Selling real estate in the Hamptons is often thought of as a seasonal business with the market hottest in the spring and summer. It’s fall, and cold weather is fast approaching — what are some good reasons to list in the autumn and winter, particularly in the current market?
Jennifer Reiner, Hampton Estates Realty
“With inventory currently at its lowest level of 2021, demand for real estate in the Hamptons remains robust. As a great number of sales from the spring and summer of 2021 resulted in bidding wars, buyers who missed out will certainly be continuing their search for that dream home into the fall and winter. Additionally, with a plethora of new construction and gut renovations recently sold or in contract, many of these sellers are in active pursuit of the next property to purchase. Finally, when bonuses come in at the end of the year there is always an abundance of buyers. What better holiday gift for a loved one than a new home?”
Evan Kulman, Compass
“What is most impacting market conditions right now is a severe lack of inventory and persistent consumer demand — which presents sellers with an opportunity to achieve higher returns if they list now. We are seeing bidding wars, noncontingent offers and offers well above the asking prices as buyers look to secure homes well in advance of the traditional summer season. It is also important to note that mortgage rates continue to be at historic lows, making purchasing a home now even more attractive. In summary, less inventory means sellers have less competition and get higher returns. List now!”
Gayle Marriner- Smith, Daniel Gale Sotheby’s International Realty
“Traditionally, the North Fork’s selling seasons were from mid-January to the beginning of May — so second home buyers could be in their new homes by Memorial Day — and mid-September through Thanksgiving. Buyers seemed to want to play in the summer and during the holidays back in the day! In the past five to seven years, though, our robust market has made our selling “season” a 12-month “season.” And since the pandemic buying frenzy commenced in 2020, with the resultant low inventory, any time a well-prepared, well-presented and well-priced property comes on the market, it is under contract within a few weeks. No matter what month! No matter what day! Thus, if you are thinking of selling on the North Fork, now would be a great time to list.”
James Peyton, The Corcoran Group
“Traditionally, inventory usually builds up in the fall and buyers take
their time headed into the new year. But as we all know, the pandemic has turned seasonality on its head. With inventory at a low and prices rising steadily, now is the most opportune time for sellers to list their homes. The buyer pool has a lot of depth at every price point — and many are eager to make a deal as they may have come up unsuccessful the first time around. Although we’re headed into the holiday season there is still strong demand, plus spring is just around the corner. The stock market has come back from October and seems to be ending the year strongly. In addition, the historic low interest rates serve as further incentive to buyers in both the primary and second home markets; they just need inventory to buy!”
Ann Gegelys, Sotheby’s International Realty
“Out east, our fall and winter market traditionally slows in comparison to our spring and summer market. However this year, our overall housing inventory remains low, making it an ideal time for sellers to enter the market. The volume of buyers remains strong with many employees still enjoying hybrid work situations due to COVID restrictions, as well as interest rates remaining low. This buyer competition is also keeping home values high, as we saw the average sales price rise 16% in Q3 2021, over Q3 2020.* For those who do decide to put their home on the market this fall, remember to be mindful of pricing so as to attract the most buyers. As realtors, we share CMAs (Comparative Market Analysis) with sellers to give them a point of reference on how to price their home. A CMA provides an overview of properties that have sold in recent months that are similar to the subject property in scale, location and physical condition. Knowing your fair market value will help you set a price that generates the highest possible offer for your home, in the shortest time possible.”
* Sotheby’s International Realty/EELI reporting
This article appeared in the November 2021 issue of Behind The Hedges. Click here to read the digital version.
