Who Determines the Price of an Apartment?

I know your first thought is that the Seller determines the price. But wait, maybe its the seller's broker? No....I got it....its the comps...what is everything else selling for, once we know that we know what the property is worth.

Well, as anyone that has been a residential broker for more than 45 minutes will tell you, its the market place that determines the price of an apartment. The issue here is that virtually every buyer is represented by a Real Estate Broker. So, ultimately, its the advice of the Buyer's Broker that is a big determining factor in deciding what the property is worth.

Here is the scary part....even though prices in NYC are up 15% over the past 12 months a recent poll of NYC Real Estate Brokers found that 70% of them feel that prices are going to go down and they are recommending to their buyers to make offers that take this into account.

Who Determines the Price of an Apartment? More often then not its perception created by the media.