Since your home purchase may be one of the most important financial decisions in your life, you may want to consider taking this giant step from all angles. While we encourage you to take the time necessary for some serious reflection, we also urge you not to miss out on a real estate opportunity due to sheer hesitancy. With that being said, please continue reading to learn why the timing matters so much when you are buying a new home and how a seasoned New York City real estate attorney at Zimmet Law Group, P.C., can ensure you act at the most optimal time.
Why does timing matter when buying a new home in New York?
The “best time” to buy a new home may be rather subjective and dependent on your personal preferences and goals. But generally speaking, many argue that winter is the best time to start attending open houses. Since these months are overbooked with school schedules and major holidays, not to mention the less-than-ideal weather conditions, there will likely be fewer buyers scouting out homes in the neighborhoods you are interested in. By slicing down this competition, you may find that sellers are more than willing to negotiate and accept below-ask offers.
However, this seasonal trend may be most noticeable in suburban areas. That is, the suburban real estate market heavily depends on the school calendar and peaks in April to June. This is because families aim to move before the school year starts, which means more pressure to enter bidding wars. In New York City, co-ops and condominiums see a steadier turnover year-round due to the greater availability of rentals that can be used as back-up during the real estate hunt. Also, the Upstate New York market may fluctuate with pique tourism dates and also the demand for second homes, given the current economic climate.
How do I know if now is the right time for me to buy?
To a certain degree, seasonal price trends matter when it comes to the “best time” to buy your home. So do other external factors like real estate market trends, interest rate policies, and evolving legal requirements in New York State. But at the end of the day, a home purchase is a deeply personal decision, so most importantly, the right time is when you are at a prime personal financial readiness.
That is, you should wait until you have saved enough funds to reasonably afford a down payment. And also, when you have a steady income resource to finance all the additional expenses that come with buying a home and eventually being a homeowner. Then, you should not accept the first mortgage loan offer you receive if you believe the terms are unfair or unreasonable. Lastly, you should be in a financial space where there will not be any serious delays at the time of your closing, so that you do not violate any financing contingency deadlines.
Before you make any drastic financial decision, please consult with a competent New York City real estate attorney. You may schedule your initial consultation with us at your earliest possible convenience, and we will be more than happy to meet with you.
