The Summer Heat Causes NYC's Real Estate Market to Sizzle
Nasa’s studies show, NYC summer temperatures are able to reach six degrees hotter during the daytime hours and even 12 degrees higher at night in comparison to surrounding areas. This is due to the heat radiating off cement buildings combined with the lack of vegetation that would naturally cool down the air. That being said, it raises a question for the real estate market: does this lead to more New Yorkers on the pursuit of cooler places or homes to find refuge in?
Via professional opinions, throughout the summer months, potential buyers seem to be following the season’s path, creating its own heatwave for the NYC real estate market. Read on to see what this group of local agents and brokers have to say on their own experiences with the season’s effect on potential clients and the market:
“In the summer, people are often transitioning into new homes and jobs in the summer and braving the heat makes finding the perfect new home worth it. Also, the inventory is high in the warmer months, so they will have more options available. Summer is actually a very busy time in real estate, in my experience. As mentioned above, many people are transitioning, but since migrating out of the city during summer is common (beaches, second homes, etc.), parking a moving truck is much easier! Don't hesitate to move because of the heat/summer – the weather is hot, but so is the market!”-Michael Bevan of REAL New York
“Summer tends to be one of the busiest times in real estate because people are moving to start school for the fall, start new jobs, or prefer to move in warmer weather rather than the winter (possible snowstorms and delays). Sometimes people skip open houses in the heat because they would rather be inside in air conditioning, at the pool, or at the beach rather than looking for apartments. But they can also just easily walk into an open house if they are out already.” –Carolina Walicki of REAL New York
“When having summer open houses, especially homes with terraces, penthouses, it’s time to create “happy hour”. Be well stocked with wine and make sure it’s chilled to perfection. Have two model type bartenders. Music is the next component to setting the mood. Everyone will soon forget about the heat, and make quick decisions, due to having a nice buzz on and having a good time. You may have just created a bidding war, and everyone has become new friends in the process. Have had great success with the summer open houses, the hotter the better.” –Ted Karagannis of Warburg Realty
“Depending on where windows are located in the apartment, it could make showing a bit warm inside and clients will want to know when direct sunlight will be hitting the apartment. I like to point out the exposure while in the apartment because this could also determine the pricing of AC/electric bill in the warmer months.” –Michael Bevan of REAL New York