BY: DESTINY MATEO
As the air turns crisp in New York City, the real estate market experiences its own seasonal shifts, with fall emerging as the best time for purchasing property in New York. Experienced realtors know the strategies behind wise timing for home buyers.
“Realtors often emphasize the importance of buying when you’re ready, but understanding the seasonal trends can definitely help guide you,”said Barry Cohen, a loan officer at Cross Country Mortgage.
Spring marks a surge in home listings and buyer activity, often linked to families seeking new residences before the start of the school year. With this increased inventory, prospective buyers find themselves with more choices.
According to Rocket Homes, In May 2023, The number of homes listed for sale in NYC rose to 27,533 from 23,404 in previous months. The jump in numbers show May was the month where the most listings were uploaded for sale in NYC.
However, as the summer months roll in, Cohen suggests a strategic wait until the season’s end. “Motivated sellers, unable to secure deals during the spring rush, may lower prices to entice buyers before fall,” he notes. This drop in prices positions the end of summer as an ideal period for negotiations and better deals.
Rocket Homes data shows the median purchase price drops in the months of August-October. In April 2023, the median price was $847,200 and in October 2023, the median price declined to $833,400 in NYC.
Fall becomes a time of negotiation in the real estate realm, echoing the summer trend as desperate sellers vie to offload properties that lingered on the market. This eagerness to sell often leads to reduced prices, making it an opportunity for buyers seeking favorable deals.
“While winter isn’t the most popular time for home buying due to the holiday season, it’s wise to secure a purchase before December,” advises Cohen. He highlights the tax benefits that incentivize buyers to close deals before the year’s end. January and February emerge as less desirable periods due to the market slowdown and holidays.
According to Cohen, this seasonal cycle presents a clear opportunity for buyers to strike favorable deals in New York City real estate. By understanding the market’s flow, homebuyers can capitalize on the fall season’s potential for securing their dream homes at more affordable prices.
While Cohen’s insights emphasize the value of timing in the homebuying process, individual circumstances and market fluctuations may influence optimal purchasing decisions.