|New To The Market: 203 Clapboard Ridge, Renovated and Expanded Farmhouse $3.195 Million|
A while back, Forbes noted what they called “The Four Ways the Real Estate Market Changes” after Labor Day. Between Labor Day and Thanksgiving, Fall's change of season alters the house hunting landscape.
In Greenwich, Forbe's broad brush proposition that a great number of house hunters throw in the towel after Labor Day is simply not true, in fact, it is our second strongest selling season-- right behind the Spring market. I suggest that there are five market changes supporting a healthy Fall selling season-- and reason to list your property now.
1. More of a buyer’s market. Buyers who have held off through the prime Spring selling season are more apt to find sellers who are more open to negotiation.
2. Action increases for second homes. This is prime time for out-of-towners to consider a home that puts them near New York City and the beach. Greenwich has 28 miles of coastline and a spectacular beach, Tod's Point. What's more, it's just 48 minutes by train or car to Manhattan. Those who have battled the drive to the Hamptons all summer are discovering that Greenwich is a viable option for beach, luxury amenities, and quick access to the Big Apple.
3. Price dips. House hunters find that asking prices, like the autumn leaves, fall. Sellers who have been thinking of a price reduction and have held off during Summer, come back at Fall market time with a price reduction, hoping to make a sale before the holidays.
4. Open-ended house hunting. Time pressures (like having to be moved in by the first day of school) will have vanished by Labor Day, so many Greenwich house hunters tend to adopt a more leisurely house hunting attitude. There may also be something about crisp autumn days (and they’ll be here soon enough) that helps contribute to a more relaxed atmosphere—at least until the holidays loom!
5. New Inventory. Many savvy realtors hold back new inventory after Memorial Day, knowing the summer is the quietest season, and introduce properties right after Labor Day. My team has 6 terrific new properties coming to the market in the next few weeks. This means more choices and fresh selection for buyers.
Every Greenwich buyer has specific and individual goals and expectations—and of course, the same is true for sellers. But it does seem to be true that post-Labor Day, Greenwich listings tend to include an uptick in price reductions—as well as some withdrawals that, as Forbes might have it, “will sprout anew” come springtime.
If your busy summer included activities and travel that kept you fully occupied, now may be an opportune time to inaugurate or resume your Greenwich focus. And contact me if you would like to a pre-market glimpse of what our team has coming.