*cue blanket question* When should I sell my apartment?
^ “Is now a good time to sell? What about now? I’ll just wait here until it’s time…”
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Most things in our lives are cyclical: the social acceptability of tube tops, your feelings about your home state’s NFL team, how often you floss, eye brow shapes, if carbs are good or bad and the frequency with which you re-watch The Office. Some things are predictable, like how much weight you gain in December; others not so much, like the blips in time that boot cut jeans are fashionable.
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The real estate market in New York City has historically followed a calendar of sorts that guides the masses as to when to buy, when to sell, when to rent, and when to lease. With websites like Streeteasy allowing a window into the activity of the market, people are starting to question their timelines and feel anxious to move sooner than they want or often need to.. We’ve gone over when to get ready to rent, so let’s address the new blanket question I’ve gotten recently is “When should I sell?”
Like avocados, a listing is only truly fresh for a few weeks and too much time on the market can turn it…brown.
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Even in the face of a volatile financial climate, the York Real Estate Market follows a cyclical yearly trajectory. While change is the only constant, year-to-year deviations aren’t earth shaking; consumers, sellers, renters and landlords are all easily predictable on a monthly basis. Usually.
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Traditionally, sales volumes tends to increase the first half of the calendar year, particularly so during the second quarter. There are a few larger factors supporting this logic: individuals tend to receive their bonuses in the spring, school decisions occur in February and March, and summer is an optimal time to move so buyers aim to go into contract by March to ensure a closing by then. Historically there tends to be another surge in sales during the late summer into early fall period, as people are back from summer vacations and are trying to execute a sale before the end of the year.
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Partially due to the ability for the consumer to browse through the market online and on their own, sales activity is remaining fairly high throughout the year. While the holiday season has been considered a ghost town in the real estate world, sales have gone up during this period, proving that sellers are listing more so when they want to sell rather than following the expected cycle. Life situations like babies, work relocation, and freeing up capital for unfortunate life circumstances can’t be planned, happen regularly and can prompt a sale that needs to occur outside the traditional real estate calendar.
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Late winter and early spring are generally the top choices to a time to list, second being late summer, as sellers want to capture the maximum amount of attention at once in a quest for the highest price. However instead of becoming consumed on the timing of when you list an apartment, I would focus on getting the apartment in a state where it’s ready to be sold. While it definitely takes concerted energy to get your apartment in shape to photograph and show well, you want your home to look perfect straight out of the gates because the first few weeks on the market are crucial with regards to the activity you receive and the power you have for commanding the highest price for your property.
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With the ability to browse the market directly in the consumers’ hands, it’s not anymore about when your apartment should be listed but it’s about making sure it has a resounding impact whenever that time occurs.