New York City Apartment Market Shows Buyer, Seller Uncertainty

New York–Buyers and sellers in New York City are more hesitant about real estate deals than they were several months ago, according to The New York Times.Sellers recently have removed their listings from the market, hoping that the busy spring real estate season will bring more offers. Some have decided to wait a year or more for the market to improve. Owners who are motivated to sell now are finding that attracting buyers is more difficult than ever. As a result, the amount of money that needs to be spent to renovate and stage apartments for sale has become a determining factor in whether or not a unit will be put up for sale. In January, 5,641 apartments were for sale in Manhattan; in 2006’s second quarter, 7,640 were on the market, according to Manhattan appraisal company Miller Samuel Inc. Yet, despite seller hesitation, prices are generally stable or rising, and properties are selling, the Times reports.