By Serj Markarian, Licensed Associate Real Estate Broker
John Walkup, co-founder and partner at UrbanDigs Analytics—whose expertise I highly respect—recently shared five key insights for NYC sellers ahead of the spring real estate market. One point that stood out in his analysis was, “buyers are back, but they’re still picky,” reinforcing what I wrote two weeks ago about the importance of preparing well in advance if you plan to list.
Market analyses suggest a cautiously optimistic outlook for Manhattan’s residential real estate market this spring. Experts anticipate increased buyer activity, particularly in the co-op and luxury condo segments. However, challenges remain, including elevated mortgage rates and broader economic uncertainties, leading to cautious, price-sensitive buyers. Both buyers and sellers should stay informed and adaptable as the market evolves. Let’s examine Walkup’s five key takeaways:
A Surge in Listings Is Coming. Spring is New York’s busiest season for real estate, and Walkup expects a significant influx of new listings by March. Last year, Manhattan saw nearly 6,400 new listings between January and April, and current inventory is hovering around 5,500. He anticipates a notable increase across all neighborhoods and price points, making competition fierce for sellers.
Buyers Are Back—But They’re Picky. As I mentioned at the start, buyers have returned, but they’re in no rush to purchase if the value isn’t there. With mortgage rates lingering around 7%, many are willing to walk away and wait on the sidelines rather than settle for an overpriced or underwhelming home.
The Listing Climate Remains Challenging. According to UrbanDigs’ Listing Climate report, the number of homes taken off the market (unsuccessful listings) has exceeded the number of signed deals (successful transactions). This shift indicates a more challenging environment for sellers, where properties that aren’t priced correctly may sit on the market longer than expected.
Pricing Matters More Than Ever. Buyers today are more data-savvy than ever. Understanding how your home is perceived in the current market is crucial. Listing at a realistic price from the outset attracts serious buyers and minimizes time on the market.
Honesty and Transparency Sell Homes. Walkup’s final—and perhaps most important—point is that “honesty builds trust, and trust sells”. Today’s buyers have seen multiple homes like yours, so there’s no benefit in trying to gloss over flaws. Instead, embrace your home’s strengths and distinct character. Setting clear expectations from the start allows sellers to present their home as a smart choice rather than a fallback
While much of this may seem like common sense, you’d be surprised how many sellers overlook these strategies. Adjusting expectations to align with today’s buyer mindset and setting a realistic price will give you the best chance of a successful sale in a reasonable timeframe.
If you're considering listing and would like to chat, feel free to reach out—no obligation.
