NYC Housing Inventory Fell by More Than 50%

It is now a seller’s market in New York City. Housing Inventory fell by more than 50% compared to last year. We went from 9,964 units at the beginning of January 2021 and last week there were 4,712 units on the market. Meanwhile, demand remains strong. Simply putting your home on the market will not guarantee results.  In this video, I am going to review what I call the three P’s: Pricing, Presentation and Performance. Watch to the end because performance is misunderstood and very important for the sale of your home as how people buy real estate has changed in the past few years. 

When selling your home, getting your price right at the start is critical for obtaining the very best price for your home. It is tempting to push the price higher than the market will bear for fear that you might be losing out but this is a strategic error. Multiple studies have proven that overpriced properties linger on the market and ultimately sell for less than they are worth. If you get it wrong and underprice your property, you are likely to end up in a multiple bidding situation where your property will sell for more than it is worth. 

We live in an Instagram/HGTV world. How we live and what homes look like in a photo are two separate things. Your home may be perfectly pleasing to you on a daily basis but it could be unappealing in a photo. When you are ready to sell you must remember that buyers begin their search online. Once they have a large list of options, they whittle the list down to a manageable amount of properties to view in person. If you want to be on that list of must see properties, your online photos must be appealing. 

If you are selling your home and have a realistic listing price and great photos the next step is to understand performance. Simply put, your online presence must perform. How many websites is your ad shown on? Do you have a property video? Is there an Artificial Intelligence ad campaign targeting buyers? When your property comes up in a search does it have all the information a buyer needs to make a good decision? There is so much that goes into promoting a property online these days, long before someone walks in your front door. Setting yourself up for success online and tracking the metrics are critical. 

Are you thinking of selling your property in 2022? While low inventory levels might flash a “sell sign” so many factors influence a successful sale and no two properties are alike. If you would like a no-obligation assessment of your property, contact me today. 

Thank you for watching this video. The Boland Team YouTube channel has plenty of other market updates and more for you to watch. We welcome your comments and questions. Please subscribe today. 

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