Updated: 13 hours ago
Local Law 97 is creating some new considerations for potential Sellers in 2024.
While many agents tout the advantages of listing in spring, there are compelling reasons heading into 2024 to beat the crowd and sell earlier. One important factor that’s making headlines is Local Law 97, which could significantly influence a property’s attractiveness and market value. Here’s why selling before spring could be your best move:
Less Competition: Fewer properties listed before spring means less competition, potentially leading to a quicker sale and a higher sale price.
Eager Buyers: Serious buyers tend to shop all year round. With fewer properties on the market before spring, yours stands out, attracting more attention and potentially higher offers.
Local Law 97 Impact: Implemented as a part of NYC’s Climate Mobilization Act, this law mandates significant reductions in greenhouse gas emissions from buildings. Properties not in compliance could face hefty fines. While much of the recent talk has been about the 2024 requirements and possible pushback- currently the 2030 hurdle is much more significant and would require many significant changes for buildings and co-op owners.
Market Advantage: Selling before many owners rush to comply can give your property a competitive edge. If your building already aligns with the law's standards, it becomes even more attractive.
Cost Avoidance: Retrofitting buildings to comply with Local Law 97 can be expensive. By selling now, you could potentially bypass these costs, allowing the new owner to assume responsibility.
Predictable Pricing: NYC's real estate market can be volatile. Selling before spring provides a clearer picture of current market trends, ensuring you price your property appropriately.
While spring might traditionally be seen as the ideal time to list, selling before the season arrives in NYC, especially considering the implications of Local Law 97, can offer significant advantages for sellers looking for a strategic edge in the market.