You’re listing your apartment for sale! Whether you will be upgrading or downgrading your quaint, little piece of NYC, you have decided in your infinite wisdom that it is time to sell.
Does it really matter when you sell though? Does Mercury need to be in retrograde, does it need to be a blood moon, or does your great Aunt Edna need to bless the sale? Regardless of your motivations or beliefs, you need to separate fact from superstition when you list your apartment for sale. Let’s take a look season by season and see if we can form a semi-educated opinion.
Fall, a Change of Scenery
Fall is a great time of year. The leaves are changing color, and there is a peaceful transition from the heat of the New York City summer to the cool breeze of fall. While the weather is much more palatable, fall is the beginning of many different annual cycles as well, the biggest and most prevalent being the start of the school year. Most parents are unwilling to uproot their children during the beginning of the school year. It can be a stressful and confusing time for both the kids and parents, and adding a change of residence in the mix can be too much to bear.
You’re thinking, that’s fine, I’m single, we don’t have kids, or my kids are already out of school. Well, that’s great for you, but unless you are selling a studio apartment, your apartment will most likely appeal to a family with kids. Buyers without young children will still be in the market, but if your apartment is in a family oriented district it may be hard to reach your intended buyers. Your realtor will be your best source of information to see where both your apartment and neighborhood stand.
Winter Wonderland
Winter is a magical time in New York City. Thanksgiving and Christmas are the honored guests of this season. While the weather may make you want to watch “Miracle on 34th Street,” buyers are probably staying home as well because of the weather. When you can’t walk outside due to snow or wind chill, it is hard to reasonably expect buyers to show up in droves.
The buyers that do show up will probably notice the lack of competition due to the weather. With that realization, the buyer sees an opportunity to negotiate while you can see dollar signs start to evaporate.
Let’s take the weather out of the equation though. You have Thanksgiving and Christmas within a 30 day time span. While you may be ready to sell, unless you are a distressed seller or willing to make a deal, you will probably take a deep discount when you list your apartment for sale. Everyone is focused on the holidays, and more importantly, spending their money on the holidays. In the end, you need to let your brokerage be your guide.
While winter is not ideal, it’s not impossible. A buyer’s situation can change from one moment to the next. Winter is the perfect time to start prepping your apartment for sale. Researching possible fair market value, interviewing realtors, and making much needed repairs. Just save me some eggnog.
Spring, the Rebirth
If winter is the end, then spring is most appropriately the beginning – a chance to begin fresh. While families still have their kids in school at this time, you have made it to the second half of the school year. From my experience, families are more willing to uproot their kids as it starts to warm up. The weather is conducive to selling. People are drawn to the parks and activities in general. What is a better work out than moving in the spring?
Endless Summer
Summer is the peak. There are no excuses from the family. In fact, buyers with families are probably much more motivated to buy at this time than any other time during the year. This is their one chance to move and not impact the school year. Summer is the most ideal time to buy and sell for almost all buyers. Everyone loves summer. The weather is perfect up until about 11:00 AM, and then it is too damn hot to do anything. That’s ok though, that’s why we hire movers.
Economic Conditions
While the seasons of the year play an amazingly important part in driving value and buyer traffic, it still doesn’t paint the full picture. Economic conditions play just as much of a role as does the weather. Whether it be unemployment conditions, global concerns of political strife, or fear of another stock market collapse, economic concerns usually take center stage. You just need to list when you’re ready to sell and see how the market reacts. The great thing about capitalism is that it allows the fair market value to present itself.
When You’re Ready to Sell
Unfortunately you can’t always wait to list your apartment for sale when it coincides with your horoscope. There isn’t a formulaic way to guarantee how much you will sell your apartment for and/or how long it will sit on the market. There are tools to help get you in the ballpark, but sometimes even those tools don’t provide you with an accurate picture. Your realtor will be your most important guide at this point. You have to list, and see what happens. Open and honest communication with your realtor will help to set expectations while making your experience more profitable and pleasant for all parties involved.