking themselves, "WTF did I just do?" We often see properties come back on the market after this. There are those who bid light and then ask me if it's OK to submit another, higher offer after the fact. Then there are those that bid just right (this is starting to sound like a fairy tale!) and whether they win or lose, they feel good the next morning and we all move on knowing that we did the best we could.
The data is validating what we are experiencing. It is very active out there. I look forward to helping guide you through this process and using the tools we have at our disposal to give you an advantage that others don't have.