The rules of engagement for buying a home or condo have changed because inventory is at an all time low. Negotiation becomes no longer part of the equation. Says the New York Times, "Forget about taking time to mull over your decision. Serious buyers need to be prepared to pounce. And while lots of cash has always helped, it's now more important than ever, as sellers select the best offers with the least amount of hassle involved." It's no different in New York than it is in Utah-the market has changed drastically since the Crash of 2008.
Buyers have to be pre-approved with a lender and must be prepared to JUMP on a property that might fit their needs. The homes still sitting on the market that haven't sold generally are a) overpriced, b) in a bad location c) in poor condition or d) a combination of a, b and c! Over priced sellers can't name just any price and expect their property to sell. We at Urban Utah Homes and Estates caution that even in this market of extremely low inventory, sellers who's homes are priced too high will tend to linger and get stale fast. Saavy buyers can have their agent research any property for the days on market, what liens are held by the seller and comparable sales in the neighborhood.