Generally speaking, spring and summer are the busiest seasons for selling and buying real estate. However, this doesn’t always hold true. Since the pandemic, real estate has been moving more slowly than it has historically. The long-term effects of the pandemic and shifting work policies have had a lasting effect on buyer behaviors. However, increased vaccination rates, combined with the fact that most people have fully returned to work and businesses are operating as usual, do inspire some confidence that the housing market will be back in full swing this summer.
However, when considering the overall prediction for the housing market in New York, it is good to keep a few factors in mind. These include:
- Inventory levels: While the number of listings is still lower than pre-pandemic levels, there has been a recent uptick, which may continue as confidence in the market grows. However, with fewer listings, buyers looking in many desirable neighborhoods may face fierce competition – or even bidding wars – for the available homes.
- Interest rates: Despite higher-than-usual interest rates in recent years, they are now dropping, which will continue to feed into buyer demand. The lower the interest rate, the more likely additional buyers will be interested in buying now. And with uncertainty about how long the current interest rate will hold before climbing again, some buyers may feel an urgency to secure a mortgage now while the rate is lower.
While New York may be too pricey for some buyers, the Staten Island housing market offers strong suburban appeal with competitive pricing when compared to the other boroughs. As many consumers seek more space and a better value for their dollar, Staten Island is likely to become a more desirable area. For these reasons, you can expect that Staten Island will have strong buyer interest and very active market conditions this summer.
With this favorable outlook in mind, there are some strategies for buyers who are looking to secure their future home this summer that can help them achieve a more favorable outcome. First, obtain a pre-approval for your maximum budget range. Having this task done upfront will allow you to act quickly when you find the right home (and, hopefully, beat out other buyers who would have been interested). Additionally, working with an experienced real estate agent who knows the area well can give you a tremendous advantage. And finally, showing flexibility with the closing date can also give you a bit of an edge over other buyers. These strategies can be useful in helping you land your dream home this summer.
For sellers who are putting a home on the market this summer they can benefit from staging the home and getting professional photographs taken. While these may seem like small details, they can exponentially increase the amount of interest in your home (and the amount of offers you receive). This strategy will become increasingly important as more homes are listed and inventory begins to match demand.
The bottom line is that the New York housing market will likely be very strong this summer. Further, the Staten Island market may be especially strong due to its many great opportunities for buying and selling. Understanding the trends that contribute to completed sales and the strategies that can aid both buyers and sellers will give you an advantage in these market conditions by helping you make informed decisions. For more information about the housing market in New York, contact Wonica Realtors today!