In a seller’s market (also known as a hot market), homes in Manhattan move fast and don’t stay listed for long with more buyers than homes available for sale. Usually a drop in interest rates start and prolong the seller’s market as more people can afford to buy homes with loans at lower rates.
Sellers will receive multiple offers, may find their homes in the middle of a bidding war, and selling at above the listing prices. One strategy for sellers in such a market is to wait for offers to come in after the 1st offer, it will typically result in a higher offers.
As a buyer, the options to get everything on the wish-list without overpaying diminishes. Being flexible in a seller’s market means a buyer should bid on a home if it satisfies 80% of their wish-list.
The seller has leverage when the supply of homes for sale is limited, or homes are simply being bought up quickly by the larger pool of buyers creating the excessive demand.