Now that the holidays are all but past, the “slow season” is officially over. Spring gets busy, but when does Spring start in Westchester real estate? March? After the Super Bowl? In my experience, “Spring” in real estate starts January 2nd. It may sound silly, but motivated buyers have been lurking online for months now, checking out the inventory and bookmarking certain homes that may meet their criteria with the intention of getting out and seeing things as soon as the holiday season is completed.
Time moves quickly, and those folks who want to be in a house by the end of the school year need to be in contract 60 days ahead of time. If school ends June 20th, then late April is when you’d need to be in contract. Seeing how it takes some time to find a home you love, negotiate an offer, do inspections and go to contract, then you’d need to be active well before April- most likely February the latest. Many will start earlier, perhaps not intending to buy in January, but certainly to get the lay of the land.
Moreover, the “move up” consumer has to sell their own house this year prior to buying another one. They would be very wise to be ready and on the market as soon as the new year begins. If they close on their home by May or June, they still have time to find and prepare their next home.
Like the great Yogi Berra says, “it gets late early out there.” The early bird does get the real estate worm, and if you wait until April you may lose the best deals out there- by July you could well be looking at leftovers.
Bust a move in January- that’s when the motivated buyers and sellers here in Westchester “spring” into action.