Are you flirting with purchasing real estate within the New York housing market?
It seems like everyone’s on the move these days across the United States and New York is no exception. In this chaotic real estate market, heavy strategizing is essential whether you’re buying or selling.
Basing your plan on general advice or assumptions is a great way to be led astray or overpay, to be frank. Instead, check out these current real estate trends in New York.
The New York Housing Market Goes Beyond NYC
New York is best known for New York City (NYC). As the epicenter of the United States economy and much of its media, starry eyes and big-city dreams are so common in NYC that they inspired countless tales.
As a result, most outsiders imagine the Big Apple when they hear “New York.” In truth, the New York housing market extends far beyond NYC.
The city’s total area is a whopping 47,000 square miles of land. NYC makes up only about 300 of them. While the nickname “Empire State” doesn’t suggest quaintness, New York state contains countless beautiful, rural areas and small towns.
Homeowners and investors alike hold dear the East Coast’s verdant scenery and the Atlantic Ocean. You can click here for more information about New York real estate outside of NYC—but still nearby.
The best part? You may find real estate for a steal compared to city prices.
Timing the New York Housing Market
Are you wondering when the best time to make your housing move in New York is? Timing depends, first and foremost, on your goals.
If you’ve ever bought a house on a flexible schedule, your real estate agent likely told you that fall is the smartest time to buy. This is because home inventory is still high from the summer months, but the competition from buyers tends to slow down as the school year starts and families get focused their family routines.
However, if you’re looking to negotiate the best possible price on a home, then the winter months are the best time to buy. In particular, sellers are often motivated this time of year so you can frequently negotiate a sale for well under the list price. Savvy buyers and seasoned investors tend to snap up properties during these cooler months.
On average, real estate prices can drop from 7-10% during the winter months of November through February. This is because buyer demand dries up as families get distracted by the holidays, particularly Thanksgiving through New Years. Plus, the shorter days and colder weather tend to keep people inside instead of getting out to prospect for real estate.
On the contrary, the sellers’ rule of thumb is to list around springtime. Buyers prefer moving during warm months, so most bidding wars arise in spring and summer.
New York Real Estate Prices
While you might get a better deal on a New York property when it’s colder out, you’ll still shell out a pretty penny.
Although housing values go can up and down in price in the short-term, real estate prices tend to rise over long-periods of time. Because there is a fixed supply of both land and homes, market analysis suggests this trend won’t stop anytime soon.
On the upside, if you can get your hands on a run-down property for a low price and flip it, then you’ll profit more than you would in a state with lower property costs.
Learning the Real Estate Game
Understanding the real estate world is key for buyers and sellers alike. Use this article as a foundation for reaching your goals in the New York housing market.
This article contains only a few of many must-know tips for success. If you want to learn more about real estate investing, then explore this section of the site.