Selling your property can be a stressful process, and when you do finally make the jump, it’s important to be prepared. Follow these tips to help you improve your initial offers when selling New York City homes. To begin, here’s what sellers need to know about the local real estate market before listing.
Home to world-renowned attractions and full of diverse restaurants, shops, and entertainment opportunities, New York City appeals to buyers around the globe. Sellers planning on listing their homes will benefit from the city’s current seller’s market, even if it isn’t as hot as it was earlier this year. However, buyers may be deterred by increasing interest rates on mortgages as well as low inventory. With this in mind, here’s how you can increase initial offers on your property.
Partner with an agent
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One of the most important steps to take when looking to improve the offers you receive on homes for sale in New York City is to partner with a local and experienced real estate agent. Especially with the current market’s confusing trends, having the help of a professional who’s well-versed in local real estate is beneficial in selling your property.
An agent will know what buyers in the area are looking for and can help you prepare your property to meet their expectations. They’ll also have a network of professional service providers you may need when selling your property, like a home inspector or a professional photographer. When offers do start coming in, an agent can help you negotiate the highest price, as well as help you understand any confusing paperwork related to the sale.
Get the timing right
Another factor that impacts the offers you receive is timing. This depends on both the market trends in the area and seasonality. Properties in New York City sell for the most in September, with offers coming in at 10.31% above the average. This means that it’s best to list your property in June, which creates enough time for marketing and closing. The worst time to sell your home is in March, when prices dip 5.44% below the average.
Alongside market trends, seasonality is important to consider, especially in areas with large season fluctuations like New York City. Generally, June and July are the best times to sell since buyers don’t have to worry about interfering with their children’s school schedule. As well, cold winter weather like snow and rain makes home showings difficult to attend and moving conditions unideal. Winter holidays are another barrier to buyers’ home searches.
Alongside market trends, seasonality is important to consider, especially in areas with large season fluctuations like New York City. Generally, June and July are the best times to sell since buyers don’t have to worry about interfering with their children’s school schedule. As well, cold winter weather like snow and rain makes home showings difficult to attend and moving conditions unideal. Winter holidays are another barrier to buyers’ home searches.
Price correctly
Pricing your New York co-op correctly also generates buyer interest. An agent will be able to use tools like a Comparative Market Analysis (CMA) to come up with a price for your property based on data from similar properties in the area. Properties in Manhattan have a median sales price of $1.2 million, although agents will know how to adjust that number depending on your property’s location, size, and condition.
It’s important not to price too high or too low. Price too high, and your property will remain on the market longer than you want. A property that spends extra time on the market may make buyers suspicious, which can decrease the interest in your listing. As well, by pricing too high, you’re decreasing its visibility to potential buyers who sort through listing sites using price filters. If you price too low, you’re likely to sell your home quickly but will miss out on potential profit.
It’s important not to price too high or too low. Price too high, and your property will remain on the market longer than you want. A property that spends extra time on the market may make buyers suspicious, which can decrease the interest in your listing. As well, by pricing too high, you’re decreasing its visibility to potential buyers who sort through listing sites using price filters. If you price too low, you’re likely to sell your home quickly but will miss out on potential profit.
Repair and upgrade the property
Depending on the type of property you have, like a condo, it may be more or less out of your control when making repairs. However, it’s still important to complete them, even if that means notifying maintenance. A buyer will be deterred by incomplete repairs, and even finishing small fixes can have a large impact on a buyer’s perception of your property. Complete repairs by replacing broken bulbs, filling holes in the walls, or smoothing out a sticky drawer.
You can also upgrade your property in small ways that make a big difference to buyers. When taking on upgrades, be mindful of how much each project costs in relation to the value of your property. Overinvesting in an upgrade can lead to a negative return on investment, meaning that the upgrade won’t pay for itself when you sell your property. Focus on areas like bathrooms and the kitchen for guaranteed returns.
You can also upgrade your property in small ways that make a big difference to buyers. When taking on upgrades, be mindful of how much each project costs in relation to the value of your property. Overinvesting in an upgrade can lead to a negative return on investment, meaning that the upgrade won’t pay for itself when you sell your property. Focus on areas like bathrooms and the kitchen for guaranteed returns.
Clean and stage
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A step that any property owner can complete that’ll boost their offers is giving each room a deep clean. Especially for smaller properties like a co-op or condo, it’s important to declutter and organize spaces to make them look as big as possible. In a housing market like NYC with tight inventory and high demand, a larger space is appealing to buyers. Make sure to wipe off counters, clean windows, and dust off cabinets and shelves.
Staging has an impact on the offers you receive since properties can sell for 17% more when staged. To stage your home, depersonalize spaces by taking down photos of family and friends and putting away unique decorations. Focus on staging spots like the living room, the kitchen, and the primary bedroom since these are the areas buyers are most interested in. Make sure natural pathways remain clear by limiting furniture in the room, and keep areas brightly lit with natural and artificial light. When redecorating, stick to neutral colors to appeal to the highest number of buyers.
Ready to sell your NYC condo?
There are several things to keep in mind when trying to improve the offers on your property. By following these tips, you’ll see an increase in the initial offers you receive. If you need help preparing your New York City property to sell, contact local agent Anil Jintoorkar to guide you through the process.
*Header photo courtesy of Shutterstock
