Bohemia Blog by Agent Behzad Panah
A frequent question from personal friends and clients that I receive. The reality is there's no best time to buy/sell a home!
The best time to buy a home is determined by two factors:
1) Buyer’s personal circumstances.
2) The impact of the real estate market on the seller's property.
There are no more rules. When people take advantage of digital marketing and online listings, the timing becomes unimportant.
With all the technology available today, people shop for homes all the time. Even if they already own a home and are not planning to move anytime soon. The curiosity of checking the value of homes in their neighborhood or their favorite neighborhoods allows them to simply shop online, which leads to some people deciding to buy a home based on the photos they see online. As a result, someone is always waiting to see your listing online.
The NYC real estate market is alive 24/7
The season might have some effect on the overall market, which means sellers will have to work harder to sell. Homes tend to look less inviting and less beautiful in the winter, however, investors, especially the overseas investors, tend to travel to the US to shop in the winter and during the holidays. While they do, they might notice your home and buy it!
There also tends to be less competition during the winter. So instead of trying to decide when is a good time to shop for a home, perhaps it's best to consider other factors such as interest rates and price per square foot.
New York City is an international market and is unlike any other. A lot of investors purchase properties here to park their cash in a tangible investment (unlike stock market) and as a way of building long-term equity. As a result, our market is always on a slow and steady rise.
So, When is a good time to buy/sell?
Perhaps, When You Are Ready!
Check out more of Bohemia Realty Group’s Behzad Panah here!