How’s the market?!
How’s the market?!
If I had a dime for every time I got this question!… 🙂 Well folks, as you can imagine many are curious about real estate and yet when it comes to the complex universe of microcosms that is the NYC real estate market, that simple question opens up a huge can of warms.
Take the stock market for example. Stock brokers have become preconditioned to answering back with a fabricated 15 second elevator speech which makes them sound knowledgeable, show you the down side and still leave you confident. They honestly don’t want to give you the breakdown of the tech sector, bond market, the treasuries, utilities stocks etc. But they are all separate sectors which though occasionally influence one another, perform very differently from one another. You even have sectors within each sector. Blue chip tech stocks for example and tech penny stocks are hardly in same sector, would you agree? Hence they each experience different types of volatility.
Same goes for NYC real estate. Within the residential sector we have micro markets within each price category and per neighborhood. Even for the purpose of this article, I want to refrain giving direct examples on real estate, for the exact reason I don’t like answering the question “how is the market?” – the answer is too long and most of the information is irrelevant to the person asking.
Point to all this? If you really want to know about real estate maker sector that will be of true benefit to you frame your question to a professional like this:
“I am interested in buying/renting in ‘this particular area’ in ‘this price point,’ what would be your thoughts on this particular market sector?”
I guarantee you, that if a real estate expert is knowledgeable on the subject, you will walk away with wealth of information, and not a fabricated 15 second speech.