If you were to slap your hand on my shoulder* and say, “Gid, how’s the market?”, I would answer, “Fine”, because lots of properties are selling. But there’s something troubling about this market and it is this: lately there are fewer and fewer buyers who want a beautifully renovated older house.
Back in 2009, when no one was buying anything, I figured the market would eventually return, and it did. What’s going on now is different. There is a market, people are buying, but what they mostly want to do is tear down and build new.
Even almost new houses are being neglected. And before you get complacent about your brand new house, that market is starting to look over-supplied, too, as buyers look but don’t bid if it is their perception the property is over-priced.
So, if you’re on the market now, you have a choice, you can be a seller or a sitter. If you wish to sell, keep cutting that price till the fish begin to bite. You might even get a last-minute bidding-war.
But since this is Greenwich, CT and most sellers don’t really need to sell, there will continue to be a lot of sitting properties.
- never, ever do this