From a reader comes a question that jussst might prompt some discussion. He writes:
I am about to sign a contract on an apt, and have recently found the market to be at near frenzy levels lately. The place we are after sat on the market for all of 7 days before it was snatched up (and our seller is constantly reminding us that he has plenty of backup offers). And that seems to be the story I'm hearing a lot lately. I've even been to see apartments that were sitting on the market for months and that now have multiple offers at, or above ask (at least, so say the brokers). Do you have any industry perspective/data to support this? Just curious w/ all the doom and gloom predictions before the New Year, to see what those people have to say now. Is the doom and gloom just further in the future? Or are they changing their tune?
ps: It probably sounds like I'm a lame broker trying to hype the market, but really, I'm not.
As supporting evidence, we have Monday's front page NYT hypepiece. For the defense, Property Grunt wonders if this is just a dead cat bounce. Your POV, please.
· Housing Market Heats Up Again in NYC [NYT]
· The Dead Cat Bounce [Property Grunt]
· Ask Curbed Archive [Curbed]