When it comes to the world of New York City Real Estate, timing is everything, whether you are buying or selling. If you want to get the best deal, and make the most profit, you need to make sure you time your offer perfectly, or you will miss out on a prime opportunity.
The prime time for buying or selling is in the spring or fall season. This is when sellers have the most interest, and when buyers have the most options.
For Sellers
If you are a seller, the best time to put your property on the market is in the first half of the year. This is because in this time period, the number of listings in the market surges very fast, so you will most likely get a great offer during the months of April and June.
If these time periods do not suit you, you could try and wait for the holidays to make your sale. The holidays are when families are off of work and school, and have the time to look for a house to live in. because of this, you may get a lot of offers from various buyers who are willing to pay more if it means they can have the property in their name and still have time to move in before the holidays ed.
For Buyers
If you are looking to buy in New York City, you should start looking in the season of Spring, as buying costs are 0.4-0.5% less during this time. Also, during this time frame, buyers have a 10-20% chance of having the price cut if they request from the sellers. Another good time to look for housing, if the spring time does not suit you is after Labor Day, which is the second busiest buyers’ market.
You may also have a good chance of securing a great deal if you look for a house in the winter or summer. This is when sellers are desperate to sell their property and move on from it, as the holidays mean the market is not too busy. You could probably make a great negotiation if you have the luxury to wait till these two time frames. The only downside of the summer and winter is there is less of a variety to choose from, however the good deals tend to make up for this fact.
Another perfect time for buyers is the last week of September, from the 22nd to 28th, right before school starts. During this week, competition is low as most families hold off looking for houses in favor settling their children into school. Also, sellers are back from the holidays, and are desperate to complete their real estate goals so they can move on. Because of these reasons, you could probably get a great deal if you can wait till this week. So here you have it, some prime times to make your move in the real estate world, whether you are buying, or selling!
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