Is It a Buyer's Or Seller's Market? Yes!
People always ask us if the market right now is a seller's market or a buyer's market and recently the answer is "Yes, both." So how can that be? New York's real estate market has become split based on price point and neighborhood -- those selling at higher price points, $2M and up, are making price cuts and dealing with more days on market. Seller's under $1M though are seeing properties fly off the market and are frequently getting higher than ask for their homes. This is even truer in hot neighborhoods such as Flatbush Brooklyn or Flushing Queens where sellers are really controlling the show.
For more on this split market, click here.