Spring market wiggles a toe, yawns, leaps out of bed
The spring market is springing to life, according to stat trackers like UrbanDigs' Noah Rosenblatt.
"In the last seven days there have been 272 contracts signed in Manhattan, up from the mid- to high-100s three weeks ago," Rosenblatt told us yesterday, confirming that the uptick in contract signings he reported last week is continuing apace.
Meanwhile, real estate brokerages like Bond New York are predicting a "hugely busy" spring.
Web traffic to Bond's sales listings was up 21% in the first 5 weeks of 2011 compared to the same period in 2010, says Michael Signet, executive director of sales.
"We've begun to notice multiple bids and apartments going at or above asking for the first time in a long while, another indicator of a pending hot market," says Signet. One reason may be that "interest rates have moved upward just a bit, which usually makes 'fence sitters' jump in before rates click up again."
For buyers, it may seem counterintuitive to jump into the market at the same time as the competition. But as illustrated by this two-year chart tracking the number of Manhattan apartments for sale, you are likely to have more and better to choose from as more sellers toss their apartments into the ring. Now might be the time not only to brush up your Buyer's Survival Skills, but to keep on top of new listings using StreetEasy.com's search option for properties recently listed.
(UrbanDigs.com; previously)
Related posts:
BrickUnderground's Buyer's Survival Kit
A few things every buyer should know
Approval, schmoovel! Renovation perks for board members
4 neat ways to use an investigative lawyer in a co-op or condo
