Changing Market?

Unpopular opinion: It's starting to feel like a "buyer's market." Your agent might not mention this.

In most of metro NY and the Hudson Valley, it's not fully a buyer's market yet. However, if you ask me, it's heading in that direction, especially as we approach winter. The only time it doesn't become a buyer's market is when a listing is perfectly priced and highly desirable, which can lead to multiple offers.

We're seeing price reductions across the board, affecting all price ranges. The market is changing, and those who recognize this are the ones succeeding.

Buyers who understand and take advantage of this trend can secure a better deal on a home, even with high interest rates. In the long run, this can be more beneficial than having a low interest rate on a more expensive home.

Sellers might not be thrilled with lower profits, but they should realize that current buyers are serious. Pricing is crucial for sellers to make a sale. Properties have gained significant equity during the buying frenzy; we can't be too greedy. The market always shifts. The question you should ask yourself now is: Do I really need to sell?

There's always a market where one party benefits more. But do we ever truly lose? The seller's goal is to sell, right? The buyer's goal is to find the right property. If you ask me, achieving those goals means you've won.

The key to winning as a buyer is to act quickly when a property is listed or reduced (since it's not entirely a buyer's market yet). Taking advantage of the typically slower fall and winter months will aid in your search and reduce competition from other buyers.