Wall Street bonus season is the stuff of New York City home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market with sluggish sales and a glut of high-end units, that vision may be more like a mirage, according to residential brokers and other industry pros.
At a meeting this week, Compass’ Michael Franco found himself at odds with his clients after suggesting they lower the asking price of their home. They resisted, arguing that bonus season may finally deliver their long-awaited buyer.
“I said, no, you should capture bonus season by lowering your price now,” he said. “I don’t think that sellers should solely hang their hat on their place selling faster or for more just because of bonus season.”
Financial sector employees usually receive those payouts between December and March, and many agents are now trying to disabuse sellers of the long-held belief that the extra cash will be a boon for real estate.
Source: The Real Deal