When it comes to selling a property in Brooklyn, NY, timing can be everything. While the real estate market can be unpredictable, there are certain times of the year that tend to be more favorable for sellers.
In general, one of the best times to sell a property in Brooklyn is during the spring and summer months. This is when the weather is warmer and people are more likely to be out and about looking for a new home. Additionally, many families prefer to move during the summer months to avoid disrupting their children’s school schedule. As a result, there is typically more demand for properties during this time, which can lead to higher prices, however, there is also much more competition on the market during these months too.
Something important to keep in mind is the fact that mortgage rates drive the market so even during peak season (Spring – Summer), if mortgage rates are spiking, it can have a negative impact on demand. For this reason, our opinion is that the important factor to pay attention to when deciding when to hit the market, is monitoring month’s supply for the county and/or for your neighborhood. If month’s supply is below 6 months, it signifies that demand is outweighing supply and those conditions are favorable for home sellers.
Another good time to sell a property in Brooklyn is during the fall. This is when the market tends to be less crowded, as many people are focused on getting settled into their new homes before the holiday season. While there may be less competition during this time, it’s important to note that demand will also be slightly lower so it’s still important to price your property accordingly. Fall weather is typically very comfortable so we tend to see pretty consistent buyer activity during those months.
The only time that we have consistently seen a drop off in activity here in the Brooklyn market, is during the end of year holidays (i.e. Thanksgiving – New Years). Unless mortgage rates are extremely low, these months will typically see a decline in buyer activity. The good news is that every year during the first week of January, we usually see a spike in activity on our listings.
Finally, it’s worth considering, and arguably more important, to gauge the current state of the market when deciding when to sell your property. If the local market is currently hot and properties are selling quickly, it may be a good idea to list your property right away. On the other hand, if the market is slow, it may be better to wait until conditions improve and or you see month’s supply trend downwards.
Overall, the best time to sell a property in Brooklyn will depend on a variety of factors, including weather, the state of the market, your personal circumstances, etc. However, by keeping in mind the seasons and trends of the local market, you can increase your chances of finding the right buyer at the right price. Remember that people buy and sell all year round, and a well priced property will always sell quickly. In our professional opinion, the most important factor is your personal circumstance, and when you personally are ready to start the selling process.
If you ever need help preparing for a sale or determining whether now is the right time for you, feel free to Contact Us 🙂