As of late, the housing market has been experiencing a slow influx of new properties resulting in a limited supply of inventory. Simply put, there are not enough houses, parcels of land, or commercial sites on the market to satisfy the growing demands of consumers. With less than three thousand properties available in Brooklyn and Staten Island combined, this is a challenge that Michael Dukhovny, Broker of United National Realty, is faced with daily.
“Wherever I go, people are constantly approaching me and complaining that they are unable to find the kind of residential or commercial property that they are looking for,” says Mr. Dukhovny. “Inventory is very tight, and that is driving prices up drastically. Lately, almost every house, condo, mixed-use building, or shopping center we list sells for either close to asking price or above asking price.”
While some buyers resort to scouring Zillow and Trulia for any new properties that may emerge, most feel that their best approach to finding a home or investment piece in this market is to work directly with an agent. Professionally trained agents know the ins and outs of the business, and can help guide buyers towards a successful purchase in a tight market. Many large real estate brokerages have found ways to compete with Zillow and Trulia by creating company websites which not only provide insight into each individual company, but also accurately showcase available properties.
“Our company website is www.unitednationalonline.com,” says Michael Dukhovny. “It is a very useful tool for buyers as well as sellers because it receives information directly from the Staten Island MLS and the Brooklyn MLS. This gives people the opportunity to get a better idea of what is available on the market and what the prices are. Once potential buyers and sellers preview these properties, they are encouraged to contact either myself or any of my qualified agents for further assistance, including recommendations for highly coveted mortgage brokers and real estate attorneys.”
Although inventory is limited, people are successfully purchasing homes every day, thanks in large part to the hard work, dedication, and expertise of real estate agents. It is a very strenuous market, but when the proper resources are utilized, consumers may still get the properties they desire.