New York is considered one of the most expensive cities to own a home in. New York’s high-priced housing, taxes and central location make for a competitive seller’s market. Of all the Boroughs in New York, Brooklyn is currently dominating the real estate market, and for good reason. Brooklyn is much safer than it used to be, has excellent public transportation and is close enough to the city for those that travel daily. Brooklyn’s sold homes were on the market for the shortest amount of days, sold for prices closest to asking and had multiple offers. Looking to buy or sell your home in Brooklyn? We’ve got answers.
How are Real Estate Quarters Evaluated?
The fiscal year (from January-December) is broken up into four quarters, with three months in each segment. This makes it simpler to evaluate real estate prices, trends and assess the overall market. Sale prices and transaction numbers vary based on where you live and what month of the year it is.
Why Does the Real Estate Market Fluctuate Seasonally?
There are a number of reasons why the seasons tend to impact real estate:
- As the school year comes to an end, families who plan to move plan to do so before school begins again. These few months of summer vacation are ideal for buying.
- People tend to stay indoors in the winter. Warmer weather usually means people are happier to walk around and spend more time contemplating housing.
- Houses are not generally appealing in the wintertime. Homes are more likely to sell when the grass is greener and flowers are blooming.
When Should I Buy/Sell my Home in Brooklyn?
In Brooklyn particularly, most homes are sold in the third quarter, which is when prices tend to be higher. If you’re planning on selling your real estate in Brooklyn, the ideal time would be between June-September. At this time, you can likely get offers close to or at your asking price. If you’d like to buy a house in Brooklyn, you can get the lowest prices in the first six months of the year. However, make sure to do your research as the buyer’s market is very low during this time and your options may be limited.
Whether you are looking to buy or sell your home, it’s important to know the market. Timing is key when making a decision like this and choosing the optimal season to buy/sell your home will make all the difference.
Fisher Stone Small Business & Real Estate Lawyers Of Brooklyn, P.C. 88 Suydam St Suite A, Brooklyn, NY 11221 (718) 285-9404 https://fisherstonelaw.com/