An Experienced, Trusted Advisor is Key

At one point early in December 2022, over 823 apartment listings were removed from the market in a single week! This significant number of failed listings can be due to many reasons, but most of them likely relate to what the seller was advised to do. Sure, sometimes getting advice can feel like looking into a crystal ball, but if you have an honest and hard-working agent, they will tell you the truth about the market and not just what you want to hear (or what benefits them). By facing the tough questions upfront, sellers and buyers can make better-informed decisions based on facts, not the self-interests of other parties. In the current market, you should count on the experienced adviser rather than those prone to over-promising.

Having a trusted real estate advisor during changing times and markets can be the difference between sinking and swimming, drowning and surviving. And frankly, not just surviving, but flourishing, while others wilt under the pressure. February 2023 marks The Hoffman Team's seventh year at Compass! We have sold more than $905 million worth of real estate with over 792 closed transactions during that time. This kind of volume doesn’t happen by mistake; it comes from hard work, perseverance and having one thing in mind — the client!

Since last October, NYC real estate inventory has been declining week after week. The final week of January marked the first increase in overall supply. It was a modest 2% (and one week doesn't not make a trend), but overall inventory should (finally) start to increase as the spring market gears up. With that, many sellers will be advised to list their property too high or be counseled to skip preparing or staging the apartment to save a couple of bucks. Many of those sellers could lose even more money at the end of a six-month exclusive because they missed the market on price or appearance only to have market momentum slip away without a sale to show for it. A smart advisor will share honest sales advice upfront so clients can make the best decisions about their property before they list. Real Estate advisors will do this because it’s the right thing to do, not because it benefits them. In truth, it benefits everyone. Intelligent, honest, seasoned advice is what clients and this market need more of today.

We will not stop until we have served our clients to the best of our abilities. Does that mean sometimes we don’t get a listing because we’re not going to overprice it as the next broker will? Sometimes. Does that mean we might have to be the second or third broker before the seller comes back to us, saying, “Gosh, you were right."? Sometimes. But you know what? As long as the client is first, we achieved our goal. As long as a buyer is able to purchase their home and is happy after closing – we have done our job and can go home, knowing that we served our client to the best of our ability.

One of Compass’ mottos is “collaborate without ego.” For us, that means having a client-first mentality, always. That is what will lead us through the first and second quarters of 2023 and into the second half of the year, where things could get a little muddy. But it will be bearable because our clients will know the truth about the market. As long as we keep clients first, we should be all OK.

Local Happenings

NOW - FEB 12, 2023

NYC Restaurant Week

NYC Restaurant Week is back! Now through February 12, explore the five boroughs through specially priced prix-fixe menus at hundreds of participating restaurants. Click HERE to explore participating restaurants, view menus, and make reservations!

NOW - FEB 12, 2023

NYC Broadway Week

Here again for its winter run, NYC Broadway Week makes its return engagement. Now through February 13, get two-for-one tickets to nearly every Broadway production! Click HERE to view the list of participating shows and snatch up the best seats for the ones you want most.