After 22 years in the business, Douglas Elliman broker Richard Steinberg finds that the key to selling in a “buyer’s market” is to price a home realistically — even if it means undervaluing a property.
“I’m telling my sellers now to price themselves anywhere between three to five percent below market value,” Steinberg said during a one-on-one interview with The Real Deal reporter Miriam Hall. “It’s all about ego — you end up in a bidding war and you end up reaching a better price anyway.”
Steinberg, who appeared on a panel at TRD’s annual showcase and forum earlier this month, shared his thoughts on the state of the luxury market, where the next crop of foreign buyers are coming from and why a few big-ticket sales doesn’t necessarily mean New York’s city’s townhouse market is staging a comeback.
“Not that I think they’re in the dumps,” said Steinberg. “But those are isolated cases. I don’t think it’s indicative of the market.”
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