We’ve been speaking with many real estate professionals out there, and everyone’s complaining about the lack of inventory. More accurately put: it’s the lack of quality, well-priced, ready-to-move-into inventory that’s lacking. This is particularly true in the 2-3 bedroom category. Our sources indicate that studios are a dime a dozen, while their larger brethren are flying off the market.
If you’re a studio owner looking to sell, we would advise that you wait until the middle to late-first quarter of next year to list your property, unless your apartment is in stellar condition and on the larger side. That way the market can work off some of this excess inventory and you don’t get lost in the mix.
If, however, you own a 3 bedroom property or a larger-than-average 2 bedroom apartment, it wouldn’t hurt to get moving and list the property in the more near future. There are many frustrated, anxious buyers looking for new listings. If we assume that a good percentage of those buyers are currently renting (a likely scenario), chances are their leases run out in the Spring/Summer, meaning they need to find a place sooner rather than later while building in a decent closing cushion. Yes, there is a rationale that says that the Holiday Season is usually dead, but at least you would be a big fish in a small pond of listings before inventory increases next year.
