As you've no doubt heard, New York's real estate market is sizzling, with buyers feeling the heat as low inventory constrains options and bidding wars are commonplace.
Here's how experts predict the market will play out this summer--and how you can prepare as a buyer or seller.
The summer 2013 market outlook
Inventory was near a 12-year low in the first quarter of 2013, says Jonathan Miller, president of appraisal firm Miller Samuel. And it's likely to stay that way.
Miller expects an active summer market with strong activity.
"I don't think we're going to get a lot of relief from any of the new development hitting the market," says Miller. New developments are targeted towards the "upper echelon" --which often means high net worth or foreign buyers who pay in all cash.