Are you toying with the idea of listing your New York apartment for sale, and are worried that if you do, things might not work out? Your fears may be unfounded, as the city’s property market has boomed over recent months. We’re expecting the market to get even hotter this spring.
Let’s explore some of the signs that indicate it’s time to sell your NYC property.
The Build-Up To Spring
The last two years have been interesting times for the New York City property market. However, those times seem to have passed and the market appears not only to be back on track but well on its way to being better than ever. Toward the end of last year, we saw low inventory of houses and apartments for sale in NYC, high demand, rising prices, and low mortgage rates.
As we enter spring, traditionally a good season for the city’s real estate market, we should see even greater demand for New York apartments for sale thanks to the return of international buyers and an increased number of office openings. The predicted higher demand should keep prices on an upward trajectory.
In previous years, spring has been the time when sellers with children at school list their apartments and houses for sale in New York and look for new homes. The pandemic derailed the regular pattern of activity, as far as the city’s property market is concerned. While a semblance of normality is being restored, Brick Underground reported that some brokers think seasonality will be less of a factor in the future.
More Encouraging Signs To Sell Your Property
Recent trends and predictions of an exciting spring aren’t the only signs that the time is right to sell your NYC property. There are other signs that indicate the market is ripe for different types of NYC apartments for sale.
Even though standard one-bedroom apartments didn’t see as much activity as apartments with an extra room toward the end of 2021, they are a popular option among first-time buyers. Condos for sale in NYC are particularly easy sells if they are near a hospital or school. Condos are also popular with foreign buyers who want to rent them out.
As a result of the pandemic, there is a higher demand for properties that are larger and have a work-from-home alcove or outdoor space. If your property has those features or other factors that set it apart from the “cookie-cutter” homes on the market, now is the right time to list it. Buyers are willing to pay extra for elements that support a home-based lifestyle.
The time is also right to sell multi-bedroom apartments and other unique properties that aren’t listed too often. Multi-bedroom apartments are particularly in demand in Downtown Manhattan as well as on the Upper East Side.
The most popular sizes of apartments for sale in NYC are between 1,000 and 3,000 square feet and have between one and three bedrooms. Four-bedroom apartments over 4,000 square feet are slightly less popular.
The signs also indicate this spring is a good time to list your house for sale in New York if the property is in Tribeca or the Upper West Side. It’s also a good time to list your property if you live in areas that were more heavily affected by the pandemic, such as the Upper East Side, Sutton Place, and Midtown. Buyers are also looking for properties that don’t require major renovations or work, since renovation materials are hard to come by currently.
While this article has focused on apartments for sale, some NYC real estate predictions for 2022 offer an encouraging outlook for the rental market as well. Get in touch with Platinum Properties whether you want to sell or rent out your property, and our team of experts will be more than happy to assist.