Late Summer in the City, and Determining When to Test the Market.
August 11, 2015
It's the second week of August, and already you may have that old "Autumn in New York" tune floating through your head. If so, you're not alone. It's no secret that summer in the city is hot, especially for those without the luxury of central air conditioning. And on mornings like this one ––– that start with buckets and buckets of rain ––– it's easy to begin thinking of the cooler temperatures to come. They're not here yet, but they're close, much closer than they were in May.
There's one school of thought that holds that as the weather warms up, the real estate market does the same. Warmer temperatures send people outside, and while out in the bright sunshine, people are more inclined to drop into open houses, or to spend a few Sunday afternoons with their real estate agent. Though this may mostly hold true, just as often, people are less inclined to buy and sell real estate over the summer months, why? Because they're busy. Because they're taking vacations and traveling across the country, or around the world.
So as a seller, if winter is too cold and dark for prospective buyers to be motivated to see your home, and if during the summer, people are too often travelling and away to see your home, then when, exactly, is the best time to put your home on the market? The short answer would be, "It depends."
Deciding when to put your home on the market is one of the more important decisions that a home owner can make; however, rather than basing your decision on what time of the year the most homes are purchased and sold, you can make things a lot easier on yourself by looking at your own schedule first. Start by looking over the past few years of your life and compare them to your present circumstances.
Are you typically very busy at work this time of year, do you have any big trips that you have planned in the near future, are you able to get your home together on short notice if a prospective purchaser calls your agent that afternoon and would like to see your home in two hours?
Because New York is a unique market in which properties are always moving, answering questions such as these can help you determine whether it's the best time to sell your home, or instead, whether to wait for a few months, or until the time when that "Autumn in New York" feeling begins sweeping across you again next year.