Winter is often the cheapest time of year to buy a home. Sellers are often motivated, which automatically translates into an advantage for you. Most people suspend their ads from Thanksgiving to the New Year because they assume that buyers are scarce. On the other hand, the slowest months are November, December, January and February.
Therefore, we can say that demand is higher in summer and lower in winter. As you've probably guessed, the pandemic has delayed the traditional buying and selling seasons of the New York City housing market. As a real estate investor, it's important to understand the best times of the year to buy and sell your properties as quickly and at the best price. Although the pandemic has dramatically affected the New York housing market, over the past twelve months, New York's appreciation rate has been 12.33%.
You could buy a small apartment building with several tenants for the cost of a single rental property in a more expensive New York housing market. For example, if you want to sell the property in summer, you should plan to pay interest for another 5 months. Keep in mind that winter is often the hibernation season for real estate. There are fewer homes for sale during the busy holiday season (not to mention that some regions have to endure cold and snow).
Since most real estate data and housing market predictions suggest that home values will continue to rise in the coming years, you might be better off buying now than later. Keep in mind that there are fewer homes for sale in the cold winter months and during the busy holiday season, so the selection of homes for sale will be limited. The best time of year to buy a home is during the fall and winter, while the worst time is during the spring and summer months. Seek the services of a legal, accounting, or real estate professional before making any real estate transaction.
So, while these are usually the busiest months for real estate agents, it's much harder for buyers to buy during this time. Among metropolitan areas, the New York City subway remains the country's largest real estate market by value, but by a shrinking margin. Therefore, it represents the entire housing stock and not just the homes that are put up for sale or are sold in a given month. The New York housing market is currently a buyer's market, meaning that there are approximately more active homes for sale than buyers.
Along with high prices, high inventory and homes that sell above the asking price, the frequency of removals also contributes to seasonal buying factors between the months of April and August. The Syracuse real estate market offers cheaper properties with a higher return on investment and a less hostile legal climate. Sellers can expect that, due to the pandemic, the elections and the typical winter slowdown, there will be fewer buyers in the market over the next few months.
