When it comes to New York City’s real estate market, you need to know that not every month is equal. If you’re looking for NYC apartments for sale, some months really are better than others.
Traditionally, spring and fall, have been the city’s peak buying and selling seasons.
However, as almost every buyer, seller (and renter) over the last two years can tell you, the pandemic has impacted established behaviors. At least, it did for a while.
The good news is that the market is beginning to normalize. With that in mind, let’s take a closer look at the better months in the year to buy in NYC.
Why Spring And Fall Are Good Seasons
The spring months of April through June should once again be one of the best seasons to purchase NYC apartments for sale. One of the reasons for this is that the market sees higher inventory, which begins to appear as early as February.
Not only does this give you more choice when it comes to finding the right home, but it also means that sellers are potentially under pressure to offer price cuts.
A StreetEasy analysis revealed that buyers are between 10 and 20 percent more likely to get cuts on the asking price of apartments and condos for sale NYC during those months. Price cuts are particularly prevalent after the Memorial and Labor Day weekends.
However, you’ll also see some price cuts during the fall months of September and October.
Over the last couple of years, buyers have had an advantage thanks partly to record low mortgage rates. However, that’s set to change slightly as mortgage rates are expected to climb later this year.
The best way to find a deal on NYC apartments for sale during spring or fall is to find sellers who are ready to leave the city. These types of sellers of Manhattan apartments for sale are usually found in the borough’s more expensive neighborhoods.
Winter And Summer Property Market Windows
The spring and fall months aren’t the only good times to look for NYC apartments for sale. There also are windows during winter and summer, as many sellers during those periods need to sell. They’re either relocating, need to close on another deal or have a sense of urgency for other reasons.
This means they’re more open to negotiating prices. The trick is to move quickly if you want to take advantage of any deals during those periods.
One of the best times in the summer to look for apartments, condos, or houses for sale NYC is once school has started after the summer vacation. According to a report, this is a good window because sellers return from their vacation-ready and willing to conclude their real estate goals. Another reason you can find deals on the market at this time is that you’ll have less competition from buyers with families, as they are pouring their time and energy into getting their children settled into the new semester.
Alternatively, winter can work in your favor, especially if you’re looking to buy during November or December before Christmas. One reason for this is that many sellers are more open to offers if they’re worried about their property languishing on the market during the colder part of winter, or holiday season.
Knowing about the better months to search the market is one of the important things to know when buying a home. Spring is coming up, so make sure you contact Platinum Properties when you want to find the home of your dreams in NYC.