Is now a good time to buy in New York? This is a question every potential homebuyer in New York should ask themselves before entering the market. That, of course, applies only to people who can afford to wait. People who have a pressing need to buy may not have the luxury for the market to turn favorable.
Good Time To Buy in New York
The good time to buy depends upon a number of factors, including interest rate that is not specific to a market like New York. Other factors include the number of buyers and sellers in the market. A good time to buy is when there is plenty of inventory in the market and relatively few buyers. A healthy buyer-to-properties for sale ratio might encourage sellers to accept fair or in some cases, even low ball offers.
The months and seasons have an impact as well. For example, December is considered a good time to buy in New York because there are relatively fewer buyers in the market. This leads to fewer bids and a higher probability of getting your desired property at a good price.
Another reason now is a good time to buy in New York is the upcoming Holiday season. Some New York City brokers suggest that many sellers prefer to close sales before the holiday starts. This encourages them to offer reasonable bids quickly. However, winter may also come with fewer options. So now might be a good time to buy from a price perspective but not from an options perspective.
Also Read: Finding The Most Desirable Neighborhood in New York
