It's going to be great for homeowners, as the state is still facing a long recovery ahead. Regardless of the market, the best time to buy is when it makes sense for you. If you currently have a lease or are waiting for your next bonus to arrive, that will be much more important to your buying decision than any seasonality in prices. While it may not be ideal to move in cold temperatures, the best time to get a good deal in New York starts in September, when 12.5% of active ads receive a price reduction and sellers are more flexible and quick to negotiate deals.
To understand why seasonality is less pronounced in New York, you must first think about what drives the domestic real estate market. Clever connects homebuyers like you with the best agents in your area so you can compare your options and choose the right real estate agent for you. StreetEasy estimates that the best times to buy are between April and June, and in September and October. Another fell apart because a city buyer went to the Hamptons, said Sheila Trichter, the Warburg Realty Partnership agent who listed the property.
It's hard to find time to look for a house in December, and even if you can, you still have to deal with the winter weather, which is difficult in much of the country. The costs will vary depending on the initial payment you made and the mortgage rate, but at this time you will have to pay attorney fees, mortgage charges and the cost of the move. In addition, the housing market has been experiencing a recession lately (particularly in Manhattan) and prices are expected to fall even lower, according to Stephen Geller, a Corcoran broker. Brokers can be especially helpful when looking to buy in a cooperative building in New York, as they'll be more familiar with the requirements of that property and will be able to give you a better idea of the ideal candidate.
With just under half a million residents, Staten Island is the smallest district, but it has many of the same big problems with its housing market as the rest of the city. And once you've figured it out, you can really get down to work settling into your new home. Usually, both the buyer and the seller in New York have legal representation, and as a buyer, having an attorney can ensure that the seller doesn't mislead you. Its proximity to the school encourages economic growth, which means it must remain a safe area to invest in real estate.
Brooklyn is its own superstar when it comes to real estate, often the first choice for prospective buyers looking for an apartment in New York City, but its median in recent years has still remained below that of Manhattan. The importance of seasonal weather in the New York market will truly shine through when the trading process begins.
