One of the recent interviews we have given is with Business Insider, who wanted to know when is the best time to rent or buy in the city. Often times this is greatly variable and certainly dependent on local market happenings. In other words, if a new building with hundreds of units is coming to market in April, that would be the best time for that building to get in. Similarly, if you’re in a rental property converting to a condo, that initial offering period before the building fully converts would be the ideal time to buy.
Short of such specific situations, we have generally found that the dark, dreary days of winter tent to yield the best deals. Why? Simply put, people want to stay inside when it’s cold outside. Do you want to unload a moving truck in a blizzard? Do you feel like schlepping around to open houses with snow boots? Neither do other people, and so transactions tent to slow, meaning that landlords and sellers alike need to sweeten their offerings a bit to get the rental or sale they seek. The less foot traffic, the lower the likelihood of competition over the same unit, the lower the overall price tends to be.
Therefore, if you have the luxury of waiting for a certain time period to enter the market and you don’t mind the more limited choices you’re likely to have during that time, enjoy your summer and look to the winter as the time to find your new home.