The busy holiday season is behind you, and Spring is around the corner. You can smell it in the air and see the crocuses popping their heads out from the dirty snow. What a welcoming sight! With Spring comes thoughts of Spring cleaning. And for some people, getting a house ready to sell. You might have a home you want to sell. Are you wondering what is the best time to sell a house in New York?
Tips For The Best Time To Sell A House In New York
Why does it matter when you sell a house?
Often, people do not have a choice of when they sell a house. If you have to move for your job, you go when the boss says so. If you found your dream home, you have to sell your current home first. You can’t wait around and hope the house of your dreams will be there when it’s convenient for you. However, timing matters when you sell a house. It can affect how much more your house will sell for and how long the house is on the market. If you own a home in New York and are thinking of selling, it’s a good idea to find out when the best time is to sell.What is the best time to sell a house?
If you are thinking of selling your house, do some research before you put up a sign. Often, people assume that Spring or Summer is the best time to sell a home. They might have a realtor trying to convince them to sign a listing contract NOW. It could be before school starts, or before the holidays come, or after the holidays are over, or in Spring when the weather is lovely and people are out. Any of these factors can be real. People want to get out an look when the weather is warmer in colder climates. The landscaping looks better when in bloom in the Spring or Summer. Longer days give people more daylight to look at houses. People with kids want to move in the summer and get the kids settled before school starts. But if you live in the Southwest, the last thing you want to do is pack and move in August! And many people with job transfers start with the new year, so they must move by the end of the year. The best time to sell a house is different in each area of the country. Even upstate New York may not be the same as NYC as they are different climates and markets.How long does it take to sell a house in New York?
Many ingredients factor into how long it takes to sell a home. Conditions that impact the market time include:- buyer demand
- available inventory
- increasing or decreasing values
- changes in the job market
- uncertainty in the economy
- pending regulations (such as a new property tax or loosening of rent control).
When should you sell a house in New York?
According to 2019 data from Realtor.com, the best time to list a property for sale in the New York metro was March 31-April 6. Houses listed this week saw an 8.1% higher listing price over homes that were listed at the start of the year. They also had a 10.9% increase in viewings and a decrease in days on the market of 14.1%. Further, there was a 5.4% decrease in inventory. A reduction in stock means your house has less competition for the available pool of buyers. It seems that inventory swells after the holidays. Still, buyers are not as interested in buyers until later in the year. ATTOM Data Solutions collected data from 2011 to 2017 reports the “smartest month to sell” is in July. Homes sold in July for 3.5% compared with the year as a whole. For a house with a sale price of $350,000, that’s an extra $12,250! “Whoa, wait a minute!” you exclaim. “I thought the best time to sell is in March!” Well, there are two things to consider here again.- The ATTOM data compiled sales from 2011 through 2017. It does not cover the most recent sales data reported by Zillow and Realtor.com.
- The ATTOM data reports the selling date. The selling date is the date the property went into contract and is NOT the date that it closed.