As NYC approaches peak home buying season, StreetEasy has crunched data to find out the best times for people to buy an apartment in the city. While the best time to buy in the rest of the country is toward the end of summer, in NYC, buyers will find the best deals if they choose to make a purchase in the spring or fall, according to StreetEasy.
Both seasons have their own advantages; while spring time is the most competitive, it also means that buyers have the largest number of units to choose from; and in the fall, buyers will likely get bigger discounts.
StreetEasy has identified April through June, and September through October as the best times to buy in the city. Sellers rush to put their homes on the market in the spring knowing that there will be more prospective buyers, and as a result buyers have access to more options. They are also more likely to get a price cut. Buyers will get between a 10 and 20 percent price cut between April and June, and up to 20 percent in September and October.
This flurry of home shopping in the fall and the spring doesn’t necessarily mean that only pricier homes will be up for grabs. Buyers will pay only 0.3 to 0.4 percent less if they buy in the spring, according to StreetEasy, but they will certainly have many more listings to choose from. Conversely the worst time to buy in NYC is during the winter months, between December and February, when there are fewer homes to choose from, and less likelihood of getting a discount.