If you’re waiting until spring to splurge on your own little piece of the Big Apple pie, think twice. We spoke with real estate pros who all told us fall is a great time to buy a home in New York City.
“Number one, because there’s less competition,” says Julia Joseph Romero, Licensed Real Estate Salesperson at Cantor & Pecorella, Inc and a StreetEasy Expert. “Most buyers wait until spring so they can move in before the school year starts.” But that’s not the only reason to fall for house-hunting this season. Here’s why fall is a great time to buy a home in NYC.
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1. Moving is cheaper
New Yorkers love a deal, and if you wait until fall to buy and move into your new place, you just might score a discounted moving rate.
“Roughly 70% of all moves traditionally happen from Memorial Day to Labor Day,” says Najah Ayoub, CMO of New York’s Piece of Cake Moving & Storage. “While you might want to avoid moving in fall and winter, these months typically provide the cheapest options in terms of both moving costs and rental charges.”
Translation: more money in the budget to decorate your new pad, which might be reason enough that fall is a great time to buy a home in NYC.
2. The weather is gourd-geous
The fall season does New York right: in addition to the leafy tree canopies of our many parks becoming seas of orange, yellow, and red, it’s a rare time of year in which the weather is not too hot, not too cold. That means a more comfortable home-shopping and moving experience for everyone involved.
If you don’t hire movers (and even if you do), “It’s easier to move in the fall, because it’s a little more crisp — and hopefully there’s no snow — you’re not sweating like you are in the summer.” Romero says. “It’s a more pleasant time to move.”
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3. Less competition
The early bird gets the worm, but sometimes the late bird gets one too — thanks to tempered competition.
“Competition among buyers usually tends to heat up in spring,” says Kenny Lee, Senior Economist at StreetEasy. “That’s really related to buyers returning to the market following the holidays in the previous year. Generally, as the weather in the city gets warmer, March is usually the most competitive time to buy.”
As you might expect, autumn counterbalances all the spring real estate madness. “Early fall is still a busy time for sellers who missed the spring home shopping season,” Lee adds. “I think many sellers as well as buyers rejoined the market after summer travel. Compared to spring, there just aren’t as many home shoppers in the market for that reason.”
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Romero agrees that fewer people are considering purchasing this time of year, making fall a great time to buy a home in NYC. “Spring is nice and warm — the weather starts getting better, so people like to go out and look at homes then. So in fall, you have less buyers to compete with, and that sort of gives you a little bit more bargaining power,” she says. “There are still buyers out there, but I think there’s less serious buyers. So if you’re someone who is serious about your home search and would be ready to put in an offer, then I think fall is a great time to get out there.”
4. Discounts abound
The number of days that a for-sale home sits on the market tends to rise in the fall. “Generally, homes listed between October and December take a longer time to sell,” says Lee.
What does this mean for buyers? You’re in a good position to negotiate and score a deal, because homeowners are getting antsy — or, what real estate agents would describe as “highly motivated.”
“Buyers are more likely to find slight discounts on homes that are still on the market in the fall,” Lee says. “It’s probably related to sellers who couldn’t take advantage of the spring home-shopping season. As the listings stay on the market for longer, sellers are likely feeling more pressure to lower the price slightly, to really indicate that they are willing to negotiate on the price so that they can get their home sold.”
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Romero, informed by her experience in the field as a real estate agent, agrees. “Pricing is a bit more competitive and negotiable in the fall,” she says. “Sellers are typically a little bit more motivated to sell this time of year — especially if they’re a seller who listed [the home] in spring or summer.”
“When fall comes around, they’re probably thinking, ‘I’d like to sell this before the end of the year.’ So maybe they would consider price drops, or negotiating a bit more,” she continues. “It’s not always the case, but if you go and look at the listings right now on StreetEasy, there’s a lot of stuff still on the market that was listed back in May or June. If you’re a buyer, those prices could come down a little bit.”
Say it with us: cha-ching!
5. Fall foliage…or lack thereof
Few real estate photographers seek out leafless trees to highlight in a listing, but the fact is, that’s what they’ll look like from your windows for a significant chunk of the year. It’s one more reason autumn is a great time to buy a home in NYC: when the fall foliage falls off the trees, the season offers a good reality check for buyers.
“You can really get a sense of what the view from your apartment is going to look like most of the year, because cold weather lasts in New York for a long time,” Romero says. “Spring and summer are great to see green trees, but a lot of the year the trees don’t have any leaves. So if you want to get a true view, fall’s a great time. Go look and see what your view is going to look like for eight months out of the year.”
If you still love the way it looks without the sunny, verdant views of spring and summer, you’re more likely to be sold on the place all year round.
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