Gearing Up for The 2023 Fall Market in NYC

After a rollercoaster summer when interest rates played a significant part in influencing pricing, purchasing power and overall mental outlook, many are looking towards the fall to sell or purchase a home. Savvy buyers and sellers are advised to start preparing for the fall market now, with the goal of closing a major chapter in their lives before the end of the year!

For Sellers

There are many aspects to selling a property, including preparing the home and creating outstanding marketing materials, including imagery/photography, a comprehensive description and an easy-to-read, accurate floor plan. However, the most important piece of the puzzle in the current market is pricing.

Preparing the home for buyer showings is imperative. You need to “knock their socks off“ when they see the property, so make sure it shines inside and out! That may mean a simple cleaning and decluttering, professional staging or even light renovations.
To tempt buyers to come and see your property, you’ll need eye-catching imagery taken by a professional photographer. All home searches begin online, so photos and videos that enhance the beauty of your home and leave buyers wanting more are critical!
Descriptions must be inviting and not too over-the-top, while the floor plan needs to assist the buyers in understanding the layout and dimensions.
These things are all important, yes, but pricing is the key. With interest rates rising to 22-year highs and diminishing buyer purchasing power, it’s so important to sit down with your agent and figure out the best pricing strategy for your market and property. At or just under the competition’s listing prices seem to deliver the best and strongest outcomes for closing your property. Still, every market is different, and every listing is different, so make sure you pay attention to the details of your agent’s expert pricing strategy.

For Buyers

The key to buying in a competitive (or any) market is having your offers buttoned up! In New York City, buyers are represented by real estate attorneys who advise them in the transaction before signing a contract of sale and sending over their escrow/deposit money. If a property is well-priced and extremely attractive, there will be competition, even in today’s market. Right now, there is quite a bit of pent-up buyer demand for smartly priced, turnkey listings, so it’s not uncommon for there to be multiple offers on such properties, especially in Brooklyn!

Have your real estate attorney chosen and retained.
Make sure your updated bank pre-approval letter is at the ready.
Craft a bio about yourself and why you want to buy that home. This can often help the seller choose you rather than your competition!
When you see a property that fits eight of your 10 “must haves” – make an offer and do not delay!
Make the offer quickly, ensure it’s comprehensive, and put your best foot forward from the start. You’ll have a higher probability of securing your property if you act fast.
Offers are non-binding in NYC, so secure the property with an “accepted offer,” then have your real estate attorney do their due diligence on the home before you sign the contract of sale.
Above all, put yourself in a first-position opportunity sign!

Good luck to buyers and sellers this fall. I think it’s going to be a busy one!

View Our Listings