The best time of year to buy in NYC + New listings with weekend open houses

By CityRealty Staff | From Get To Know Thursday, October 10, 2024

East Hill, #2AB (OFFICIAL)

With less than four weeks until Election Day, some buyers are apprehensive about whether they should close the deal now or wait until they know who the next president is going to be. However, an analysis of S&P’s Case-Shiller Home Price Index shows that the elections themselves do not affect home values or the housing market; rather, several other factors were at work in past election years.

For example, when home prices plummeted in 2008, that had more to do with the broader financial crisis than the presidential election. Conversely, when home values dramatically improved in 2021, low mortgage rates played the largest role in the bustling market. Moreover, Bankrate observes that for the majority of Americans, the election results will have little impact on their income and shouldn't impact their decision to buy or sell.

That being said, there is little question that certain times of the week, month, and year are more conducive to a smooth closing than others, and can carry greater tax benefits. This article offers insight into when those are.

The best time of the week to close on a property

While any day is a good day to close on a desired property, real estate agents and attorneys typically prefer closes between Tuesday and Thursday for a practical reason. Closing real estate transactions requires both the buyer and seller—and their representative attorneys—to sign off on hundreds of pages of documents. If a document is missing or incorrect and needs to be drafted or modified, a midweek close is preferable since it offers the highest chance that all implicated parties will be available to keep the transaction moving forward.

The best time of the month to close on a property

Mortgage payments are always due on the first of the month with one notable exception—the first payment isn't due until the first full month after closing. As a result, if a buyer closes on October 10, technically, their first mortgage payment won't be due until December 1. In the short term, some buyers welcome this situation since it can offer temporary financial relief when also faced with the high cost of moving. But this doesn't mean buyers who close earlier in the month ultimately gain. In fact, the truth is quite the opposite.

What buyers gain upfront when they close earlier in the month actually comes at a cost. After all, if a buyer closes early in the month and doesn’t start paying their mortgage off for nearly two months, they are accumulating interest without making payments. Due to the delayed repayment start, they ultimately end up paying more rather than less overall on their home purchase. However, if a seller has agreed to pay all the buyer’s closing costs, including any additional interest accrued from an early closing, then the buyer likely has nothing to lose and everything to gain by closing earlier rather than later in the month.

The best time of the year to close on a property

On a financial level, the most important consideration for buyers when it comes to closing is the time of the year the close takes place because there are several different types of tax deductions one can take when they close on a home. The most common tax deductions connected to home purchases include:

Points: Purchased upfront to help lower one's mortgage rate, points are considered non-recurring closing costs and are deductible in the year paid.

Interest: Anyone who has a mortgage pays at least some interest. The sooner one starts paying interest, the sooner it can be treated as a deductible. As such, if a buyer wants to lower their tax liability in the current year, it may be preferable to close and begin paying down the mortgage before the end of the year. That said, since the first mortgage payment isn’t due until the first full month after closing, it's imperative to close before the end of October if this is part of one's current-year taxation plan.

Property taxes: Buyers can claim any property taxes they have paid during the fiscal year, and the same rule holds true for sellers. However, in this case, much depends on the language that ends up in the buyer's contract of sale (also known as a purchase agreement). In most cases, taxes are prorated. In other words, if a buyer closes on a home on December 15 and the yearly property taxes are $12,000, they will only pay $500 and only be able to claim this amount on their tax filing. If the seller agrees to cover all the year's taxes as a buyer's incentive, or conversely, the buyer agrees to cover the taxes for the entire month of December, the amount of tax paid and the amount that can be deducted changes.

Since each buyer's situation is unique, it is impossible to determine the best time of year to close on a property, but one thing is clear. If a buyer is interested in lowering their tax liability, the sooner they close, the more deductions they will be able to claim. On the flip side, if a buyer purchases in a year when their income is low but anticipates having a higher income the following year, it may be more advantageous for them to move the close to January to ensure they can take full advantage of all the tax benefits of buying, including one-time deductions, when they need the deductions most.

The best time for sellers to close deals

Like buyers, depending on their anticipated tax liability, sellers may or may not benefit from closing in the current fiscal year since they can also lower their tax liability by leveraging several one-time costs related to the sale of their home. These costs include any repairs required to ensure the home is habitable as well as any improvements carried out in conjunction with the sale.

If a seller hopes to take advantage of these tax deductions, however, it is important that they understand how the IRS defines "home repairs" versus "home improvements." A repair is anything one does to ensure a home is habitable (e.g., fixing a leaky roof or removing mold from a basement). An improvement is anything one does to add value to a home (e.g., installing solar panels or a back deck). Home repairs, which are necessary to sell the home, can be deducted in the year the home sells, but only if they are claimed within 90 days of closing. Home improvements can also be deducted, but in this case, the deduction is distributed over several years.

Downtown

Chelsea Lane, #4PN
$775,000

Flatiron/Union Square | Cooperative | Studio, 1 Bath
Open House: Sunday, October 13, 2024

Chelsea Lane, #4PN (Compass)

From the Listing: This stunning, gut-renovated apartment is an incredible value and centrally located in prime Downtown Manhattan at the crossroads of Union Square, Flatiron, Greenwich Village, and Chelsea. Upon entering, feel an immediate sense of calm in the openness of the space. There is over 12 feet of closets along the foyer as you enter, and 2 additional closets in the dining and bedroom areas, all outfitted with ELFA built-ins and attractive floor-to-ceiling tinted glass doors. To the right off the foyer is the exquisitely-renovated open kitchen. See full details here.

175 East 2nd Street, #4B
$1,195,000

East Village | Condominium | 1 Bedroom, 1 Bath | 740 ft²
Open House: Sunday, October 13, 2024

175 East 2nd Street, #4B (Compass)

From the Listing: Enter this newly renovated one-bedroom apartment with hardwood floors and exposed brick walls. Located on the fourth floor with northern exposure, this spacious apartment has plenty of room for a dining table and living room set. The chef's kitchen has a gas stove and a dishwasher. The bathroom has a double vanity and a soaking bath. The bedroom fits a king-sized bed with room to spare. See floor plan and full details here.

One Manhattan Square, #12N
$1,262,500

Lower East Side | Condominium | 1 Bedroom, 1 Bath | 695 ft²
Open House: Sunday, October 13, 2024

One Manhattan Square, #12N (Compass)

From the Listing: Welcome to Residence #12N, a sun-drenched and turnkey one-bedroom residence in the iconic One Manhattan Square. Step inside and find a light-filled home featuring 5" oak floors and a gourmet kitchen with top-of-the-line Miele appliances. The spa-like bathroom, adorned with marble tile and mosaic floors, invites relaxation with its deep soaking tub and Dornbracht fixtures. 20-year tax abatement in effect. See floor plan and full details here.

305 West 16th Street, #4H
$1,750,000

Chelsea | Condop | 2 Bedrooms, 2 Baths
Open Houses: Saturday, October 12 | Sunday, October 13, 2024

305 West 16th Street, #4H (Compass)

From the Listing: Located at the confluence of Chelsea, West Village and the Meatpacking District, Residence #4H is an ideal two-bedroom home with double corner exposure to the south and east. The double-paned, triple-locked windows provide peace and quiet and an abundance of natural light. carbonized bamboo flooring throughout. The open kitchen features Caesarstone countertops, Bosch cooktop, range, and microwave, a Fisher & Paykel refrigerator, and custom Italian-made Cerused Wenge cabinetry. See floor plan and full details here.

The Chelsea Mercantile, #10O
$2,645,000

Chelsea | Condominium | 2 Bedrooms, 2 Baths | 1,562 ft²
Open Houses: Sunday, October 13 | Tuesday, October 15, 2024

The Chelsea Mercantile, #10O (Douglas Elliman Real Estate)

From the Listing: This coveted O-line home is a wonderful blend of loft-like volume and meticulously curated, designer finishes. As you enter, you'll undoubtedly be astounded by its grand scale, which features an open concept layout, 10-foot ceilings and a massive 38-foot great room. There's plenty of space for a formal dining table for 10, a 5-piece furniture set and even a fully appointed workspace. The turnkey home's 7-foot windows offer brilliant, eastern sunlight and the high floor allows for pin-drop quiet living. See floor plan and full details here.

21W20, #9
$2,995,000

Chelsea | Condominium | 2 Bedrooms, 2 Baths | 1,302 ft²
Open House: Thursday, October 10, 2024

21W20, #9 (Douglas Elliman Real Estate)

From the Listing: Introducing a stunning two-bedroom, two-bath loft condominium in the heart of Flatiron, a neighborhood known for its vibrant culture and convenience. As you enter into this spacious loft from your private elevator, you'll be greeted by an open floor plan that's perfect for modern living. The living area is flooded with natural light and boasts central air conditioning to keep you cool on those hot summer days. The open kitchen is a chef's dream, with high-end appliances, sleek countertops, and plenty of storage space. See floor plan and full details here.

The American Thread Building, #4G
$3,295,000

Tribeca | Condominium | 3 Bedrooms, 2 Baths | 1,450 ft²
Open House: Sunday, October 13, 2024

The American Thread Building, #4G (Corcoran Group)

From the Listing: This stunning Tribeca three-bedroom, two-bath apartment in mint condition is ready for you to call it home. The entry foyer has beautiful custom millwork, illuminated bookshelves and 7" wide, French Cut White Oak floors, which opens to a well-appointed living room, with oversized, triple-glazed imported casement windows. The dining area features a large bench seat with storage underneath and flows seamlessly into the open chef's kitchen with appliances from Liebherr and Miele. Apartment conveys with a deeded storage cage. See floor plan and full details here.

15 Hubert Street, #2C
$3,750,000

Tribeca | Condominium | 3 Bedrooms, 2.5 Baths | 2,269 ft²
Open House: Sunday, October 13, 2024

15 Hubert Street, #2C (Compass)

From the Listing: Spacious 2,269-square-foot loft with 11' ceilings features two bedrooms, a den/office (which can serve as a third bedroom), and 2.5 bathrooms. This desirable boutique elevator building in sought-after northwest Tribeca offers a part-time doorman and a stunning landscaped rooftop terrace with a BBQ. See floor plan and full details here.

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The Spring, #6D
$4,195,000

NoLiTa/Little Italy | Condominium | 2 Bedrooms, 2.5 Baths | 2,047 ft²
Open House: Sunday, October 13, 2024

The Spring, #6D (Serhant LLC)

From the Listing: Residence #6D at 225 Lafayette offers a serene urban sanctuary, where timeless loft architecture seamlessly merges with contemporary elegance and sophistication. The expansive living and dining area, drenched in natural light from oversized, north-facing windows, showcases dark-stained hardwood floors and a seamless flow into the sleek, updated kitchen. Equipped with top-of-the-line appliances, including a 36-inch Wolf cooktop and Sub-Zero refrigerator, as well as elegant stone countertops, the kitchen is both a chef's dream and an entertainer's delight. See floor plan and full details here.

Midtown

Tudor Tower, #623
$325,000

Turtle Bay/United Nations | Cooperative | Studio, 1 Bath
Open House: Sunday, October 13, 2024

Tudor Tower, #623 (Compass)

From the Listing: Welcome to your urban oasis at 25 Tudor City Place! Upon entering, you'll be greeted by the elegance of crown moldings and the warmth of hardwood floors throughout. The residence features 3 oversized windows with window treatments, bathing the space in natural light and offering breathtaking river and water views with a southeastern exposure. The thoughtfully renovated kitchen is a culinary dream. Electricity, heat, and water are included in the monthly maintenance. See floor plan and full details here.

The Ashfield, #2B
$595,000

Midtown West | Cooperative | 1 Bedroom, 1 Bath
Open House: Sunday, October 13, 2024

The Ashfield, #2B (Compass)

From the Listing: Inside this sun-splashed unit, 11-foot ceilings soar above rich oak floors, exposed brick walls, a working wood-burning fireplace, and oversized windows. The main living space offers a generous footprint for living with dual exposure, as well as a dining/home office area, located just off the windowed kitchen with abundant cabinetry and counter space. See floor plan and full details here.

16 Sutton Place, #12C
$1,290,000

Beekman/Sutton Place | Cooperative | 2 Bedrooms, 2 Baths
Contact CityRealty to schedule a tour

16 Sutton Place, #12C (Compass)

From the Listing: High-floor corner two-bedroom offers a gracious layout, with an open dining and living room that is bright and airy with a loft-like feel. The windowed kitchen has an abundance of storage and ample pantry and counter space for all of your culinary and entertaining needs. The two spacious east-facing bedrooms enjoy breathtaking views of the East River and the iconic Queensboro Bridge. The apartment includes additional private storage in the basement. See floor plan and full details here.

Upper East Side

The Kimberly, #4A
$499,000

Yorkville | Cooperative | 1 Bedroom, 1 Bath
Open House: Sunday, October 13, 2024

The Kimberly, #4A (Compass)

From the Listing: Discover the potential of this spacious one-bedroom, one-bathroom apartment awaiting your personal touch. Nestled in a tranquil setting, this home features a generous king-size bedroom and an expansive living room, complemented by a separate dining area. Ample closet and storage space ensure practicality in this charming residence. See floor plan and full details here.

166 East 61st Street, #18E
$645,000

Lenox Hill | Cooperative | 1 Bedroom, 1 Bath | 840 ft²
Contact CityRealty to schedule a tour

166 East 61st Street, #18E (Compass)

From the Listing: Located in a vibrant Lenox Hill neighborhood, Residence #18E is a spacious one-bedroom retreat that’s perfect for city living. Enjoy open city views from the window and a generously sized kitchen ideal for cooking and entertaining. The living room is large enough for a sizable dining table and a cozy lounging area — perfect for unwinding in front of the TV. The bedroom comfortably accommodates a king-size bed and features a fantastic walk-in closet. See floor plan and full details here.

205 East 78th Street, #7T
$790,000

Lenox Hill | Cooperative | 2 Bedrooms, 1 Bath
Open House: Sunday, October 13, 2024

205 East 78th Street, #7T (Serhant LLC)

From the Listing: This delightful junior four home is located in a highly sought-after full-service co-op building. The entry foyer welcomes you into a cozy and charming space. The living room, featuring a wood-burning fireplace, offers a flexible layout for versatile living and entertaining. The kitchen is designed with white cabinetry, butcher block countertops, and a subway tile backsplash, complemented by a separate dining area. The home also offers a secondary space with bespoke millwork and additional storage for a guest room or home office. See floor plan and full details here.

68 East 86th Street, #2B
$799,000

Carnegie Hill | Cooperative | 1 Bedroom, 1 Bath | 1,000 ft²
Open House: Sunday, October 13, 2024

68 East 86th Street, #2B (Compass)

From the Listing: Residence #2B is a stunning one-bedroom with a high-end renovation in an elegant limestone and brick building built in 1912. Upon entry you will immediately notice the soaring ceiling, and many original turn-of-the-century details. The great room offers beautiful tree views through oversized windows, a gorgeous decorative fireplace, and room for a living and dining arrangement. The windowed kitchen has been transformed into an absolute showplace featuring elegant thick Calacatta marble countertops and high-end appliances. See floor plan and full details here.

205 East 78th Street, #12J
$925,000

Lenox Hill | Cooperative | 1 Bedroom, 1 Bath
Open House: Sunday, October 13, 2024

205 East 78th Street, #12J (Compass)

From the Listing: Expansive and rarely available one-bedroom residence blends timeless elegance with modern conveniences, including an in-unit washer and dryer. Enter through the grand foyer, featuring two spacious closets, that seamlessly leads into a refined living room. The focal point is a striking wood-burning fireplace, framed by high-beamed ceilings and custom wood cabinetry. Monthly electricity is a fixed rate of $118. See floor plan and full details here.

The Bryn Mawr, #1BC
$969,000

Lenox Hill | Cooperative | 2 Bedrooms, 2 Baths | 1,100 ft²
Open House: Thursday, October 10, 2024

The Bryn Mawr, #1BC (Douglas Elliman Real Estate)

From the Listing: Two apartments have been legally combined to create a 2-bedroom/2-bath, plus a true home office/den with a Murphy bed and built-in bookshelves. The spacious kitchen has two entryways making entertaining easy. The private garden can be a retreat, offering room for various plants/flowers/fountains and seating areas. It can serve as a great place for relaxation, entertaining guests, or growing fruit /vegetables. See floor plan and full details here.

The Waterford, #28AF
$1,995,000

Yorkville | Condominium | 3 Bedrooms, 2 Baths
Open House: Sunday, October 13, 2024

The Waterford, #28AF (Brown Harris Stevens Residential Sales LLC)

From the Listing: This spectacular condo, high in the sky and totally renovated, leads you into a large foyer and expansive three-bedroom, two-bath on the 28th floor. The unit features beautiful hardwood floors, abundant closet space, gorgeous stone and marble baths, built-in closets including two huge walk-ins, split bedrooms, master bedroom with fabulous corner views, second bedroom with river views, Bosh washer/dryer in apartment, and a windowed kitchen with stainless steel Miele appliances. See floor plan and full details here.

75 East End Avenue, #15B
$2,200,000

Yorkville | Cooperative | 2 Bedrooms, 2.5 Baths
Contact CityRealty to arrange a tour

75 East End Avenue, #15B (Simple Real Estate)

From the Listing: Originally a three-bedroom, the thoughtfully reconfigured, one-of-a-kind apartment offers elevated living with generously sized rooms throughout including the rarely found trifecta: massive primary bathroom, eat-in kitchen designed by professional chef, and separate laundry room. The stately central foyer leads you into the sunlit, oversized southeast-facing great room. The great room is built for easy entertaining by offering multiple zones to enjoy including access to the grand terrace. See floor plan and full details here.

60 East End Avenue, #4C
$2,275,000

Yorkville | Cooperative | 3 Bedrooms, 3.5 Baths
Open House: Sunday, October 13, 2024

60 East End Avenue, #4C (Brown Harris Stevens Residential Sales LLC)

From the Listing: In a city where "space is the ultimate luxury," Residence #4C offers the spaciousness and retro charm of a 70s home so there is no need to go to the suburbs. The entrance foyer (with half bath) leads to an expansive gallery, living room, and dining room nearly 60 feet in length. The three generous bedrooms, all with ensuite baths, and have abundant closets. See floor plan and full details here.

East Hill, #2AB
$3,495,000

Yorkville | Condominium | 4 Bedrooms, 4 Baths | 2,592 ft²
Open House: Sunday, October 13, 2024

East Hill, #2AB (OFFICIAL)

From the Listing: Welcome to this exceptional Upper East Side residence characterized by generous proportions and scale throughout. Upon entering the foyer, you’ll immediately be captivated by the airy ambiance of the space, accentuated by wall-to-wall windows that flood the apartment with natural light and provide serene views of the surrounding greenery. The vast living area features an elegant living room, a cozy lounge section, and a formal dining room, which flows seamlessly into an open kitchen. See floor plan and full details here.

30 East 76th Street, #15AB
$3,500,000

Park/Fifth Ave. to 79th St. | Condominium | 3 Bedrooms, 4 Baths | 2,240 ft²
Contact CityRealty to arrange a tour

30 East 76th Street, #15AB (Sothebys International Realty)

From the Listing: This sun-drenched, luxurious 4-bedroom duplex penthouse on Madison Avenue offers four exposures and sweeping views! The upper level features an ample living/dining room with beautiful views west, south and north, a wood-burning fireplace, herringbone floors, arched as well as greenhouse windows, and a south-facing terrace. The bedrooms, including the spacious primary suite, are on a separate level for privacy. See floor plan and full details here.

Upper West Side

2322 Adam Clayton Powell Jr Boulevard, #1B
$849,000

Harlem | Condominium | 3 Bedrooms, 2 Baths | 1,460 ft²
Open House: Sunday, October 13, 2024

2322 Adam Clayton Powell Jr Boulevard, #1B (Douglas Elliman Real Estate)

From the Listing: This oversized and versatile duplex in the prestigious Strivers Row neighborhood offers nearly 1,500 square feet of living space and the feel of a private townhouse. Nestled in a boutique pre-war elevator condo building, this one-of-a-kind residence combines the charm of 1933 design with modern living and dining, featuring 3 bedrooms, 2 bathrooms, a home office, and endless possibilities to customize or enhance the floorplan. The lower level has a private back door offering direct access to a common garden. See floor plan and full details here.

222 Riverside Drive, #2A
$2,099,000

Riverside Dr./West End Ave. | Condominium | 3 Bedrooms, 3 Baths | 1,715 ft²
Open Houses: Thursday, October 10, 2024 | Sunday, October 13, 2024

222 Riverside Drive, #2A (Serhant LLC)

From the Listing: Discover a tranquil and spacious 3-bedroom, 3-bath condominium nestled on a peaceful block, overlooking Riverside Park. As you enter, a grand entry gallery welcomes you to a generous double-sized living room, seamlessly connected to the formal dining room. Here, stunning vistas of Riverside Park are complemented by beautiful hardwood floors and an array of custom built-ins, creating an inviting atmosphere. See floor plan and full details here.

The Park Belvedere, #16CD
$3,750,000

Broadway Corridor | Condominium | 3 Bedrooms, 2 Baths
Open House: Sunday, October 13, 2024

The Park Belvedere, #16CD (Brown Harris Stevens Residential Sales LLC)

From the Listing: Perched on the 16th floor, this double corner residence offers breathtaking panoramic views stretching to the north, east, and west. Marvel at sweeping, unobstructed views of Central Park's lush greenery and the iconic American Museum of Natural History to the East, along with additional open vistas to the West. Renovated with meticulous attention to detail, this residence showcases premium finishes, high-end appliances, and elegant fixtures throughout. See floor plan and full details here.

One Central Park, #72B
$17,995,000

Central Park West | Condominium | 3 Bedrooms, 5.5 Baths | 3,491 ft²
Open House: Thursday, October 17, 2024

One Central Park, #72B (Brown Harris Stevens Residential Sales LLC)

From the Listing: Situated at the southern gateway to Central Park at the iconic Deutsche Bank Center, this newly renovated high floor, incredible duplex residence consists of 3,491 square feet and glorious views of Central Park from every room. There is an oversized living room/dining room, three bedroom, a media room, a laundry room, a spectacular kitchen, and 5 1/2 bathrooms including an oversized amazing sauna. See floor plan and full details here.

Would you like to tour any of these properties?

This is your member's center

In this article:

The best time of the week to close on a property

The best time of the month to close on a property

The best time of the year to close on a property

The best time for sellers to close deals

Chelsea Lane, #4PN
$775,000

175 East 2nd Street, #4B
$1,195,000

One Manhattan Square, #12N
$1,262,500

305 West 16th Street, #4H
$1,750,000

The Chelsea Mercantile, #10O
$2,645,000

21W20, #9
$2,995,000

The American Thread Building, #4G
$3,295,000

15 Hubert Street, #2C
$3,750,000

Select which properties are of interest to you:

The Spring, #6D
$4,195,000

Tudor Tower, #623
$325,000

The Ashfield, #2B
$595,000

16 Sutton Place, #12C
$1,290,000

The Kimberly, #4A
$499,000

166 East 61st Street, #18E
$645,000

205 East 78th Street, #7T
$790,000

68 East 86th Street, #2B
$799,000

205 East 78th Street, #12J
$925,000

The Bryn Mawr, #1BC
$969,000

The Waterford, #28AF
$1,995,000

75 East End Avenue, #15B
$2,200,000

60 East End Avenue, #4C
$2,275,000

East Hill, #2AB
$3,495,000

30 East 76th Street, #15AB
$3,500,000

2322 Adam Clayton Powell Jr Boulevard, #1B
$849,000

222 Riverside Drive, #2A
$2,099,000

The Park Belvedere, #16CD
$3,750,000

One Central Park, #72B
$17,995,000

This is your member's center

In this article:

The best time of the week to close on a property

The best time of the month to close on a property

The best time of the year to close on a property

The best time for sellers to close deals

Select which properties are of interest to you:

Select which properties are of interest to you:

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