Is this a good time to buy?
If you are looking for a home that you plan to live in for several years (minimum 5-6), then you will not suffer from any negative price trends, since you will have use of your home while prices are recovering.
If you are looking for an investment, then you need to be extra picky about the exact property that you purchase - making sure that the cash flow will be sufficient to cover the mortgage payments and other carrying costs. This way, you can keep and rent the property indefinitely in the case of a negative price trend.
Is this a good time to sell?
In New York City, the time on market appears to be holding steady. However, as we head into the holiday season, more casual buyers may put their home searches on hold until after the New Year. If you must sell due to relocation or other personal reasons, pay special attention to how your property is positioned against its competition - the other properties available for sale. Pricing is key to selling your property quickly during the slower winter months, but rest assured that transactions are happening.
If you are thinking of selling an investment property, consider the amount you are hoping to get for it versus the amount of revenue it generates. Pricing appropriately for a cashflow property will bring an investor much faster than pricing in the hopes that a developer will come along intending to convert to condos.
Is this a good time to rent?
This is the BEST time of the year for renters, and it stays good right up until around February 15. That's because rents are a little lower, and more negotiable. And more landlord incentives for agents (ie, paying our fees so you don't have to) and renters (free rent, etc.) pop up during this time. In fact, we saw them coming out a little early this year in Manhattan. In the outer boroughs, they are fewer and further between, but can be found in Downtown Brooklyn and Long Island City, Queens.
A lot of people prefer to look for new apartments in the summer, but moving in the offseason means better prices all around. Bundle up and give it a try!
Contact me today to strategize the best move for you.