When listing a home for sale in Mamaroneck, New York, sellers should take advantage of the spring and summer months. Most buyers start their home search during these months because selling in the fall and winter comes with weather-related obstacles like snow, rain, and cold weather. Your main goals for selling also impact the best season to sell.
Currently, Mamaroneck is experiencing a positive market trend. The median sold price in November 2022 was nearly 3% higher than November 2021. The market is currently leaning in the buyer’s favor, with 70% of the homes here sold at or below the asking price. Sellers should partner with a Mamaroneck realtor to competitively price their property and time their listing.
Aiming for a high offer
People move for many reasons, whether it’s a job change, financial shift, or a new baby. If you’re able to choose the month to list your home, do so in May. The median sale price of New York homes in May 2022 was $600,000, while the median sale price in January 2022 was $549,000.
Interested in a fast sale
Sellers who want a fast sale should aim to close on their properties in late summer, particularly August. Those who listed in May and sold in August shaved down the process by 33 days. In contrast, home sales in winter, particularly February, took the longest. Avoid listing in November for a February sale, as they average 39 days longer than a normal sale.
Seasonality
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In real estate, seasonality refers to the effect of the fours season on market trends, and is different for each location. Areas with warm winters and hot summers tend to have peak markets late or early in the year, while cities with frigid winters like Mamaroneck see a decline in buyer activity within the same time frame. Keeping an eye on seasonality helps a seller list during peak trends for a higher home sale.
Selling in the spring
Selling Mamaroneck, New York, real estate in the spring is one of the top seasons to do so. The transition into warmer weather makes it easier for buyers searching out properties to visit them in person, which leads to increased buyer interest. New York homes sales in May had the highest median prices, which is a reflection of agreeable weather and higher buyer interest.
Alongside seasonal pressures, spring also traditionally marks the beginning of the residential sales season. This is because buyers searching for homes for their families are interested in closing on a property by the beginning of the next school year. This also results in higher offers and faster sales. However, spring sellers also have the most competition with others listing at this time.
Selling in the summer
If sellers can’t prepare in time for spring, selling in the summer is the second-best option. Sellers of Mamaroneck homes still have the advantage of warm weather, as well as longer days to accommodate home showings and open houses. The first wave of buyers will have thinned out some of the competition from listings in the area, while the buyers who remain will be eager to close on a home sale quickly.
However, sellers should be careful to price their properties competitively, as the competition may include homes listed in the spring that buyers thought were overpriced. Pricing is easier at this time, as data from spring months is available to buyers’ and sellers’ agents. However, sellers may experience less buyer interest, as summer is a popular vacation time. Additionally, it may be more difficult to maintain a home in the summer when children are on break.
Selling in the fall
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A Mamaroneck home sale in the fall isn’t ideal for sellers, although an early fall sale may experience some success. The changing color of leaves has positive effects on curb appeal, which can make a property or community more appealing to buyers. Sellers may also receive attention from buyers without children who aren’t interested in competing during the high season, or a last-minute family eager to close on a home.
However, there are some serious obstacles to selling in the fall. Days start getting darker sooner, which creates less time for home showings. Weather can make taking photos for online marketing challenging as well. Most buyers have already purchased a home, and the drop in demand means buyers will ask for more deals.
Selling in the winter
Winter sales are the most challenging for sellers in Mamaroneck, as the drop in buyer demand and the winter weather are serious obstacles to a high priced and fast sale. Even though sellers who list can expect less competition from others in the area, most potential buyers are devoting time to tasks finishing up the year, such as holiday shopping and planning. In general, those who do want to buy usually wait until the new year.
With less buyers on the market, a seller won’t get as many offers, which results in a longer listing time. The showing process is also more difficult, and may be more expensive, as increasing light and heat is necessary to appeal to buyers. Although some buyers may be eager to purchase a home due to personal factors, many buyers who search in winter are looking for a deal.
If you’re ready to sell your home and need help with a marketing strategy, contact experienced local agent Kim Formon to guide you through the process.
*Header photo courtesy of Shutterstock
