Buying, selling in fall, winter: Why 'late' isn't so late anymore

When Michael Wolfe moved with his wife and son from Merrick to West Palm Beach, Florida, in 2022, lower taxes were among the main drivers.

But soon after they moved in, his cancer that he had beaten a year or so earlier, came back.

"There's decent hospitals here [in Florida] but my cancer is so rare that there's not many hospitals that treat it," said Wolfe, 44, who has metastasized appendix cancer affecting his gall bladder, spleen, pancreas, liver, diaphragm and pelvis.

Now, he and his family are moving back to Long Island and looking for a home in Merrick or Massapequa.

They are among buyers not concerned that summer — traditionally seen as homebuying season — has ended, and fall has begun. They're motivated to buy on Long Island, regardless of time of year.

The shift to cooler weather and a new school year used to signal an end to the selling season for homeowners. At least, that's what real estate agents used to say. But many agents on Long Island say they're still busy, especially given housing market's low inventory and high demand.

"In the past ... most people thought spring is the time to buy the house, thinking, 'I need to get my children into school for the school year,' " said Helene Vlachos, a Manhasset-based licensed Realtor for Douglas Elliman, who has been in the industry for 25 years. "But I'm finding a lot of buyers, if they're determined to buy a house, the month doesn't get in the way."

Agents say sellers can still get a good price for the homes they sell in the cold-weather months, and buyers can still find good options — with some exceptions.

Changes in housing inventory

The investment company Wolfe owns was paying 10% to 15% more in sales taxes in New York than he would in Florida, he said, which added up to an additional $50,000 and $100,000 a year, he said.

So, the family moved full time to their vacation condo and settled into life in Florida.

But with his cancer returning, he needed to be closer to high-quality care.

When he lived in Merrick, it was a short drive to NYU Langone Hospital in Mineola.

I'm finding a lot of buyers, if they're determined to buy a house, the month doesn't get in the way.

— Helene Vlachos, Douglas Elliman real estate agent

In Florida, his drive was three or more hours each way to see his doctor. When he was getting regular cancer treatment, he stayed at a friend's apartment in New York City for most of the summer of 2023 to have easy access to Mount Sinai Hospital.

Eventually, he and his wife, Lisa, 43, a CPA, decided to move back to Long Island.

They sold their house in 2022 for $930,000, and they hope to spend less than that now.

They're considering a foreclosed home or one that needs renovations that the owner is motivated to sell quickly and perhaps at a lower price, he said.

They are looking to buy for $600,000 to $700,000 and invest an additional $150,000 to $200,000 in renovations, Wolfe said.

"We're very serious and looking, but we're not in a rush," he said. "We don't want to just jump into something that in 2-3 years is going to go down in value."

Their first-grade son will finish the school year in Florida, even if they find a new house, giving them time to make updates before they move in.

Lisa recently made a trip to Nassau County to look at houses, which were "nice, but overpriced," Mike Wolfe said, adding they noticed a lack of inventory.

A seasonless industry

If it’s priced competitively, in a desirable area, move-in ready and limited inventory, yes, you get offers right away. They’re tired of waiting so they don’t want to miss the opportunity.

— Tara Fox, Daniel Gale Sotheby’s International Realty agent

The Wolfe Family are good examples of what Vlachos sees as a motivated buyer willing to make the purchase year-round.

During cold-weather months, there is often less competition for buyers, making it appealing, especially for those who have lost bidding wars during warmer months. There's also less competition for sellers, often with fewer homes on the market.

But in the case of a busy market like Long Island's, that doesn't mean both buyers and sellers can't get what they want after Labor Day — the unofficial end to the real estate season.

"I have no problem listing and selling homes in a fall-winter market," Vlachos said.

In many cases, the people active during those months are serious — homeowners motivated to sell at reasonable prices, and buyers looking to make a purchase quickly and at the right price. Gone are the people who come to open houses just to browse and get decorating ideas, Vlachos said.

She also hasn't seen the beginning of the school year drive summer sales as strongly as it once did. In fact, avoiding the spring frenzy and the bidding wars it brings is enough to motivate sellers to buy when flora is covered in frost.

While some may attribute the change in buying patterns to the COVID-19 pandemic that encouraged people to look for larger houses year-round and at lower interest rates, Vlachos chalks it up to the internet.

Potential buyers are online, looking at listings for months or years before they actually buy, researching what their money can get them, knowing when a property is priced too high and pouncing when they see what they want — regardless of month.

In her career, she doesn't ever recall working in a market with such low inventory. That's something buyers waiting until spring should keep in mind.

"It's been such a challenging market that I think a lot of people who might not have looked — for a buyer who maybe has limited funds or is in a price range with many other buyers — they might benefit from buying in a winter market," Vlachos said.

So far this fall, things haven't slowed much from summer.

We're still having bidding wars. If the house and location is desirable, it's ridiculous what they will spend.

— Jennifer Holguin, Exit Realty Edge real estate agent

Jennifer Holguin of Exit Realty Edge, based in Patchogue, said she remains very busy after Labor Day.

"We're still having bidding wars," she said, recalling one condo listing in Port Jefferson Station being sold for $50,000 over the asking price in September.

"If the house and location is desirable, it's ridiculous what they will spend."

The home had eight showings after summer ended, with five offers "and only one person can get it."

Frank DeLucia, a Coldwell Banker associate broker with three decades in real estate, works in the Long Beach area. He said at one time, warm weather was the busy season, but now with low inventory, a home listed at a comparable price will sell, regardless of time of year.

He also hasn't seen prices drop in the fall in recent years and, like Holguin, still sees bidding wars in September.

"There is no rhyme or reason for busy," with regard to season, he said. "It's what's out there, what's available."

Tara Fox, a Greenvale-based associate real estate broker with Daniel Gale Sotheby’s International Realty, has been in the industry for a decade.

She noticed that even before the pandemic, the “spring season” for buying crept up from March or April to as early as February.

“People want to make their decisions earlier, they want to get in earlier,” she said. “As inventory has gotten less and less and now it’s year-round.”

Fox said a client is planning to list her home in February, with a goal of closing by spring/summer so her kids can finish their school year before moving to Florida.

“If it’s priced competitively, in a desirable area, move-in ready and limited inventory, yes, you get offers right away,” Fox said. “They’re tired of waiting so they don’t want to miss the opportunity."

A lot of people who are not so attached to their homes, they find this an opportunity to sell their home at prices that they never dreamed of before.

— Maria Belen Avellaneda, Keller Williams associate broker

Maria Belen Avellaneda, an associate broker at Keller Williams, works in the Hamptons and North Fork, where seasonal activity shows more than in other Long Island areas.

"A lot of people like to buy early to enjoy the property during the summer," she said. But winter is slow season — with fewer people willing to drive from Manhattan to East Hampton to see a property — and buyers are more often able to negotiate down than in summer, she said.

And with inventory so incredibly low in traditional Hamptons neighborhoods, developers have looked farther west in year-round areas like Hampton Bays. She has seen a lot of new development there.

Developers buy properties in Hampton Bay for one-quarter-to-one-half the price in East Hampton and build a nice house there and still get a very decent amount on their return, Avellaneda said.

While some locals embrace it, some push back on feared gentrification.

"But at the same time, a lot of people who are not so attached to their homes, they find this an opportunity to sell their home at prices that they never dreamed of before," Avellaneda said.

Tips on selling in winter

Even after the reassuring words from an agent, what if sellers are unsure they can get top dollar for their home?

Vlachos suggests making a few adjustments.

Get professional photos of your home and yard in the warm weather months when the grass is green and the flowers are blooming if you're even thinking of listing it in the winter, she suggested.

Regardless of the time of year, adding a new coat of paint in the house goes a long way, as does decluttering so potential buyers can imagine their personal items in the space without having to look past the seller's family photos and trinkets.

It's even a bonus to have a home decorated for the winter holidays, Fox said. Hanging twinkling lights and garland, and lighting a fire in a fireplace is "crafting a narrative that can emotionally capture them."

In winter, you get serious buyers. People aren't thinking 'Let's go for a Sunday stroll and look at all the pretty homes and think how we can redecorate.' 

— Tara Fox

"In winter, you get serious buyers. People aren't thinking 'Let's go for a Sunday stroll and look at all the pretty homes and think how we can redecorate,' " Fox said.

And often those people have their finances in order already, so they're ready to go.

For buyers, looking at a home in winter months gives you more insight into the property's potential issues, Vlachos said.

For instance, winter weather highlights how weatherproof a home is — if windows are old or missing weather stripping they will let in cold air, making the house drafty.

Avellaneda said pricing a home well by looking at comps is a winning strategy for selling in cold-weather months.

If offers keep coming in lower than your listing price, sellers must "have the humility to listen to the market," she said. "The offers represent where the demand is."