With rents hitting an all-time high recently (according to StreetEasy data) and mortgage rates expected to rise in December, now is the perfect time to move from renting to buying. Read on to discover why fall is often the best time to buy in New York City.
The Summer Lull
Triplemint’s Head of Sales, Joan Kagan, states that the lull over the summer perfectly preps the market for a huge surge in fall. “In the New York City luxury market, a lot of buyers (and agents) are in the Hamptons or the Berkshires on summer weekends and not at open houses. As a result, a lot of listings are kept off the market until after Labor Day.”
As ‘days on market’ is one of the measures that agents and buyers use to determine the desirability of a property, this lull over the summer could be disastrous for your property.
“If a property is on the market for 60 days or more, people assume that there is something wrong with the property, or that it’s priced too high and they expect a steeper discount. If you listed a property around July 4th, by now, it would start to look a little stale. As a result, inventory tends to be lower in the summer. That means that for buyers, there are more options available in the spring and fall.”
The Post-Labor Day Surge
Once the heady days of summer are over, people come back from vacation and resume everyday life. And if you live in New York City, everyday life involves obsessively pouring over real estate listings.
Expert Triplemint agent, Collin Bond, believes there’s a number of reasons that spark this post-summer surge. “I think people wait until the fall to buy a home because they’re busy with vacations, but more importantly because there’s a lack of inventory in summer so they can’t find the right place. We currently have several listings that we waited until after Labor Day to bring to market, and we have many buyer clients that are waiting with baited breath to see what new inventory will be coming in now we’re in the fall.”
This week, Triplemint has seen an influx of listings hit the market, and here’s just a taste:
225 East 34th Street, Apt 21B
Amazing views from this sprawling 1,466-square-foot 2-bedroom apartment. Watch the sun rise, with the city skyline and river views as the backdrop, from your private balcony. The unobstructed views flood the apartment with tons of sunlight.
4 West 21st Street, Apt 4C
Unlike other C lines in the building, this is a very large 1,245-square-foot full 2-bedroom, 2-bathroom apartment. The bedrooms are on opposite ends of the apartment for optimal privacy. This luxurious apartment off Fifth Avenue could be your next New York haven.
110-118 Riverside Drive, Apt 9D
This stunning pre-war, 3-bedroom, 3 bathroom co-op is an Upper West Side haven, situated in one of the most sought-after buildings in the area. Sun-filled and expansive, this 6-room home is on the ninth floor of 110 Riverside Drive, one of the neighborhood’s most prominent white-glove, full-service buildings, and directly across from Riverside Park.
110-118 Riverside Drive, Apt 14F
This stunning 4-bedroom, 3-bathroom, Upper West Side apartment, previously featured in Architectural Digest, awaits you. The elegantly designed great room includes a den, living room, and dining room.
Click on any of the images above for the full listings, and happy hunting this fall!