What to know
The Real Estate Listing Website StreetEasy said more than one in three sellers in the five boroughs were taking their homes off the market without finding a buyer, according to the survey conducted by The Harris PollThe chances of sale also decrease if the owners try to sell it themselves, without the help of a real estate agent, according to the surveyGiven the demand for housing in the city and low inventory, many sellers may be holding their prices steady rather than reducing them quickly, according to the surveyespecially in Manhattan, where only 15% of sellers lowered their prices, according to the survey.
NEW YORK –New York City’s competitive real estate market appears to be shutting out a growing number of people looking to sell their homes, according to a new survey.
The Real Estate Listing Website StreetEasy said more than one in three sellers in the five boroughs were taking their homes off the market without finding a buyer, according to the survey conducted by The Harris Poll. Sellers were also more likely to be stressed about putting a home on the market than about other major life events, such as planning a wedding (76% said selling a home was more stressful), finding a job (70%) or undergo a root canal (65%).
Researchers said buyers may be discouraged if the sales price is even slightly higher than comparable listings, according to the survey, which also found that homes are less likely to sell the longer they remain on the market.
The chances of sale also decrease if the owners try to sell it themselves, without the help of a real estate agent, according to the survey.
There are a host of reasons why a seller may remove a listing before the home is sold that have little or nothing to do with its performance on the market, he said. StreetEasy. It may have to do with how complicated the city’s market dynamics are, the decision not to sell after all, or other personal reasons.
Real estate in New York City has never been an easy picture: Homes in the five boroughs take nearly six times longer to sell on average, and the average home spends 89 days on the market before signing a contract, according to the survey. That compares to the national average of just 15 days.
Homes in the city are also considerably more expensive than in the rest of the country: The median sales price of a home in New York was just under $1.1 million in September 2023, according to StreetEasy, which is more than triple the national average. That means any home that is considered a good price has intense competition, which gives sellers an advantage since they are more likely to receive offers close to the asking price. Homes sold in September received more than 96% of the asking price, according to Harris Poll.
Given the demand for housing in the city and low inventory, many sellers may be holding their prices steady rather than reducing them quickly, according to the surveyespecially in Manhattan, where only 15% of sellers lowered their prices, according to the survey.
2023-10-31 03:31:16
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