Are you considering upsizing, downsizing, or relocating to a new home in New York City? As a first-time seller, you might want to know everything there is to know about selling to make it go as smoothly as possible. Read on for eight industry secrets you might not know about the home selling process.
1. Determining the right timing matters
One thing that many might not tell you when you are considering selling your home for the first time is the timing. Contrary to what many may say, there is a right or a less-than-optimal time to sell your home. For example, if you were to sell in a market that is more favorable for buyers, then it is possible that you might not get the maximum value for your home. By considering how the New York City housing market is performing, you can gauge whether you should sell now or wait. For example, homes tend to sell fast in a seller’s market when there is increased demand and tight inventory.
In addition to considering the real estate market, the timing of when you list your home matters too. For example, homes listed on a Thursday tend to sell faster, and even for $3,015 more than those listed on a Monday! The end of the work week is often the optimal time to start searching for homes, as many buyers like to attend showings during the weekend and then go under contract by the following Tuesday. Another thing to consider is the season. Home buyers often search for homes in the spring when the weather is warmer. By selling your home at the right time, you can position it to reach as many buyers as possible.
2. Pricing matters too
Many think that the first thing that buyers will look at is the curb appeal. What buyers look at first is the price. Whether driving by the home or looking at public listings, the cost is at the forefront of their minds. If you price your home too high, you risk alienating certain buyers who might automatically think it is out of their price range. Conversely, if you price it too low, you risk selling your home for less than its value. Buyers might also wonder if there is something wrong with the home, simply because it is priced lower than other luxury properties in the area. To prevent these scenarios, you need to consider the price carefully.
Getting your home appraised is the key to finding the right price to attract many serious buyers. An experienced home appraiser will consider factors such as the age, the number of bedrooms, size, style, and condition of the home to come up with a fair market value. A real estate agent will then compare your New York City home with similar luxury properties sold within the past three months. Your real estate agent will then recommend a fair but competitive price.
3. Don’t use your smartphone to take photographs
Despite advances in technology making your smartphone comparable to many high-quality cameras, you still should not use your phone to take photographs. Instead, hire a professional real estate photographer to take pictures. A photographer with experience working with New York City homes for sale knows what camera angles and filters to use to present your home in the best light. In addition, professional photography can help you sell up to 32% more.
4. A professional stager can help you sell faster
When selling your home, you might be tempted to stage it yourself to maximize your budget or save time. However, working with an expert who knows the ins and outs of interior decorating can help. A professional stager knows what stylish trends New York City buyers want to have. They can guide you in creating a beautiful space, from rearranging furniture to adding decor. In addition, a home that has been professionally staged tends to spend at least 73% less time on the market, and can even sell for 25% above the asking price.
5. Pre-inspections can be invaluable
Before selling your home, there is one thing you can do that can considerably streamline the process – get a home inspection. By getting your home pre-inspected, you can better understand its condition. You can then review the pre-inspection report with your realtor and determine if any repairs need to be done. You can ensure that your home is in the best possible condition before listing it for sale. It can even give prospective buyers the peace of mind that your home is safe and satisfies all codes. With this assurance, the real estate process will likely move along faster.
6. A home warranty can help
Just like home inspections can protect you, so can home warranties. Consider taking out a home warranty on your New York City property. The buyer can choose to continue the home warranty if they wish. By getting a warranty on your home, you can be covered in case the HVAC or electrical systems decide to break down. This way, you will not have to handle any maintenance emergencies and can instead focus on selling your home. Buyers, too, can have peace of mind knowing that if something does happen during the real estate process, it will likely be covered.
7. Consider the entire offer
Once you begin receiving offers on your New York City property, it might be tempting to just focus on the price. However, it is always best to consider the entire offer and not just the amount that they are offering you. For example, consider the timeline the buyer wishes to close on the property and whether it aligns with yours. You might also want to consider if the buyer intends to use a home inspection or home sale contingency. By reading through the offer letter, you will understand what the buyer wants. Choose the best offer, and don’t just focus on the bottom line.
8. Work with an experienced New York City real estate agent
Since selling a home can be a long endeavor, it helps immensely to work with an expert who knows the ins and outs of the market. Furthermore, you need someone who can successfully navigate selling a coop, condo, and condop, as the logistics can vary for each home type. Although coops, condos, and condops are forms of property ownership, that is where the similarity ends. With condos, you own your unit. However, with coops, you own a number of property shares, which correlates to the unit size. As for condops, they share attributes of both condos and coops. With these stark differences, it can help to work with a real estate agent who knows the differences and can sell the many varied types of homes in New York City.
Interested in selling your home? Contact real estate agent Anil Jintoorkar who can provide expert guidance on everything from innovative marketing strategies to the New York City housing market. Anil can sell your home quickly and for top dollar!
