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).
Further, these circumstances can vary widely from one location to another. A large factory shutting down can have a significant shock in a mostly blue-collar town. But it might not influence the tony village 5 miles away.
Zillow data shows a typical home in the U.S spent 65 to 93 days on the market in 2018. Days on Market (DOM) is the time it takes to list a house for sale until the closing date.
As of February 2020, Redfin.com reflects average days on the market of 184 days for New York, NY. But in Manhattan, you will find an average of 364 days on the market.
According to Realtor.com, homes in New York, NY, in January 2020 sold with median days on the market of 144 days. The median DOM is different than the average. Median means half of the houses sold in more than 144 days and the other half sold in less than 144 days.
The average and median days on the market should be similar. However, these sources use slightly different boundaries for New York. Overall, looking at the data, the average time to sell a house in New York is about five months.
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.
On average, it takes 30 to 45 days to get from contract to closing. Knowing this, a home that sells in July will most likely close in August or September. And if it takes five months to sell a house, we are back to March or April is the best time to list a home for sale in New York.
What is the best day of the week to list a house?
The day of the week that you list a house can also have a significant impact on how quickly a home sells.
Someone in the market to buy a house might research listings on a website like Zillow, Redfin, or Trulia. These websites tend to feature the most recent listings first. For a buyer working with a real estate agent, they also tend to focus their attention on the newest listings. Realtors are pouring over dozens of listing daily. New listings that pop up on their radar grab their attention.
Most buyers head out on the weekend to look at houses. This is why you will usually see open house signs on Saturday or Sunday and rarely ever during the week. Early in the week, most people focus on their work. As the weekend closes in, they start to think about their weekend plans.
Thursday or Friday tends to be the ideal days of the week to list a house. A house listed these days will likely get a boost right out of the gate. Wait until Saturday or Sunday, and you will lose momentum. Realtors and buyers already established a list of showings and scheduled appointments. Post your listing to MLS on Monday or Tuesday, it will get buried under the upcoming listings.
What is the worst time to sell a house?
Sale prices start to decline in September after the summer rush. They may continue their drop through January. It makes sense, especially in the northeast. In the Fall, people busy with school activities and the holidays in the winter. Winter is dark with short days, and snow makes it too cold and messy to go out and traipse through homes.
Realtor.com report notes the best time for buyers to buy a home in New York City is in late September. During the week of September 22-28, market time increases by 38% and competition decreases by 22.3%. Good for buyers means terrible for sellers.
If your home didn’t sell in the Spring, consider taking it off the market until July or August for those last-minute hold-outs. If it didn’t sell in the Fall, take it off the market by Halloween. Then, relist in January or February, after the holidays.
Is now a good time to sell a house?
By now, you probably think it’s time to get out the cleaning supplies and declutter the house or apartment. You could call Aunt Mabel and see if she’s still got her real estate license. You’d like to sell your place and get it done as soon as possible and for as much money as possible.
If you need to sell your home in New York fast, you don’t have time to fool around. Without decisive action, your house can sit on the market for a very long time. The longer it sits on the market, the more likely your home will sell for significantly less. It’s an obnoxious sucking drain on your bank account.
Leave the Key Homebuyers is are real estate investors who can help you if you have a home you need to sell fast. We buy houses and apartments in New York in any condition for cash and can close quickly. We pride ourselves on being fair and ethical. Find out more about our process and how we can help you today.