Whether you’re trying to sell your apartment or looking to invest in a new one, the New York City real estate market can definitely be a lot to handle – and in that case, timing is everything. Knowing when the best time to buy or sell is can not only help alleviate stress, but make sure you get the best deal – so read on for our top tips!
If you’re a seller
The number of listings on the market increases throughout the year, with peaks in late spring and early fall. So if you’re trying to sell your apartment, it’s best to get in on the market as early as possible (but definitely during the first half of the year).
StreetEasy numbers have also revealed that apartments sell more quickly during the high season (April to June) compared to the rest of the year. During high season, a listing spends on average 10-15 days fewer on the market.
If you’re a buyer
If you’re looking to buy, keep in mind that prices are generally 0.3-0.4% lower in April and May compared to the rest of the year. On top of that, buyers have a 10-20% higher chance of getting price cuts on the asking price during the spring months – and this holds for September and October as well.
According to a recent report by Realtor.com, the best week out of the entire year to buy a home is the back-to-school week, which runs from September 22nd to 28th. At this time of year, sellers are ready to close their home after they’ve returned from their summer vacation and there will be less competition from family buyers (as they’re most likely focusing on school and are more likely to put their search on hold). During this week, buyers can expect a 22.3% decrease in competition!
Additional tips and tricks!
Although spring and fall are generally rules of thumb in the selling and buying process, there are always exceptions. During summer and winter, there’s a chance you’ll find sellers who really need to sell because of urgencies, relocation, or another closing. If you, as a buyer, have the flexibility to wait for periods when sellers are desperate, you can gain an advantage as sellers will be more open to negotiating.
Buying during the winter holidays may be a winning strategy as well. It can work in your advantage to bid on a property in December as sellers may be more receptive to offers during the winter holidays. They probably don’t want to linger the property through the winter and like to picture the holidays with the sale behind them.
So now that you know everything about when you should buy or sell, the next step is to take action! Click here or call 646.681.5272 with your questions to speak with an agent from Platinum Properties! We’re standing by to help you through every step of the real estate process, whether that’s selling or buying a home, renting a place, or anything in between.