Wealthy buyers are looking for larger properties and big houses. As countries across the globe introduced lockdowns and other restrictions, the pace of change for contractors has been extreme, it has slowed down the construction. Many potential buyers are wondering if they should delay or wait to see how the market continues at this record-breaking pace, low inventory and time on the market, high prices, bids, and other given indicators.
Buyers who know about the real estate market and don't jump onto frenzy conclusions may find it more beneficial to wait and analyze if things settle down over the next few months. However, those who attempt to step into the market need to weigh the risks. Luxury real estate is being affected by inventory shortages across the country. The market in which a buyer is interested will determine whether they should jump in or wait for fierce competition. In the near future, regions, where construction is ongoing on luxury developments, will likely experience less competition and price acceleration. Buyers looking to avoid bidding battles in these areas may want to put their home search on hold until there is more house listings. Ms. Gottlieb stated, "If you were not in New York, I would recommend you wait. Because my feeling is, as the vaccine becomes more widespread, the need to relocate will decrease." New York City is acting in the exact opposite. The market was on fire in the second quarter and is now completely exploded. I recommend that you buy Manhattan now if your goal is to purchase.
Buyers need to remember that the U.S. is still in flux and there is uncertainty about how sellers and buyers will act. It's also difficult to find accurate comps for the homes they are interested in.