Summer Listings Can Heat Up Property Interest
Many sellers believe summer is a bad time to put their property on the market, but that might not always be the case. NY1's Jill Urban filed the following report.
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It’s a question most sellers ask around this time of year: Is it worth it to put a home on the market during the summer months?
"There is a myth that everything dies when summer arrives in New York City and that historically for me in 21 years has not been the case. It definitely slows down in summer, but there are reasons why you should consider keeping your property on the market in the summer," says Douglas Heddings of the Heddings Property Group.
Heddings adds there are a lot of factors sellers need to consider when deciding if summer is a good time to sell. First off, evaluate the demand and the competition.
"Determine what inventory is out there that would be competing with your property," suggests Heddings. "If you have a pre-war, two bedroom coop apartment you want to see what other pre-war, two bedroom coop apartments are on the market. Once you determine that and you see that there is very little inventory, it probably makes sense to put your place on the market."
And there has been a lot of momentum in the spring season that could carry into summer, especially since there is such limited inventory. You also need to consider the features of your apartment and your building. If you have great outdoor space or your building has great summer amenities like a pool or a roof deck, it may be great time to put your home on the market.
Also, think about who your buyers are.
"Are they a family? Are they a single individual? Are they someone who's gonna be summering somewhere outside of the city and not really in the market to look? Perhaps they have school aged children starting school in September so they don’t want to make a move over the summer. You really have to consider all those things," Heddings says.
If you do list in the summer, Heddings says it’s best to come on the market in June and July as August does tend to slow down. However, he predicts low interest rates will keep buyers active all summer long. Those who are mortgage rate sensitive are looking to buy now.
So, depending on your listing, the current market conditions may make it a hot summer in the city for real estate.