EDITOR’S NOTE: As the spring real estate season starts to bloom, and both buyers and sellers come out of hibernation, the Advance/SILive.com is taking a look at trends in the market and how borough residents are affected by its ebb and flow. This article is part of a series of stories about the current state of the housing market. Read the first story here.
STATEN ISLAND, N.Y. – Ahhhh spring. Flowers are blooming, birds are chirping and the weather is crisp, bright and perfect for cruising a roster of real estate open houses. According to conventional industry wisdom -- this is THE season to buy or sell a home.
“Spring is typically the best time of year to list your home for sale … it’s when buyers tend to come out of winter hibernation and hit the market in droves,” noted a report from Zillow, which details how seasonality affects the home-buying process, adding that May is historically the best month to sell a home.
“People tend to shop for homes as the weather gets warmer,” the report continued. “With tax refunds in their pockets, nicer weather for moving in the forecast, and summer break from the kids’ school coming up, it’s easy to see why spring is typically the most popular time to buy and sell.”
But according to some local Realtors, those common-sense rules have changed in this post-pandemic real estate market.
“Due to the lack of inventory and the extreme change COVID had on the market, we have experienced a new normal when it comes to the real estate season,” noted Scott Setaro, a licensed real estate broker with Weichert Realtors Evolution Group in New Springville. “Post COVID, the months when we typically saw slower activity experienced all-time highs, due to very low interest rates, high demand and low inventory. But now that rates have risen, the market looks to be adjusting back to the typical real estate season.”
That’s because the curb appeal is spot-on right now, and every home in the neighborhood essentially has its best foot forward, Setaro explained. Plus, there’s some kind of “spring fever” factor at play that makes home shopping appealing during the months of April and May.
“During the spring and summer months, traffic definitely increases -- it’s a fact that more people get out there and are looking to get themselves settled before the school year begins,” added Frank Rizzo, president of Cornerstone Realty in Annadale. “However, I have found in my 20-plus years of doing this that in the fall and winter, I may have less activity, but the buyers who are looking at that time are 100 percent committed to the process.”
Referring to spring open houses as a casual weekend activity for many curious onlookers, Rizzo said that those trudging through the elements on a 30-degree January day are people who “really want to buy a home.”
“They’re not going to open houses for ideas,” he said. “That’s why it’s important for sellers to always present their property in the best light at all times. There really is no perfect time to list -- you have to do what’s right for your particular situation.”
Zillow data begs to differ: The real estate website stated there’s an exact science to selling, and it uses an analysis of sales patterns to determine the best time of year to list -- according to location. If you live in New York City, the site said your house will sell fastest if you list it on a Wednesday in December. More specifically, right around holiday time, Dec. 23 to 29.
“Statistically speaking, the National Association of Realtors (NAR) has done studies on time-of-year sales over the years, which have proven that the end-of-year buyer typically pays less than the spring buyer,” said Joan Camerlengo, who has been serving the real estate needs of Staten Islanders since 1994. “[But] my experience over the years has been that fewer people tend to list homes and/or look for homes over the holidays.”
Nancy Terracino, a salesperson with DiTommaso Realty in New Dorp, said she agrees.
“People always think they shouldn’t list their home during the holidays, when in fact there are many pluses to doing so,” Terracino noted. “There are serious buyers looking all year long, so anytime that works for the seller is the right time.”
And if you’re looking to sell quickly, Zillow suggested planting that “For Sale” sign on a Thursday.
“List your house on a Thursday to increase the chances of your home selling more quickly and for more money,” the site advised, backing up the suggestion with some significant stats. “Homes listed on a Thursday typically go pending faster than any other day of the week ... homes listed on a Sunday tend to sit on the market eight days longer than those listed on a Thursday.”
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