With Easter on the calendar for this Sunday, a majority of the New York City properties will not have open houses this weekend. Of the 6,000+ apartments on the market, only 150 properties (less than 1%) are scheduled to have an OH this Sunday. The Meier Team usually has between 15 to 20 OHs each weekend and as of right now, we are scheduled to show no properties. This is not an aberration but instead a seasonal pattern that takes place yearly. So why blog about it?
The Meier Team wants to give our current and prospective clients a heads-up that the entire NYC real estate market is going to be slow this weekend and to also let them know that the Sunday following Easter is usually an extremely busy weekend. Although Easter is an important family event which includes travel, food, merriment and relatives, it doesn’t have the same time suck that the Christmas holiday does.
If you are in the market looking for an apartment and have finished with most of the conversation and small talk with family and relatives, you probably have migrated to your phone or tablet and are running searches on Corcoran or StreetEasy to begin planning for the following weekend’s OHs. We see the same web traffic pattern at this time of the year with significantly higher web traffic on Saturday and Sunday of Easter weekend as the consumer is escaping or taking a break from family time to surf the real estate web.
Depending on when Easter falls on the calendar the weather can also be turning to a much more spring-like feel versus the cold and rainy weeks we have endured over the last month in NYC. The combination of the digital real estate search and warmer weather leads to a real bottleneck for the post-easter OHs. Everyone’s mindset is the same. Easter is the last big holiday before Memorial Day and it’s time to execute on a plan, especially before the July 1 summer doldrums. That leaves 75 days to narrow the search and put in an offer and have it accepted. This is a reasonable timeline but one that fills with pressure if there is a significant life changing event (birth, relocation, downsizing) on the horizon.
The Meier Team will be available Easter weekend to answer questions and address any concerns. We will be in full force the following weekend with our usual number of OHs and will be assisting our clients with their NYC housing needs. Enjoy the holiday!