NEW YORK, March 10, 2015 /PRNewswire/ -- March is the optimal time for sellers in Manhattan and Queens to list their property to ensure the quickest sale and fewest discounts, according to a new study by leading New York City real estate marketplace, StreetEasy®. For sellers in Brooklyn, late February is the best time to list, and in the Bronx, it's Aprili.
"Properties listed before supply and demand both peak are the ones that hit the sweet spot," said StreetEasy data scientist Alan Lightfeldt. "For New York City overall, demand is highest in April and supply is highest in June, so homes listed in March are perfectly poised ahead of those peaks. The discount rate is historically low in March as well, meaning the seller may get a greater share of their original asking price if they list now. This varies by borough, of course."
As critical as timing, listing descriptions are an important part of attracting buyers to a property that's on the market. As part of the study, StreetEasy analyzed thousands of listing descriptions to identify phrases that affect the speed of a sale, providing insight into buzzwords and themes to avoid or highlight when crafting a home's description for prospective buyersii.
The listing descriptions that contributed to a slower sale across all boroughs were uninformative, with phrases such as "large room" or "modern kitchen," along with generic calls to action like "must see" or "priced to sell." Fast-selling listings were full of descriptive phrases that tuned into details of a home, such as "kitchen cabinetry," "stainless steel appliances," or "French doors." Neighborhood conveniences or amenities such as "minutes away," "Trader Joe's," "farmers market," or "building laundry" were also popular among listings that sold the quickest.
The phrases connected to fast-selling listings differed by borough:
Brooklyn: Classic Brooklyn Charm, Upgraded
When to list: February
Fast-selling phrases: French doors, exposed brick, white oak, wood-burning fireplace, farmers market, private storage, fitness center, air conditioning, renovated kitchen
"Brooklyn buyers are looking for character and uniqueness of space. Homes with a shabby-chic appeal that connects to Brooklyn's industrial heritage resonate very well with buyers. If you are listing in Brooklyn, be descriptive in the elements that make your home unique and do not be shy in selling the charm." - Alan Lightfeldt, StreetEasy Data Scientist
Manhattan: Storage, Amenities and Tranquility
When to list: March
Fast-selling phrases: kitchen cabinetry, closet storage, Trader Joe's, building laundry, pin drop
"The two most coveted amenities in Manhattan are location and tranquility. Manhattan buyers want to be at the center of it all, but they also want to turn it off and find reprieve when they need to. Proximity to the market, plenty of storage space and that ever-elusive quiet space are on the top of Manhattan buyers' must-have lists, so sellers who played up the calming features and conveniences of their home saw the quickest sales." - Alan Lightfeldt, StreetEasy Data Scientist
Queens: Upgraded Spaces and Easy Transportation
When to list: March
Fast-selling phrases: Midtown Manhattan, subway lines, block away, minutes away, 7 train, one stop, short walk, sponsor unit, newly renovated, (24) hour doorman
"Getting around easily is top of mind for Queens home buyers. The borough's larger units, new development buzz and relatively lower sales prices are major draws, but buyers jump at listings that highlight a relatively easy commute to the city. There is a distinct appetite for convenience and connectivity in Queens, with homes that are 'minutes away,' a 'short walk' or close to 'subway lines' being snatched up the fastest." - Alan Lightfeldt, StreetEasy Data Scientist
Bronx: A Home for the Family
When to list: April
Fast-selling phrases: living room, dining room, dining area, entry foyer, stainless steel appliances, eat in kitchen, windowed kitchen
"Buyers in the Bronx have families on their mind. They are searching for a home that provides plenty of space for a growing brood. Listings that play up the home's communal space, highlighting a 'living room,' 'dining room,' or 'eat-in kitchen,' tend to move the quickest in the Bronx." - Alan Lightfeldt, StreetEasy Data Scientist
Additional analysis and graphics for each borough can be viewed at streeteasy.com/blog/best-time-to-list-for-sale-nyc/.
StreetEasy is New York City's leading real estate marketplace on mobile and the Web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the major NYC metropolitan area. StreetEasy adds layers of deep, proprietary data and useful search tools that help consumers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey and the Hamptons. The company launched in 2006 and was acquired by Zillow, Inc. in August 2013.
StreetEasy is a registered trademark of Zillow, Inc.
i To identify the optimal time to list, StreetEasy measured supply (number of listings available on StreetEasy), demand (volume of page views of sales listings and agent contacts) and the final outcome of sales listings. Staten Island was omitted from this study due to the small volume of home sales in Staten Island available to accurately support the analysis.
ii To identify key phrases in the fastest selling sales, StreetEasy analyzed data from thousands of listings to find the word pairs that appeared most frequently in the fastest and slowest selling listings in each borough.
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