Business View Magazine May 2023

14 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 5 BUYERS WILL BE CHOOSIER Over the past few years, buyers have been at the behest of sellers, squabbling over small amounts of inventory at record-high prices. Steve Halpern, a real estate broker with Compass in New York City, predicts this will go by the wayside in 2023, as quality begins to prevail. He said buyers will have more time to look and really consider their decisions, so they will be choosier and lean toward homes they feel are well done. “The largest segment of the opportunity in the market will be in apartments that need renovation,” he said. “Post-COVID, buyers have been fearful of renovating; so, if a buyer is open to it, they will get a much better deal.” the last two quarters were filled with sellers being too stubborn to accept price drops and buyers too scared of high interest rates to make offers. However, he predicts 2023 will be a year of corrections.