Buyers got an extra day to hunt this leap year February, and hunting seems to be an increasing trend in our city’s real estate market. The past few months we’ve discussed a likely trajectory of increased buyer activity, and that is what we’re seeing play out so far this year. And we suspect the momentum will continue to build as we enter the traditional spring real estate shopping season.

 

This past month, we have seen increased property showing requests and open house attendance, as well as offers on properties, particularly those that sat for months without movement. Although anecdotal, we’ve seen enough of these instances the past few months to infer positive buyer sentiment shifts. And despite not having much of a winter in the city, with spring upon us, buyer optimism traditionally tends to increase, along with a determination to wrap up the real estate hunt before the summer months.

 

Property inventory is still low across the board in Manhattan and Brooklyn. Low inventory and increasing buyer activity is a recipe for competition. So, for owners looking to sell soon, now is the time to get the process going. And for existing sellers that only recently came to market but are concerned with a seeming lack of interest in their property, March may be your window of opportunity, particularly if you came to market with aspirational pricing. Sellers who are meeting the market with realistic pricing expectations are seeing movement. Consider adjusting if that is the case for you.

 

For benched buyers, it’s time to get out. It’s unlikely competition is going to decrease and unlikely inventory is going to radically increase. Interest rates have come down, and refinancing down the road can be a great option if you find a place you like at an appealing price. It probably won’t suit you well to wait around until the herd gets bigger.