Every year, Daylight Savings Time (DST) marks the start of spring in many parts of the United States. For those on the East Coast, particularly in states like New York, this shift in time can have a significant impact on home sales. So what are some of the ways that DST affects the New York housing market? Let’s take a look.
The Effects of More Daylight Hours
The most obvious way that DST impacts the housing market is with more daylight hours. During spring and summer months, with longer days, buyers tend to be out looking for homes at a higher rate than during colder months with shorter days. This means that homeowners are able to get their houses seen by a larger number of potential buyers, which can lead to increased activity in the market.
The Impact of Seasonal Pricing
As homebuyers become more active during DST months due to longer days, sellers may also adjust their pricing accordingly. Since demand is likely to be higher during these warmer months, sellers may choose to increase prices or hold off on listing until after DST has ended. In turn, this could create higher competition for limited inventory and drive prices up even further.
Savings Potential for Buyers
Despite increasing competition and rising prices during springtime due to DST, there is also potential for savings for buyers who are savvy enough to spot them. For example, if sellers are holding off on listing until after DST ends or they’re offering discounts in order to attract buyers before peak season hits then buyers can take advantage of these unique opportunities and save money in the process. Buyers should also pay attention to any tax incentives or credits available as well which could reduce their financial burden even further when it comes time to close a deal on their new home.
All in all, Daylight Savings Time does have an effect on the New York housing market during springtime each year though it’s important not to overlook other factors such as interest rates and local economic conditions as these will also play an important role in overall real estate activity levels during any given period. By understanding how DST influences activity within the industry, however, you can make sure you’re getting the most bang for your buck when it comes time to buy or sell a home here in New York State!
