Opportunity Knocks ?
Through use of social media,I’ve been able to expand my network and reach,with professionals and industry leaders across the country,as well as internationally.I was invited to share a weekly blog post for a recently launched national real estate website,as well as contribute to other similar venues.It is from the perspective of course of my position as an agent in Manhattan ,taking into account external factors from the national market and drilling down to the local level. Below is my most recent post-on the importance of analysis,recognizing opportunity,and working with a team when you are buying,selling,or starting to comtemplate doing either !
Is it a market of opportunity? It may well be for some buyers and sellers in some markets….
Typically, when the media reports on housing stats, they are reporting on data they gather from the National Association of Realtors, Standard & Poor’s/Case-Schiller indices. There are those who feel we are still at risk of a double dip recession, and those who think we are rallying upwards. In some markets there exists an abundance of properties, including looming shadow inventory of distressed properties-and in others, there is scarcity that leads to situations with multiple bids.
I recently read through Swanepoel’s 2011 Trends Report as well as The Real Deal’s 2011 Data Book. And it is amazing to see the vast differences –and again- real estate, at the end of the day, is local. . In some markets there exists an abundance of properties, including looming shadow inventory of distressed properties-and in others, there is scarcity in some segments of the market that leads to situations with multiple bids.
NAR’s quarterly price data is based on median sales prices, which can be skewed upwards or downwards by sales of higher or lower priced homes. And then there’s Case Schiller,which only accounts for certain markets, and in the case of New York City metro, doesn’t even take into account the bulk of our housing stock (Manhattan is still predominantly coop !)
New York is a global beacon, of finance, arts and culture. Wall Street improving is something that bodes well for us, as well as other financial centers in the Northeast. Conditions in the global market may also make New York extraordinarily attractive to purchasers from abroad.
Many positive signs abound, but that doesn’t mean you should be throwing caution to the wind! Unsure if this is a market that could be good for you to buy or sell in ? Deeply evaluate what your goals are. Consider cost and value if you are purchasing as well as if you are selling-as these are the things your perspective buyer will be taking into account. Additionally interest rates likely won’t remain where they are indefinitely-so the cost of borrowing money will increase as rates increase .It is essential that you consult with your team of professionals- your financial and mortgage advisors and your real estate professional-and find your next home this spring!