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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I live out of the area and have a house that even this week should have flown considering limited inventory and the price point. Last night we had 3 agents writing offers for their clients. As of noon today, all 3 buyers got cold feet and are pausing.

We couldn’t go to market earlier because we had to finish a small renovation to make the house acceptable for our market, but now our timing feels as crappy as it could possibly be. I’m not panicking but I’m not feeling great at all. There was nothing we could do about our timing but as someone who graduated into two recessions, I’d love for one major event in my life to not be accompanied by huge global drama.[/quote]

Replying to my own post. Our house went pending a few hours after I posted this. We got ask, but not above. If this were last year, our house would have had multiple offers and would have gone for $200-$300k above ask. I think that if we had listed today instead of a week ago, we would have had more bids, but people were in a tariff drama/market panic.

But overall we are relieved that it moved in these circumstances and glad to have moved on. [/quote]

Congrats. We have our place listed and have also had horrible luck with timing. We also had to do some repairs that were delayed and we missed the spring market. Then we took it off for the holidays.

We were approached with an off market contract at the end of January right as we were about to put it back on the market. This took a few weeks then the buyer back out right before I went out of town. So this delayed us for over a month.

Literally tons of homes in the small neighborhood went under contract the week before we got to market. Then nothing under contract during this past 6 weeks. Then all the recent stock market fun. Please send me some good vibes.[/quote]

Sending you good vibes as well. We closed last month in manhattan and we were grateful that we got our ask.

There is so much going on right now. We listed last year, and were told that a lot of buyers were waiting until after the election, especially since ny revolves around the finance industry. Despite ny’ers hating Trump, the finance industry assumed that he would usher in a period of activity - mergers, acquisitions, etc- that would fund Wall Street.

I’ve heard stats ranging from 10-30% in terms of how much more supply is on the market than 12 months ago. Many gen z and millennial buyers are selling their panic pandemic purchase because of regrets about maintenance, finances, or RTO. So many of them bought without inspections or an understanding about interest rates and maintenance costs.

Add in rising mortgage rates fueled by tariffs, inflation due to tariffs, jobs uncertainty due to doge and tariffs, and it’s not promising. We were planning to sell right when Covid struck and we pivoted to renting for a few years, so if you don’t to sell now, consider renting. I think the rental market will continue to expand if mortgage rates climb and people don’t want to commit to buying. [/quote]

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