There's a lot to consider when it comes to selling your apartment. The market will ultimately have an impact on the pricing of your home and the number of days it will take to sell. Ultimately there's nothing like a first impression. Statistics show you'll have twice the amount of traffic at your first open house vs any other open house you'll host. You'll want to get it right the first time. The last thing you want to do is overprice, sit, and chase the market down. No one likes wasting time and losing money. The goal is to sell for the highest price as quickly and as smoothly as possible. So how do you do it? Below are tips to think about.
TIPS TO SELLING YOUR NEW YORK APARTMENT
Know Your Market: Understanding where the market is at will give you insight so you can set your expectations.
Know Your Value: The most accurate value derives from recent sales in your building, specifically with the same layout you have. You'll need to know when they sold, how much they sold for, what floor they were on, and what condition they were in.
Know Your Building: Been a while since you sold? Regardless you'll need to know if and what restrictions there are for potential buyers.
Marketing: Know whom you'll market to and how you'll do it. What is your budget and expectations?
Sell Your Strengths: What is it about your home that a potential buyer would value most? How do you address your weaknesses?
Get Advice: No one says you have to hire an agent but it would be a good idea to consult with a professional. Every situation is unique and real estate agents are more active and experienced than you are. Free advice couldn't hurt.
Have A Deadline: How much time will you give yourself until you lower your price? What is the reason you are selling in the first place? Does that have a timeline? How much time needs to pass by before you hire a professional?
Be Prepared To Fail: You need to be ok that you might fail. That you might spend a lot of your precious time only to achieve a price you didn't expect in a process you didn't anticipate being so difficult. At the end of the day, you can go to court without an attorney with the idea that you'll save money and be ok because you're a smart person. After a few nights on the internet, how hard could it be?
You might ask yourself, "What is the most effective way of accomplishing these steps?" How do you price right without leaving money on the table, market aggressively without spending too much, qualify a buyer, and negotiate like an expert all in a timely manner? Well, I've got an idea ----> Use a professional ;)
The good news is my blog is full of free information and I'm always up for a chat. You can also always ask me a question on my hit web series "A Minute With Michael". Maybe you'll get enough confidence to do it all yourself or perhaps come to the conclusion it's probably best you leave it to a professional. The majority of buyers work with a real estate agent which means your goal after marketing, negotiating, and all the work in between is to save 2-3%. Click HERE to set an appointment with me.
Well, its no surprise. The real estate market is in a world full of hurt from the impact of COVID-19. I've certainly touched on this subject but in a nutshell before the virus hit, the number of sales was up about 9% with inventory decreasing for the first time in nearly two years. It was a sign of the market picking back up with buyers who were starting to take advantage of the low prices and above-average discount at around 7%.
New listings for the week of April 26th was down 88% with new contract signings down about 65%. To lure sheepish buyers, agents and developers are trying everything from millennial-friendly Instagram tours to deeper discounts and even “satisfaction guarantees.” Sure it's going to take a more aggressive buyer to purchase an apartment unseen in an uncertain time but people have done it every day with new development. Everyone knows New York's real estate is amongst the most prime in the world. Purchasing below market value is ideal which is why it's a very interesting time. The average offer is nearly 15% below asking with the average deal being made about 8% below asking. I believe this will be even more profound when we can actually start seeing apartments in phase 2 as there will be a spike in new inventory and buyers taken out of the market due to the economic downturn. Keep in mind that the majority of the higher discount spreads will be for the upper price ranges however you will see deals being made at the entry prices. The NYT features a deal that was made of a studio that had two decreases prior to COVID with a most recent asking price at $695k. A sign that it was overpriced, to begin with, and that the seller was starting to face the music. A deal was reported to be made at an additional 9% below the asking price. For new development, here's my favorite example;
"At One Manhattan Square, the 815-unit tower on the Lower East Side, the developer, Extell, has announced its deepest discounts yet: up to 20 percent off select units in a building where prices ranged from $1.2 million to over $13 million. Before the pandemic, the developer was already offering to cover up to 10 years of common charges on the most expensive units, at a cost of tens of millions of dollars to the project. About 33 percent of the units are now closed or in contract, according to an analysis by the data company MarketProof. A spokeswoman said the developer would not release new sales numbers."
I imagine glove and mask showings will eventually commence but one thing I do believe is that it's a great time to invest in your future. At the very least if you've been thinking of buying, you should be saving your favorite listings and watching closely.