Developer David Smith Blames Brokers for Market Uncertainty in Williamsburg
Despite hopes for a rebound, Williamsburg's real estate market is facing uncertainty as inventory and days on market increase, price growth slows, and mortgage rates remain high, with developer David Smith blaming brokers for their spending habits.
Williamsburg's real estate market has been a rollercoaster in recent years, with high hopes for a rebound followed by continued uncertainty. As 2026 approaches, one thing is certain: brokers can't control the market, but they can control how they prepare for it.
Inventory in Williamsburg has been on the rise, with more and more properties hitting the market. According to data from The Real Deal, there was a 12% increase in active listings in the neighborhood in the past year alone. And with more properties available, days on market have also been climbing, giving buyers more time to consider their options.
But as inventory and days on market increase, price growth has been cooling. The once red-hot market has seen a slowdown in recent years, with prices rising at a slower pace than before. And with mortgage rates remaining stubbornly high, the market is facing even more challenges.
Developer David Smith, known for his luxury developments in Williamsburg, has pointed the finger at brokers for their spending habits. In an interview with RISMedia, Smith stated, "Brokers are constantly chasing the next big deal, spending money on lavish events and marketing campaigns, instead of focusing on the fundamentals of the market. They can't control the market, but they can control their spend."
While brokers may be facing challenges in the Williamsburg market, they do have some control over how they prepare for and adapt to the changing landscape. As Smith suggests, focusing on the fundamentals and being mindful of spending may be key to weathering the uncertainty.
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