Selling a Home in NYC

Selling a house in NYC can be a daunting task, especially in a competitive market like New York City. However, with the right approach and a little bit of knowledge, you can definitely maximize the value of your home and get it sold in a reasonable amount of time.

First and foremost, it’s important to understand the current state of the market. In recent years (i.e. 2012 – 2022), the real estate market in NYC has been on the rise, with prices reaching all-time highs. This means that now may be a good time to sell your home, as you may be able to command a higher price than you would have a 5-10 years ago. However, within the last year the market has softened as a result of higher mortgage rates which has led to a decrease in demand.

Regardless of when you decide to sell, one of the most important things to do is make sure that your home stands out from the competition. One way to do this is to make sure your home is in top condition before putting it on the market. This means making any necessary repairs, as well as doing some basic staging or re-arranging to make your home more appealing to potential buyers. You also want to consider hiring a professional photographer to take high-quality photos of your home, as these can make a big difference in how your home is perceived by potential buyers online. If you aren’t able to get your property in good – excellent condition, then the best way to make it stand out is with pricing.

In terms of pricing, it’s important to strike a balance, here at the Queens Home Team, we call it “finding the sweet spot”. You want to make sure you’re getting the best price possible for your home, but you also don’t want to price it so high that it scares away potential buyers. To determine the right price, you can look at comparable homes in your area that have recently sold within the last 6 months, recently gone into contract within the last 90 days, and comparable homes that are currently on the market (i.e. your competition). When looked at objectively, you can use this information to guide your pricing decisions. You can also talk to a experienced NYC real estate agents like the Queens Home Team who will have a good understanding of the local market and can help you come up with a realistic and competitive price for your property.

One good way of looking at pricing is like this, you’re either “In the Market”, “On the Market”, or “Out of the Market”. If you’re getting showings AND offers, then you are “In the Market”, in other words, you’re right in the sweet spot. If you’re getting showings but no offers, then you are “On the Market”. This usually means that you are selling the competition. In another words, you’re priced well enough to attract buyers (hence the showings), but when they compare your property to others on the market, they are likely finding more value in the other properties (hence the lack of offers). And lastly, if you’re getting no showings and no offers, then you are “Out of the Market”. This simply means that the price is so high in comparison to comparable homes that potential buyers are not even bothering to inquire or schedule a viewing, let alone make an offer.

Once you have your home in good – excellent condition and you have determined the right list price, it’s time to start marketing it. There are many ways to do this, including listing it on popular real estate websites, using social media to promote it, holding open houses, etc. You can also work with a local NYC real estate agent who will have access to multiple MLS’s (Multiple Listing Service), a database of potential buyers, relationships with local buyer agents, and can help you get your home in front of the right people who are looking for a property like yours. Again, if you are not able to get your home in good – excellent condition, then your best strategy will be finding the right price for the house given its current condition. As long as the price is right, you can always find buyers.

In the end, the key to selling a house in NYC is to be proactive and strategic. To be proactive, just be ready to do a little legwork in order to get the best price possible. To be strategic, our suggestion is always to partner with a good experienced realtor who can guide you through the local market dynamics, current trends in the area, best list price to hit the market with, etc. By taking the time to prepare your home, determine the right price, and market it effectively, you can without a doubt maximize the value and return on investment of your home 🙂