WITH AGENTS IN ANGUISH OVER THE RECENT COMPS CONUNDRUM FLOODING THE FINICKY STATE OF THE NYC SALES MARKET…ITS GOT US ASKING, ARE COMPS ABOUT TO BE COMPED OUT?
That is the million-dollar question on many NYC real estate agents minds, as they continuously mull through current comps in order to properly price new property. A fete, unfortunately proven futile, given that the devised data on file is stale, and not accurately reflective of present market conditions.
This is a sentiment shared by Mirador agent and in house appraiser, Eydie Saleh, telling Luxury Listing magazine that, “in today’s market, sale prices are more than ever a moving target.”
These ‘moving targets’ have made calculating comps for residential real estate exceedingly difficult – chalk it up to buyers not signing contracts as quickly as they once were – or the cloud of uncertainty looming over the current state of the market.
Whatever the cause of this comp chaos, one thing is for sure – brokers are frustrated and finding it increasingly ineffective relying on comps to convey accurate figures for a new listings.
So, are comps in, or out? Read Luxury Listings full story featuring Eydie here and get all the details on whether or not comps are simply becoming a waste of time.