The NYC real estate market may seem like a tough place for a seller right now. In some previous markets, sellers could list their New York City homes for sale and there were bidding wars galore.
Today, we’re in a very different situation. Median list prices have come down from 2016 levels and there are fewer buyers out there. The buyers that are jumping in have the upper hand and are getting deals on homes that would have been priced much higher just a few years ago based on demand.
It’s truly a buyer’s market, and anyone who is considering selling right now in NYC should be aware of that.
However, that doesn’t mean it’s necessarily a bad time to sell in the Big Apple. Read on for three reasons why someone would want to consider selling their NYC home sooner rather than later.
1. You want to upgrade
This is by far the best time and market to be looking for a bigger and better home. If you want to sell what would have been a $1.5 million property back in 2016, it may be $1.35 million now.
However, when you’re looking at a property that would’ve been $3 million around that time, you can expect these homes to be selling closer to $2.7 million now. This quick example doesn’t include the fact that lower-priced homes are faring better than higher budget properties.
If you play your cards right, the deals may come out even more favorable than this and you’ll be saving way more on your new home than what you would’ve made back by waiting to sell your current property.
2. You’ve been in your apartment for a long time and want to cash out
Much like the stock market, the prices of homes in New York City can be relative. When there’s market volatility and your portfolio takes a bit of a hit, it hurts.
For example, if you’ve been consistently invested since 2009, you’re probably looking at some good appreciation. Real estate is no different.
If you’ve only been in your apartment for less than five years, buyer’s market aside, you’ll generally sell at a loss with all of the associated closing costs.
On the other hand, if you’ve held onto your property for 20+ years, the “loss” you’d experience compared to what it would’ve sold for in 2016 is small potatoes.
3. Your needs changed
Sometimes we’re in a place where there’s been a life change that is requiring us to move. Adding a member to your family, needing to move for a school, or relocating for a new job out of state are all reasons that we move even when it wasn’t in our plans.
The most important thing you can do if you find yourself in this situation is to focus on price. Pricing is by far your biggest marketing tool. The last thing you want to do is come to the market overpriced and then try to play catch up. The longer your apartment is listed for, the harder it is to get the best price.
Triplemint’s Pre-Market Platform is also a great tool to utilize during these times because it allows sellers to literally “pre-market” their property before it accumulates days on market, allowing it to sell faster and for the best price possible.
Plus, as we mentioned before, you may end up getting a better price on your new home than you would have if you were to purchase it a few years prior.
Although it’s currently a buyer’s market in New York City, there are still reasons why it makes sense to sell your apartment now. If you find yourself in one of the three categories above, contact Lucas Callejas to start the process of selling your NYC apartment easily and efficiently.