Buying, selling and renting in the dog days of summer: Expect seasonal changes
By Lucy Cohen Blatter |July 10, 2014 - 1:59PM
In Case You Missed It: Every so often, BrickUnderground digs through the archives to find the best advice our experts have shared through the years.
That familiar humidity has finally settled over the city, and supposedly that means an abrupt slowdown in the world of New York real estate. But we've discovered that's only half true. Here's what you need to know if you're in the market this summer:
Buyers: Typically, many sellers hold off listing their apartments until the comparatively busier fall season,especially since many high-end buyers are off vacationing somewhere fabulous. In the last few years, that's meant finding sellers willing to negotiate. But this year, the number of listings available are at near historic lows, so you may not find much of a reprieve--even during these lazy days.
Sellers: The conventional wisdom is that a lack of new properties on the market in the summer means that your apartment will be more likely to stand out in the (significantly smaller) crowd. But with inventory so scarce already, if your place is in decent shape and priced right, you may wind up getting more attention than you bargained for.
Renters: The rental market is competitive all summer long. The only advantage to looking for a new rental during the summer, according to experts, is that there will be more places available. Many landlords work to ensure that their leases turn over during busy summer months, when demand is highest and they can charge top rents.
Indeed, prices are high, competition is fierce and landlords--inundated with interested renters--aren't likely to offer concessions.
Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.