If you’re ready to switch from being a renter to a homeowner in New York City, one of the best times of year to make that leap is right around the corner, according to a new report from StreetEasy.
The study, which looked at how inventory, price cuts, the StreetEasy Price Index and time homes are on the market varies throughout the year, found that peak home-buying season when buyers will see more choices, more discounts and lower prices, comes twice a year: in the spring and fall.
“Ultimately, the best time to buy is a highly personal decision, and buyers are encouraged to look for homes at any time that is right for them,” Nancy Wu, an economic data analyst at StreetEasy, wrote in the study. “However, those who can choose may have a higher likelihood of finding a good deal on their dream home in the spring and the fall, when the housing market offers the most choices and the steepest discounts."
The most selection is found between April and June, but inventory increases again in October, before dipping back down in the winter months.
In addition to having more homes to choose from, potential buyers will also see more discounts during the peak buying seasons. In fact, the study found that homes are 10 to 20 percent more likely to receive price cuts between April and June.
Those discounts are not as prominent during the rest of the summer months, but they become 20 percent more likely come September and October, when homeowners are looking to sell before the holidays.
While renters on the hunt for new digs may see price cuts when there is a lower rental inventory because owners want to get stale listings off the market, that’s often not the case during peak buying seasons.
“Discounts are more common during the busier season, suggesting that there may be a surplus of homes and that sellers could be using discounts to attract buyers’ attention,” Wu wrote.
The length of time a home stays on the market also fluctuates by season, the StreetEasy study found. Last year, city homes spent an average of 70 days on the market, but in the springtime, that number dips 20 percent below the average. Between April and June, homes are on the market for 10 to 15 fewer days compared to the rest of the year, save for October, when homes come off the market a week faster.