The power may have shifted in the luxury housing market from sellers to buyers, who now appear to have the upper hand in negotiations, MarketWatch reports.
Jed Garfield, president of Leslie J. Garfield & Co. in New York, says the luxury sector started swinging toward a buyer’s market in late 2015, when properties listed at fair market prices were lingering. But now the power shift has become more pronounced, he says.
“It all comes down to this being a supply-and-demand story,” Dolly Lenz, broker-owner of Dolly Lenz Real Estate in Manhattan, told MarketWatch. “If you have a prime property in a great location — something that’s irreplaceable or a trophy property — it is still a very strong market.”
Source: “Top-End Real Estate Is at a Tipping Point From Seller’s Market to Buyer’s Market,” MarketWatch (July 30, 2016)