Not to Sound Redundant, But … It’s All About The Price!
And ain't that the truth! But, while pricing is the biggest motivating factor in today’s market, other factors as well are at play when it comes to today's buyer.
The strongest, fastest and highest selling apartments in the current market are the ones demonstrating the utmost quality with tangible renovations and top-notch finishes. Another major factor for success are buildings that are situated within the most desirable neighborhoods or destination locations.
So, you ask, what the secret sauce is for today's marketplace? It HAS to be price first. We are in a climate where the buyers' market rejects the seller's asking price more often than not, BUT when the market does spot an enticing asking price, buyers act almost irrationally to win the bidding! In fact, and I've seen this time and time again, these well-priced scenarios will often result in bidding wars that ultimately drive the final price well over what the buyers' market would've rejected resolutely as an initial asking price! This is a near-illogical overreaction by the buyers' market — a feeding frenzy, if you will.
So, if you combine the right price with a nicely renovated apartment in a desirable building and sought-after location, you have the recipe for a fast and high-priced sale. The hottest segment of the market seeing this kind of reaction is the $1M and below sector. It’s so competitive in this category, that if you didn’t know better, you would think it was 2006 all over again. As you move up the price-point ladder, the market gets tougher and tougher for sellers, and better and better for buyers.
But, and I can't stress this enough, no matter which end of the ladder you're selling in — it’s all about the price.