Historically, no. But New York’s squeezed inventory and raging affordability crisis make it a peculiar market. 11,013 homes sold in September 2023. The median sale price was $491,500, down 0.5% compared to 2022. So, if you list your New York house for sale now, you may earn $2,457 less!
In fact, home prices have been rising in several metros across the Big Apple State since late summer. Prices rose 72.7% in Eastchester. Great Neck and Cicero saw a 45% rise. The rising trend can get you more money which makes now the best time to sell your house in New York.
- Is this the Right Time to Sell a House in New York? Yes, it is the right time to sell a house. Home prices in Troy, Saratoga Springs, and Great Neck are rapidly increasing.
- Best Month to Sell a House in New York: May is the best month to sell. Homes sell upto 102.5% above their listing prices in May.
- Best Day to List: Thursday is the best day to put your house on the market. 21% homes are listed on Thursday. This could get you maximum exposure and sale profit.
- Best Way to Sell: List on the MLS with Flat Fee MLS companies in New York. MLS is an affordable way of selling your house. However, you can opt for a Realtor or a Discount Broker for selling your house.
Which is the Best Month to Sell a House in New York?
The best month to sell your house depends on your goals as a home seller. There is a best month to sell and earn higher net proceeds. While there is the best month to sell your home fast.
Best Month to Sell Your House by Price
As per our research, May is the best month to sell your house in New York. The median sale price of houses in May 2022, was $835,000 which is $21,000 above the median selling price.
Moreover, the sale-to-list price ratio was above 102.5% for nearly 46% of homes in New York.
Homes listed in New York between June and August spend the lowest days on the market. However, home prices in metro cities like Albany, Greenwich, Tribeca, etc. are found to increase throughout the year.
Best Month to Sell Your House by Speed
May is the best month to get a higher price for your property. Homes sit unsold for fewer days on the market between June and August.
New York homes sold in July 2022, spend an average time of 46 days on the market, which is 16 days faster than the annual average.
Properties spending fewer days on the market is considered an indicator of a seller’s market. Of all, this is just a small portion of the overall picture. When you should sell also depends on the situation and location of your property.
Best Day of the Week to List a House For Sale in New York
Thursday is the best day to list your house for sale in New York. 21% of homes across the nation are listed on Thursday. Zillow’s data shows homes listed on Thursday get better exposure compared to homes listed on any other day.
People searching for houses plan their home tours on the weekends. So the pre-weekend listings are fresh in their minds. It makes sense to avoid listing your house at the start of the week. These homes had to stay for longer on the market.
To take advantage of the time game, consider listing your home on Thursday after 5 p.m. This is the time when most buyers and sellers return from work and start looking online.
There’s a significant probability that buyers may see your brand-new listing.
Which is the Best Season to Sell a House in New York?
Spring is the housing season of the year. As the weather warms more serious buyers start hunting and touring homes.
Moreover, families with school kids look forward to settle in their new homes during summer vacations. This increases the competition which benefits the sellers to sell at higher costs.
But in regions like New York, summer still holds an opportunity. The maximum number of houses listed in spring have already been sold by this time. This reduces the competition in summer for home sellers.
However, by Fall you can come across more serious buyers looking to relocate due to job transfers. Such buyers are usually eager and have a strict home-buying timeline.
When is the Best Time of the Year to Sell a House in New York?
When selling your property timing is everything. New York has a dynamic real estate market. It can be challenging to sell your house in the current economic situation.
June up to early September are considered the home-selling months. You can sell faster and net higher proceeds during this period.
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Tips for Selling in a Seller’s Market
A seller’s market typically has less number of properties available for sale than the number of buyers. In this type of market, sellers can create a bidding war for their homes.
- Plan to Move Out Fast: In a seller’s market, homebuyers will be open to make cash offers fast. This means you should be moving out in a few weeks after closing the deal.
- Have a Plan If the Appraisal Fails: In mortgage financing, the home appraisal value may come lower than your asking price. So you can lower your price to match the appraisal cost, reject the offer, or ask the buyer to pay the difference.
» New York Home Appraisal: Find out how much does home appraisal costs in New York.
Tips for Selling in a Buyer’s Market
Buyer’s market is typically when the number of houses for sale is more than homebuyers. This gives homebuyers an opportunity to demand lower prices of houses or ask for discounts on other costs.
- Offer Seller Concessions: You can offer seller concessions in several ways. You can cover a part of the buyer’s closing costs, mortgage closing costs, or accommodate repairs.
- Pay for Repair Costs: In a market with fewer buyers, you need to keep your house in good condition to attract a better deal. You should be prepared to pay for the repair costs in case the home inspection fails.
» New York Home Inspection: Know what home inspectors look for in an inspection.
- 💡 Can I Sell My House to iBuyers in 2023?
iBuyers are not a good option in 2023 as most of them are facing devsatating losses. Based on our research, Opendoor, one of the top iBuyers will go bankrupt by 2024! Also Offerpad seems to be a follower of Opendoor. Therefore, iBuyers are offering a much lower price than the fair market value of your home. To get a top dollar rate, consider listing your property on the MLS.
When Should You Sell Your New York House?
At times selling a house is a personal thing. Here’s when you can consider selling your home:
When You Need a Change in Life
Sometimes there are situations that demand a change in your life such as:
- Job-Relocation: Say, you have received an appealing job offer, but it demands relocation. A situation like this can force you to sell your house in a slow market.
- Favorable Neighborhood: You may need a safe neighborhood for your family or a house closer to your kids’ school.
- Divorce: Homes often hold a sentimental value for couples. But after a divorce, you may think of selling it as a practical option.
When Market Conditions Are in Your Favor
Favorable market conditions can get a top-dollar rate. Some factors that affect the real estate market are:
- Economy: Economic indicators like manufacturing activity, GDP, employment data, costs of goods, etc. influence the market. When the national economy is slow, so is the real estate market.
- Interest Rates: Lower interest rates boost the demand for mortgages. This affects the real estate sector, thus, increasing the price of the homes.
- Government Policies: Implementing tax credits, subsidies, and deductions are some of the ways the government can temporarily impact the housing market.
When You Are Financially Prepared
Here are a few factors to know if you are financially ready:
- Low Affordability: The average mortgage rate of 7.32% affects the affordability of buyers. Since 2022, the central bank hiked the interest rates 11th time by a quarter point. The interest rates are anticipated to increase even further.
- Downgrade Your Expenses: If you are looking to save on your property taxes, homeowners insurance, and HOA fees. You can sell your bigger house and move into a smaller one.
- Equity for New House: When your current home has procured enough equity to fulfill a healthy down payment, you can sell your house as is in New York.
» Cost to Sell a House: Get an estimate of the costs involved in selling your home.
Should I Sell My Home Now or Wait Until 2024?
The housing market has apparently cooled off. Yet, home prices in some metro cities continue to rise. It makes sense to list your property in such favorable conditions.
Reasons to Sell Your Home in 2023
- Low Inventory: New home construction sector is struggling. Therefore, existing home sales have increased. This makes 2023 an excellent time to sell your home before a recession hits.
- High Prices: Home prices in some cities of New York, like Bethlehem, Somers, and Southeast, are increasing by more than 20%. So, if you have a home in these markets, now may be a good time to sell it.
- Rising Cash Offers: Cash home sales increased in recent years and remain a popular investment option. Cash buyers are eager to purchase and flip houses.
Reasons to Wait Till 2024
You should consider waiting till 2024 if you-
- Recently Purchased a Home: It doesn’t make sense to sell a new house right away. Acquire home equity instead.
- Have a Distressed Home: If you have a distressed property, you can invest in repairs and demand a higher asking price later. Unless you want to sell it as-is.
- Are Trapped in a Mortgage Rate Lock: If you are among the 62% of homeowners that bagged a mortgage rate below 4%, it’s probably wise to stay put. You will need to acclimatize to the new trend of 6% to 7% interest rates.
If you’re confused, you can consult an experienced real estate agent. Agents know the nitty-gritty of the housing market and can help you find the best time to sell your house for maximum profit.
Check out our exclusive video that explains everything you need to know about selling your house.
What is Houzeo?
An overview of what the platform is all about
Frequently Asked Questions
1. Is it a good time to sell a house in New York?
Yes, now is a good time to sell a house in New York. With mortgage rates rising almost every quarter, fewer buyers might be interested in purchasing homes by the end of 2023. As a result, you may attract very few offers for your home. So, if you are ready, now is the best time to sell a home in New York.
2. What is the best month to sell a house in New York?
May is the best month to sell a house in New York to make thousands of dollars more. Whereas, April is the slowest month of the year for selling.
3. When is the best day to list a house in New York?
Thursday is the best day to list your house on the MLS. Based on 2022 data, houses listed on Thursday are likely to sell faster and also net more than the asking price.
4. How long does it take to sell a house in New York?
The average time to sell a house in New York is about 80 days. However, factors like house location, market conditions, etc. affect the speed of the home sale.
5. When is the worst month to sell a house in New York?
December is the worst month in terms of price as well as by speed to sell your house in New York.
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