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What to Expect this Fall

What to Expect this Fall

As the market is about to rev up after taking a brief end-of-summer pause, let’s take a look at this summer’s activity as an indicator of what’s to come in the following months.

Although activity typically slows during the summer, this year July and August turned out to be unusually busy. The number of contracts signed in both July and August were up double digits over a year ago, while negotiability for buyers and average days on market both declined.

What factors helped maintain momentum during the dog days of summer? An improved outlook for Europe’s...

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How overpricing can ‘wound’ a property

How overpricing can ‘wound’ a property

Given all the news stories and media hype, it appears to the average buyer that no property remains unsold, but that is not true. Due to the high expectations created by this “sellers’ market,” owners are often tempted to price their units too high. This is a misguided approach. Many sellers don’t realize that there are significant risks to overpricing, even in such an active market. Establishing listing prices that are only 5-10% higher than market value can critically ‘wound’ an apartment for sale.

This is true especially for un-renovated apartments and units without modern amenities and finishes. Apartments in non-prime...

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The Market and the Media

The Market and the Media

The media has been doing a great job of spreading the word that the real estate market is red hot again. CNN.com, along with many others, reported news recently that a nationwide home price index (S&P/Case Shiller) was up 12.2% in May as compared to a year ago–the biggest such increase since March 2006. CNN’s headline: “Home Prices Keep Soaring.

In Manhattan, there’s been a steady stream of coverage on packed open houses, multiple offers and bidding wars, along with plenty of stories on how to beat out the competition, like these from the NY Times: “ Read More »

Welcome to the brand NEW DeannaKory.com!

Deanna KoryI have just launched my newly redesigned website and I am very excited to tell you about why it is special and how helpful it can be to those in the NYC real estate market. The central idea behind the new site was that it would be dynamic in nature, contributing expert analysis on current market news and trends as it happens while providing new tools and guides as soon as they become available. We can react to the market and provide you with the best tools and information at the right time. This makes this site...

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Is there a risk of overpricing my apartment when the market is so strong?

Deanna KoryAsk Deanna Kory
It is common for sellers who love their property to feel that it should sell for a better than market price! That tendency is exacerbated in a strong market. Experience shows that overpricing in a strong market can really hurt the ultimate sales price as people brand the property early on as “pricey” and the seller to be “unrealistic”. First impressions do matter. It is easy for me to say “be careful not to overprice”, but when the media has hyped the strength of...

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