When housing supply is plenty with few buyers, the prices of apartments and homes are lower. In a buyer’s market (also known as a cold market), it is possible for the buyer to get more out of a Manhattan real estate transaction.
Periods of buyer’s markets:
- Dot com bubble
- September 11, 2001
- 2008 mortgage loan crisis
Matching 90% of a wish list in a buyer’s market is acceptable to move forward with a bid.
- Is it in a good neighborhood?
- Are the schools in the area good?
- Close to transportation options?
- Is the condition of apt/home good?
- Street or garage parking?
Part of the home buying process is being flexible to getting the desired home at good prices and still come out ahead.
The buyer has leverage when houses tend to remain on the market for months unsold.