NYC Home Sellers “Exceedingly Optimistic” on Pricing
New York City home buyers who bought during the post-2008 slump haven’t necessarily fared as well as their optimism would have them believe they would, according to StreetEasy. “Buyers who managed to time the market well have profited,” StreetEasy reported, but not as much as investors in other vehicles.
Since New York’s market for single-family homes and for-sale apartment bottomed out in November 2011, the S&P 500 has risen 125%. “Meanwhile, home prices have risen 28.5%, according to the StreetEasy Price Index,” the firm reported. Yet “exceedingly optimistic sellers” are now rushing to cash in on demand.
Even so, these sellers have done better than those who bought before the crisis. “Only half of those who bought in the two years leading up to the crisis and have since sold, managed to record the 10% gain roughly necessary to offset the costs of buying and selling a home,” according to StreetEasy.
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