Manhattan inventory up 500 units in two weeks!

You know the deal... it's all those hopeful sellers getting ready for that "spring bounce." I'm sure there will be bidding wars after the Superbowl; after all, the fundamentals of the city economy are so strong. Oh, and what about all those (mythical) "buyers" waiting on the sidelines? Oh, and what about all of that "pent-up demand?" Are there any other typical broker babble excuses I am forgetting?

The foreigners?

Wouldn't be surprised to be over 10,000 by month end.

You forgot to mention the low interest rates. If one more broker tries to justify an outrageous price by quoting low interest rates and saying I have to buy now before the rates "go back up"...

Q1 is going to be an absolute mess.

didn't you know that none of these people has to sell?

3 year inventory of overpriced garbage. Prayers of all major monotheistic religions changed to include "Blessed he who did not make me a condo developer."

Love when brokers quote the low interest rates as a reason to buy now. I don't know about you but you can't control interest rates but you sure can control the offer you make on a home! I would rather pay 50% asking and have an interest rate of 7%. Then pay asking and pay 4.8% on a home that will lose 10%-20% value after you buy.

gusantana, I couldn't agree more.

Interest rates rise and fall but the enemy of balance sheets, debt always remains.

I told a chap once that I would rather buy with interest rates at 8%, of course he thought I was insane. Why he asked. Because prices would be at a floor since buyers would be as rare as hens teeth & it could always be refinanced at a future date. Should interest drop markedly, you could sell for a tidy profit when the herds are out bidding against each other. The latter is an amazing thing to witness. :)

nice...teeth is to hen as nest is to ?

Agreed with gusantana. Brokers are idiots - I love the flyers I get in the mail that read "Now is a great time to buy AND a great time to sell." Now please explain that one to me.

All else equal, I would rather pay a lower price with a higher interest rate on the mortgage, as I can always refinance if/when rates go down. Plus there is upside in values should interest rates decline. Monthly nugget might be the same, but risk/return profile significantly different. Most brokers are not smart enough to realize this (hence why they are brokers).

Hey, brokers are plenty smart enough!

Their paycheck comes from buy/sell transactions. It's as simple as that.

Topper, what paychecks? I'll bet a good majority of brokers have not seen a sales commission in three months.