Should you wait for the spring market to sell your home? It’s one of the most common questions I hear from sellers. Typically, this question is posed between November and February.
While New York City has less seasonality than the suburbs or a second-home market, there are certain properties which I recommend do not list until April. This February I am answering my sellers differently than I have in the past. Over the past few weeks, we have seen buyers coming back into the market ready to transact at a volume more closely aligned with a spring market. Many of them report that they had been looking a few years ago but took a break. The reasons for the pauses vary but one message is clear — buyers are back!
For my sellers with a beautiful outdoor space, I typically tell them to hold off listing until the trees and flowers are in bloom which is the very definition of the spring market. Yet this year I am seeing an urgency with buyers who want to find their new home. Many active buyers are likely to face rent increases and the calculus is tipping the scales in favor of purchasing. Others simply want the permanency and the wealth building benefits of owning.
The next common question is — “how much is my property worth?” Inventory levels are balanced right now and not tipping in favor of buyers or sellers. The condition of the property and pricing are more important than ever. A property doesn’t need to be in perfect condition but it does need to be show ready and priced for strong buyer interest.
Want to read more: why the holidays in NYC are ideal for buyers — and sellers
Marketing a property effectively has changed over the past few years as buyers rely heavily on online searches. Being able to tell the unique story of your property to gain buyer interest has never been more critical but they can’t view your property if it isn’t on the market! So should you wait for the Spring market to list your property? Not this year.