When researching homes to buy, you likely determine the size, location, amenities, and price tag which makes sense to your needs. One factor that is often overlooked when creating a purchasing strategy is timing. Did you know waiting until the time is right can lead to a great deal on a real estate investment?
Research from Zillow shows the New York housing market experiences most new listings during the spring. While options of homes are vast as temperatures begin to rise, the competition between buyers becomes fierce. Sellers are less likely to negotiate with their asking price when multiple offers are being made.
Real estate seasonality is an important trending cycle to understand before making offers. During certain seasons, buyers are less likely to entertain the idea of moving, while sellers are more apt to be flexible with their asking price. The knowledge from an experienced buying agent will help determine when seasonality gives buyers an edge.
Here’s what you need to know about the best time to buy in New York City.
Best Time of Year to Buy in New York
The housing market in New York showed optimistic improvements to kick off in 2019. Recent data from the New York States Association of Realtors, Inc. shows, new listings in January rose 8.2 percent over last year while pending sales increased 3.9 percent. The uptick in the Big Apple’s market is good news for house hunters as extensive options are available. Unfortunately, for buyers, the influx of properties can create a challenge when scoring the best deal.
Understanding the seasonality of your local market provides a great advantage for buyers. In New York, the spring season sees a boom in listings and hopeful house hunters who are in a hurry to make a deal. Between the months of March and May, data shows nearly 20% of homes are sold above list.
In northeastern territories, price reductions become prominent before brutal winter conditions enter. While it may not be ideal to move during frigid temperatures, the best time to get a great deal in New York begins in September where 12.5% of active listings receive a price reduction and sellers are more flexible and hurried when negotiating deals.
The Best Places to Buy a Home in New York
With a city as vast as New York, narrowing down an area to buy a home in can be overwhelming. Check out five of the highest rated parts of the city, according to data from the U.S. Census, CDC, and other sources.
If you’re searching for a family-friendly area, this quaint town is located less than 40 miles from the heart of the city. It offers a variety of structures varying from condominiums to townhomes, highly ranked school systems, and a tight-knit community.
Ranked #52 on the U.S. News & World Report’s Best Places to Live in the US, Buffalo is known for its developing waterfront and excellent medical programs. With a median home price of $132,333, the location offers manageable traffic, professional sports teams, and access to an international airport.
A part of Saratoga County, the economy of Country Knolls thrives on high-paying careers in the Professional, Scientific, and Tech Services fields. Residents are nearby several four-year universities and a prominent Nursing Program and earn a median household income of $107,024.
This upstate village is just north of the City of Ithaca and the prestigious Cornell University. Its close proximity to the school encourages economic growth, meaning it should continue to be a safe area to invest in real estate property. Cayuga Heights is also home to above-average highs schools and has an outstanding reputation for safety.
For those with bigger budgets, Bay Ridge, Brooklyn, offers incredible amenities and favorable living conditions. In addition to top-rated schools, low crime rates, and a family-friendly environment, the area also features a quality public-transportation system to navigate the area. The average home lists for north of $670,000.
4 Ways to Get a Great Deal on a Home in New York
The City that Never Sleeps offers amazing properties that can mark every box on your home-buying checklist. However, if you go into the search without proper research and guidance from an expert, the experience can lead to serious buyer’s regret.
Here are some effective strategies to implement and utilize during your house hunt.
Find a Great New York Real Estate Agent
For most buyers, a home purchase will be the largest investment they ever make. Why would you decide to travel the path without a guiding hand from a qualified agent? Their knowledge of the local market can navigate you through the process before landing the ultimate deal.
A professional real estate agent is familiar with what similar homes in the area are selling for and can help create an offer a seller can’t refuse.
If expensive commission costs are holding you back from hiring an expert, consider partnering with a pro from our Partner Agent Network to help close on your dream home without expensive fees.
Assess Your Needs and Lay Out Your Goals
When viewing homes, it’s easy to be swept away by amazing amenities, sprawling acres, and additional space. However, when house hunting, it’s crucial to stick to your budget and needs. Meet with an expert and discuss exactly what you require from a property.
It’s also important to have a conversation about what you can reasonably afford. Your monthly obligations can be reduced with a sufficient down payment or manageable property taxes and insurance. These details should be nailed down before the house hunt begins.
Find a Lender and Secure Financing
Partnering with a real estate agent can be beneficial when securing financing and developing a budget. Based on your financial situation and long-term goals, they will recommend the types of terms and interest rates that make sense to your buying experience.
The loan process can be time-consuming, it’s important to have a plan in place before hunting for your dream home, to avoid getting a deal closed.
Since the typical closing timeline takes at least 30 days after an offer is accepted, having a pre-approved deal in place can streamline the process without complications regarding a loan. Sellers are also more interested in negotiating with pre-approved buyers as it shows they’re serious and qualified.
Negotiate for the Best Possible Price
The importance of seasonality timing in the New York market will really shine when the negotiation process begins. An efficient agent will determine a strategy by determining the answers to these questions:
- When was the listing originally placed on the market;
- What kind of offers have already been made;
- What are similar homes being sold for; and
- How much interest has been shown in the property?
Access to insider information gives buyer’s a huge advantage when scoring a great deal on a home.
If you’re prepared to enter the house hunting journey, fill out this online form to connect with a Clever Partner Agent for a no-obligation consultation. Your dream home is waiting.