The Great NYC Summer Reset: Are Sellers Finally Giving Buyers a Break?

The Great NYC Summer Reset: Are Sellers Finally Giving Buyers a Break?

For a more in-depth look at what these trends mean for you, watch the video below. It provides expert analysis and key takeaways to help you make smarter decisions in today's market.

The sweltering heat of August has a way of slowing things down in New York City. The streets empty as locals escape to the beach, and the real estate market often follows suit. But this summer, there's a different kind of quiet in the air—one that suggests a subtle but significant shift in power. After a frenzied spring market, sellers are starting to feel the pressure, and buyers who have been sitting on the sidelines may finally have an opportunity to make a move.

For months, the narrative has been one of low inventory, high demand, and intense bidding wars. But with mortgage rates stubbornly high, many prospective buyers have been priced out or have simply decided to wait. This hesitation has created a market in "limbo"—defined not by urgency, but by caution.

So, what does this mean for you?

For Buyers: Patience Is Your New Power Play

The days of making an offer the day a property hits the market are, for the most part, over. Data from recent reports shows that over half of all homes are now selling for below their asking price. This is a dramatic change from earlier in the year and a clear signal that sellers are becoming more realistic.

The key to success this season is to be strategic. Pay attention to a property's "days on market" (DOM). If a listing has been sitting for more than 30 days, it’s a good indication that the seller may have overshot on the price. This is where you can find your leverage. Don't be afraid to put in a thoughtful, well-researched offer that reflects the current market realities. While deep discounts are still rare, sellers are now more likely to negotiate on price, closing costs, or other concessions.

For Sellers: Price it Right or Risk Stale Status

The biggest mistake a seller can make in this market is to assume a "frenzied spring" mentality still applies. The data is clear: buyers are more price-sensitive than ever. A home that is accurately priced from the outset will attract serious buyers, generate a healthy amount of interest, and likely sell more quickly and for a better price than a home that starts too high and requires multiple price reductions.

Unfortunately, many sellers who tested the market with an inflated price this spring are now facing the consequences. Their homes are now considered "stale," making it even harder to sell. While listing discounts have been narrowing, they are still a factor.

The takeaway for sellers is to work with an experienced agent who can help you set a strategic price based on the most recent comparable sales, not on the aspirational highs of a few months ago.

Final Thoughts: Your Strategic Move Starts Here with LucBlue Realty

The summer of 2025 is shaping up to be a season of cautious movement and shifting expectations. For buyers, it’s an opportunity to find a home without the stress of constant bidding wars. For sellers, it's a call to be realistic and strategic. By understanding these dynamics, you can navigate the market with confidence and make the most of what's to come.

At LucBlue Realty, we are not just observers of the market—we are experts who anticipate its shifts and provide our clients with the knowledge and tools to succeed. Whether you're a buyer looking to seize a new opportunity or a seller needing to make a strategic move, our team is here to provide you with a meticulous market analysis, sharp negotiation skills, and a data-driven strategy.

Ready to make a move in this evolving market? Contact LucBlue Realty today for a personalized consultation and let's turn this "summer reset" into your next successful real estate chapter.