Status report from the open house front
Last Sunday’s open houses were abysmal. Barely anyone showed up. Those that did showed little to no interest in the apartments. And don't bother asking about offers.
The anxiety that has racked buyers and tightened their chests every time they look at the New York Times real estate section has now been replaced with a cold steely intensity of awareness that the market is slowly turning in their favor with more inventory being put on the market and rising interest rates.
One could argue the low turnout was due to the 9/11 memorial but I have seen people come out during blizzards and heat waves for open houses.
This seller's market has forced buyers to experience the phenomenon known as BOHICA. (Bend Over Here It Comes Again), which comes in the form of overpriced apartments and bidding wars. A year or two ago it was not uncommon for sellers to raise their prices during a bidding war to see whom would be the last buyer standing. And some buyers would accept the new price changes. If a seller were to do try that now, a buyer would respond by putting their foot up the seller's ass since buyers are more likely to avoid BOHICA.
I knew this day was going to come I just didn't know when. But my Sundays are going to suck further if this trend keeps up. So is this a sign of the implosion that everyone has been slamming their d**ks on the table about? I will let you know after next week.
The anxiety that has racked buyers and tightened their chests every time they look at the New York Times real estate section has now been replaced with a cold steely intensity of awareness that the market is slowly turning in their favor with more inventory being put on the market and rising interest rates.
One could argue the low turnout was due to the 9/11 memorial but I have seen people come out during blizzards and heat waves for open houses.
This seller's market has forced buyers to experience the phenomenon known as BOHICA. (Bend Over Here It Comes Again), which comes in the form of overpriced apartments and bidding wars. A year or two ago it was not uncommon for sellers to raise their prices during a bidding war to see whom would be the last buyer standing. And some buyers would accept the new price changes. If a seller were to do try that now, a buyer would respond by putting their foot up the seller's ass since buyers are more likely to avoid BOHICA.
I knew this day was going to come I just didn't know when. But my Sundays are going to suck further if this trend keeps up. So is this a sign of the implosion that everyone has been slamming their d**ks on the table about? I will let you know after next week.
posted by Grunt at
2:47 PM
