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Spring market favorable for trading up

Modern living room at a loft apartment

With spring now currently in session, we should expect to see an uptick in activity during real estate’s most active season as analysts predict. Sales activity has been trending upward and is expected to continue this pattern through the summer months. Sales prices are down, and inventory levels are healthy which is appealing to buyers and homeowners looking to upgrade.

I’ve been approached by a couple of people looking to upgrade to a bigger or newer property, now that prices are down; but they’re concerned about taking a loss when selling their current home in today's market. While this is a valid concern, it’s important to keep in mind that a loss, if any, would be offset by the long-term gain from the purchase of the new property at a reduced price.

Trading up is very common in NYC for homeowners who need more space to accommodate a growing family, are looking to expand their workspace, or are just seeking a newer property that fulfills more of their evolving needs. And now that the spring season is underway, this is certainly the time to get the ball rolling with preparing to list your home.

First and foremost, begin by interviewing real estate brokers if you don’t have one already. Not only should the agent be well-versed in NYC real estate, but he/she should have a solid understanding of current market conditions and be intimately familiar with your building and the neighborhood.

Together, you should determine a sales price that won’t deter buyers. You should look at comparables sold in your neighborhood over the past six months, as well as what’s currently active in the area. Your broker should already know this and have a list of other important steps to take when listing your home.

If you’re looking to take advantage of the current market whether buying, selling or both, I am happy to walk you through the steps I will take to help you successfully achieve your real estate goals. I always advise people I speak with to find someone to represent them that they connect with best. They should always trust their gut instinct. With that said, there is no obligation to work with me. This would simply be considered part of the interview process that I recommended above.


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