Selling a home quickly can be advantageous for many reasons. In Manhattan, where the real estate market is competitive – especially for luxury or high-end condos – it’s even more important to have your home in top condition and ready to sell as soon as possible. Whether you’re looking to sell a condo or a co-op, there are several benefits to getting your home off the market quickly.
Move On To Your Next Step In Life
One major advantage of selling your Manhattan condo or co-op quickly is that it allows you to move on with your life. Whether you’re looking to upgrade to a bigger home, downsize, or move to a different area, being able to sell your Manhattan apartment quickly will allow you to do so without the added stress of having to maintain two properties at the same time, pay two mortgages, plus common charges or maintenance, while you wait for a buyer to come along. This can be especially important in the Manhattan market, where carrying costs on a property can be much higher than most other places in the country due to co-op maintenance fees (or condo common charges).
Relocating Out Of New York City
Relocating out of the New York area is one scenario where selling your Manhattan property quickly is almost always an advantage. Sales in Manhattan, especially for co-ops, take longer to close than sales in just about any other place in the country. If you’re relocating and trying to buy another property, the extended closing of Manhattan condos and co-ops can become a real obstacle. In cases where you need to sell your Manhattan property to buy your new property, you could potentially run into additional fees to extend the contract period on the out-of-state purchase if your Manhattan sale hasn’t closed in time, or you could even lose the purchase altogether. Even in cases where one is able to buy the new property without selling their Manhattan property first, it’s easier and generally financially advantageous to have the Manhattan sale close quickly so you aren’t dealing with paying two mortgages and maintaining two properties at the same time.
You’ll Sell At A Better Price
Another often overlooked advantage of selling a home quickly is that it generally means you’ll sell at a better price. The longer a home is on the market, the more likely it is that potential buyers will start to wonder what’s wrong with it. This can lead to price reductions and potentially lower offers. (acecharter.org) However, there’s another side to this that sellers sometimes don’t consider. By ensuring that you sell quickly, you’ll be able to avoid lowball offers, and ensure the best chances of negotiating the highest price possible as well as the most advantageous terms. Whether you’re selling a luxury high-rise condo in midtown Manhattan or a pre-war co-op on the Upper East Side, the way you sell quickly is by ensuring you generate offers right away. In most cases, when offers roll in right away, you’ll generally get more than one offer. You see, offers come in quickly when buyers see that a listing is a very attractive value, and in that scenario, your listing is going to be attractive to more than just one buyer. When offers roll in soon after listing, it allows you as a seller to have more options and negotiate not only the best price possible – often even above asking price – but also the strongest terms possible.
You’ll Protect Your Equity and Have Lower Costs
Selling your Manhattan condo or co-op quickly also protects the equity you’ve built up in the property. By selling quickly, you ensure that you don’t pay monthly carrying fees that you would otherwise pay if you sat on the market for an apartment that you’re no longer living in or no longer plan to use. In Manhattan, where monthly carrying costs can easily exceed $10,000 a month, this is a major protection of your equity. Making sure that you sell quickly ensures you don’t spend more than you have to on an expensive property you’re no longer using, protecting your equity and putting more profit in your pocket at the closing table as a result.
Additionally, selling a home quickly can also help you avoid costly repairs and improvements. The longer your home is on the market, the more likely it is that you’ll need to make repairs and improvements to keep it in top condition. By selling your home quickly, you’ll be able to avoid these costs and put more money in your pocket.
How To Sell Quickly
There are several things you can do to help sell your Manhattan condo or co-op quickly.
Prepare Your Property For The Sale
One important step is to make sure your home is in top condition. This means making any necessary repairs, cleaning and decluttering, and staging your home to show it off in the best light possible. By making your home as attractive as possible, you’ll be able to attract more buyers and sell your home quickly.
Price Your Property Right and Know the Market Conditions
The most important step is to price your home correctly. In the Manhattan market, and especially in the current market, it’s important to price your home competitively to attract buyers. Many sellers fear “leaving money on the table.” The truth is it’s very difficult to price a home too low, but it’s very easy to price a home too high. This is because buyers will always recognize value, and the resulting bids will drive the price up to whatever the market will bear, just like in an auction. But price too high, and you risk sitting on the market and waiting for low-ball offers where you have no negotiating leverage. It’s best to work with a real estate agent who is familiar with the Manhattan market and can help you price your home correctly, whether it’s a townhouse in Harlem or the West Village, a condo on Billionaire’s row, or a gorgeous pre-war co-op on the Upper West Side.
Market Your Property Well
Finally, marketing your home effectively is key to selling your Manhattan condo or co-op quickly. This means hiring an agent who is adept at using a variety of marketing strategies, such as online listings, open houses, targeted advertising, and social media. The right real estate agent can help you market your home effectively and reach the maximum amount of qualified buyers.
In conclusion, selling a home quickly can be advantageous for many reasons in the Manhattan real estate market. It allows you to move on with your life, can help you get a better price, better terms, it can protect your equity and mean greater profit, and can also help you avoid costly repairs and improvements. By making your home in top condition, pricing it correctly, and marketing it effectively, you can sell your Manhattan condo or co-op quickly and get the best deal possible.
If you’d like to speak to a Manhattan expert who can help you in selling your Manhattan property quickly and getting you the most profit possible, you can reach out to Daniel Akerman today!