The NYDN has an article about the impuslivenesss of some buyers who are snatching up the first property that they see. I don’t see this as a problem provided a few factors are in place:
1- It meets the buyer’s needs
2- Due dilligence is performed on the building’s financials properly.
3-there isn’t other better inventory available
I believe that most people do so much of their research online and look at many apartments online that they don’t need to see 20 apartments to find the one that makes sense. They narrow possibilites down online as well. Also, people are busier than ever so their time is limited. Every person is different but due to low inventory, there isn’t usually a lot of property and often indecisveness leads to losing a good property.
Once, I attended an open house for a loft near the FlatIron building, and my buyer client asked me if he wanted the apartment does he have to say yes right now. I responded no it’s not a rush, you can wait until tomorrow. We both shared a good laugh about that one and the unfortunate absurdity of the velocity of the Manhattan market.
At times competitiveness creeps into the equation as buyers see a crowded open house and want to win the bidding process. Some buyers will have lost other properties and they will be extra determined to get the next one. Recently, I had that happen with another buyer who was shopping for an upgrade on the UWS. They had lost 2 other apartments and then we found a 3rd and they jumped on it immediately with a full offer which was accepted. The next day they were having second thoughts and backed out. As their broker, I told them that I would stick with them and we can find something else. This process helped them to really narrow down what they wanted.
See the NYDN article below and a previous post on buying an apartment in NYC.