The luxury home selling process can seem shrouded in mystery to the typical seller. Luxury buyers often have a more international reach which can make planning and marketing a sale more complicated than a standard home listing. That’s why sellers should partner with an agent who specializes in luxury properties when listing their Manhattan real estate. Review the information below to time your home listing like a pro.
Personal motivations impact timing
Although it seems obvious, it’s easy to forget the power of a seller’s motivations when timing a sale correctly. Some sellers may have to navigate pressures requiring a quick sale, such as a change in career, a growing family, an urgent emergency, or other responsibilities. Different sellers may prioritize a high-priced sale and have no issue waiting for the right offer. No matter what your motivations are, make sure you have clear reasons to sell before listing.
Sellers listing their lofts in Brooklyn or other New York City neighborhoods should try to list in June for the highest priced and fastest sale. Listing in June sets up sellers for a sale in September when homes sell for an average of 9.77% higher than the rest of the year. June sales also take 12 days less to complete. Avoid selling your property in May as sales average 4.74% less than at other times of the year. Sellers aiming for a quick sale shouldn’t sell in April when it takes 11 days longer to sell.
Favorable market condition indicators
Even though the international buyer pool for luxury properties lessens the impact of local market conditions, it’s still important for sellers to pay attention to trends. Local trends can tell sellers about potential obstacles such as a saturated housing market or low buyer demand. When listing Manhattan real estate, look for indicators of a seller’s market. These include an increasing number of home sales, decreasing housing inventory, and increasing median prices. The opposite trends indicate a buyer’s market and put sellers at a disadvantage in negotiations.
The markets in Brooklyn and Manhattan indicate a slowing seller’s market. Brooklyn properties have a sold median price of $955,000, which is a 2.1% increase compared to the same time last year. The number of sold properties has declined by 42.7% compared to last year. Although buyers are paying more for properties, there is less demand on the market. New York City trends are similar as the median price
has increased since last year. Even so, properties aren’t selling as fast as they used to.
The impact of seasonality
Seasonality is highly dependent on regional weather patterns and seasonal residents. For example, areas like Florida or Arizona have success with sales in the winter due to a large influx of seasonal residents. In comparison, areas like New York and other northeastern cities that experience extreme changes in weather experience a downtick in home sales and buyer demand. Cold winters aren’t always an obstacle for luxury sales, particularly for popular ski resort areas like Colorado. Even so, sellers should try and list in warmer months like spring and summer.
Spring and summer
marks the beginning of the traditional home selling season, as warm weather brings back longer days and natural beauty of blooming flora. Most buyers looking for lofts in Brooklyn are eager to start a search early to close on a property by the time their summer vacation has ended. Not having to battle frigid weather also makes it easier to view homes in-person. High buyer demand increases a seller’s odds of receiving an offer, but also creates more seller competition as most homeowners list in spring.
Summer is another great time to list, as full and sunny days make the inside of a property look aesthetically pleasing to buyers. By this time, market data makes pricing a home more straightforward which means sellers should avoid overpricing their homes. As summer wanes buyers are either pressed to close on a sale or use the slowing competition to their advantage in negotiations.
Fall and winter
Fall sellers work against the clock, especially in areas like New York City where temperatures can drop quickly. The changing weather makes tree lined streets and properties with decorative vegetation less appealing as plants die or go dormant. Most buyers have already completed their searches which creates less competition. Sellers should prepare to make concessions when selling at this time.Winter sellers
have the toughest time closing on an offer in New York City. The cold weather and dark days make home showings difficult to prepare for and schedule. Most people put a home search on the backburner as their time is used to plan for holiday celebrations. Buyers who are searching for a home in winter will expect a deal while less demand overall can cause a listing to linger.
List when you’re ready
Ultimately, the best time to list a luxury home is when you’re ready. Sellers should make sure they’re meeting the high standards of luxury buyers by partnering with a local agent who has extensive experience in luxury sales. They know what buyers are expecting of properties like yours, and can highlight your home’s unique amenities and surrounding lifestyle to effectively market the property. They also know that marketing for high-end properties typically requires other methods than a home listing and showings. Anything can happen once a property is listed so sellers should brace equally for a speedy or drawn-out process.
Ready to list your luxury home?
Timing a luxury home listing correctly depends on many factors working in your favor. An experienced agent can help you monitor local market trends and advise on a course of action based on seasonality. Personal motivations or obstacles should be thoroughly considered before investing time and resources into a sale. If you’re ready to list your luxury property, contact experienced agent Monica Novo
to guide you through the process.