Whether you need more space for your growing family, you’d like to have a shorter commute to work, or if you inherited a place from a loved one, selling your apartment can seem like a necessary yet complex process.
Luckily, Triplemint is here to help! We’ll match you with a NYC real estate agent who will help you sell your New York City home efficiently and for the best value. Plus, Triplemint’s pre-market program gives sellers the option to test the waters among potential buyers and market their apartments in NYC before publicly listing them.
When selling your New York City apartment, the first thing you probably want to know is how to sell your home for the best price. Here are some tips from Triplemint’s NYC real estate experts!
Search for Comparable Listings in NYC
When buying an apartment, comparing prices is a no-brainer. However, for someone trying to sell their home in NYC, it may not be the most obvious first step.
Triplemint recommends searching for apartment listings in New York City that are as similar to yours as possible, such as the location, square footage, and amenities. This will give you an idea of the average price of NYC co-ops or condos like yours and around how much you should be listing yours for.
There are many tools out there to help you with this. Unfortunately, they usually require a paid subscription. Most New York City real estate agents have subscriptions to these platforms, so if you’re already working with an agent, feel free to request a comprehensive evaluation.
Keep in mind, any agent can put in an address and get an estimate of a home’s worth. The value comes with in-depth analysis.
Stay on Top of New York City Real Estate Market Trends
In order to make an informed choice about your Manhattan apartment’s selling price, you would need to closely watch the NYC real estate market and track the median net sales price for your neighborhood.
Most importantly, what’s the market temperature right now? If it’s a buyer’s market, there are more people looking to purchase because the inventory is high. With high inventory, it is hard to motivate buyers to make offers because they don’t feel the same pressure that they would during a seller’s market. Therefore, you would list your apartment at a lower price to motivate and attract buyers.
Alternatively, in a seller’s market, you would increase the price of your apartment because buyers are more eager to purchase since the inventory is low.
If market conditions aren’t ideal and you have the luxury of time, consider Triplemint’s pre-market program to test the list price of your home before bringing it to market!
Adjust the Price at the Right Time
The longer your apartment stays on the market, the more agitated you will probably feel. That’s natural. You may consider lowering the price as soon as it’s been on the market for a while, but it’s not that simple.
Lowering the price too soon can result in low-ball offers, while letting it sit on the market too long can cause buyers to become skeptical of the downsides. Triplemint’s experienced NYC real estate agents will conduct market research to ensure that your home is listed at the proper price, regardless of the market, to avoid dramatic price drops once it is listed.
Negotiate Like a Pro
Time for some negotiating? Make sure you don’t reveal too much information. If the buyer’s agent finds out that you’re moving for a particular reason such as you’re growing your family or you’re getting divorced, they’ll likely use this information to submit a lower offer because they know you don’t have time on your side.
Be prepared to play ball as well. Negotiations might take longer than you anticipated. Stay strong, you may compromise but don’t agree to anything that you might regret later. After all, you could leave thousands of dollars on the table if you accept an offer too quickly. Likewise, don’t be too stern, since you might scare some serious buyers away.
Do you have more questions about selling your home in NYC? Contact Triplemint and we’ll connect you with one of our expert real estate agents in New York City who can help!