The Spring Housing Market Is a Miserable Game of Chicken

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Sellers are aiming high. Buyers are content to wait them out. Better luck next year?

asking $1.84 million. But most sellers are standing firm, convinced that they’ll eventually find a buyer willing to pay last year’s high prices. “I have a seller who made an offer on something and the broker said, ‘Oh, we’ve had higher offers than that and we turned them down. We’re not even going to consider it.’ There’s no sense of urgency,” says Jay.

Lisa Chajet, associate broker at Coldwell Banker Warburg, recently had a buyer looking for a two-bed, two-bath apartment on the Upper East Side. They went to see 12 listings, which ranged in price from $2.1 million to $2.9 million. Many were overpriced and had been sitting, but they made an offer on a $2.19 million apartment that had been listed for less than a month and are now in contract.

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