Selling an apartment in New York City is a complicated process.
Having an Interactive Realty Solutions real estate agent help educate you before jumping head-first into the treacherous waters of selling your NYC apartment could reduce stress, expedite the sale, and help you collect the highest proceeds when the transaction has closed.
Here are the steps you’ll need to take in the home selling process in New York City.
- Step One: Hiring a Real Estate Agent and a Lawyer
- Step Two: Understanding Closing Costs for Sellers in New York City
- Step Three: How to Competitively Price Your Apartment for Sale
- Step Four: Staging Your Apartment to Sell in New York City
- Step Five: Offers and Negotiations: Choosing the Right Buyer for Your Apartment for Sale
- Step Six: The Closing Process When Selling Your Apartment in New York City
- Have Questions? Ask Interactive Realty Solutions
Step One: Hiring a Real Estate Agent and a Lawyer
You may be tempted to chop real estate agent commissions thinking you’ll save a dollar or two, but it rarely works out quite that way. As with most things, you will generally get what you pay for; and a good agent will help you net more than their cost.
New York City is unique in some of its real estate customs and practices, so it’s crucial to team up with an agent who understands the ins and outs of NYC real estate transactions.
Your highly qualified, experienced Interactive Realty Solutions real estate agent will understand market trends, can help you prepare and price your home, and create a marketing plan to draw in the right buyers.
Your agent will also help negotiate offers, and can even help you know when to list your property for maximum results.
Your real estate attorney advises you on legalities, prepares the contract of sale, and then also represents you at closing. Your agent can recommend a real estate lawyer to you.
Step Two: Understanding Closing Costs for Sellers in New York City
New York City is known for having the highest real estate closing costs in the United States.
“Closing costs” is a real estate term that encompasses all taxes, fees, commissions, and expenses associated with your sales transaction. These costs are due on the closing date agreed upon by you and the buyer and will be deducted from your proceeds before you receive your payment.
For sellers, closing costs are higher than buyers, largely due to the fact that the seller is responsible for brokers’ fees and paying the transfer taxes.
When you sell your apartment in New York City, take into consideration the deduction of closing costs before you count your profit.
Step Three: How to Competitively Price Your Apartment for Sale
Another benefit to working with an Interactive Realty Solutions real estate expert throughout your sales transaction is that your agent can help you set the best price for listing your home, so you don’t have to guess what it’s worth or rely on inaccurate home valuation calculators online.
To determine the best listing price for your property, your agent will provide you with a comprehensive market analysis, abbreviated to a CMA; and discuss your preferences and requirements, including timing and need to sell.
Your market analysis provides data on recently sold homes in your area, including size, location, condition, and sales price.
Keep in mind that the listing price and sales price are not synonymous. The listing price is what you ask when you put your home on the market. The sales price is the amount the buyer agrees to pay and which you accept, which could be more or less depending on market conditions.
Note that your apartment may or may not hold the same value (or more) than it had when you made your purchase. Currently the real estate market has shifted in favor of buyers, creating a “Buyer’s Market”
Furthermore, the market holds no sentimental value on your property, no matter how long you’ve lived there or how many memories you’ve made. Separate yourself from your emotions when listing your home for sale.
Step Four: Staging Your Apartment to Sell in New York City
To stage your home means to prepare the property, inside and out, to make its best impression on potential buyers.
While mostly about dressing the house for success visually. You may also use this opportunity to make any repairs, upgrades, or cosmetic improvements such as new paint or carpet.
Apartment buyers shop with their senses and emotions, as well as rationally. Their first sight of your aparment, that curb appeal, should make buyers swoon at the charm and possibilities.
You’ll probably stage with fresh, neutral paint colors, shampooed or new carpets, a good old-fashioned deep clean, and careful arrangement of furniture and decor.
The depersonalizing part of staging can feel awkward because taking down personal photographs, books, collectibles, and anything else personal to you is recommended. Buyers want to envision themselves living at your address, not as though they’re an uncomfortable guest.
Your trusted real estate agent can advise you on ways to improve your apartment’s appearance through staging; or recommend a professional stager to you.
Step Five: Offers and Negotiations: Choosing the Right Buyer for Your Apartment for Sale
You may receive several offers on your apartment; and often the first offer(s) you receive will be the highest one(s). Although we are currently in a buyer’s market; in a seller’s market, where buyers outnumber sellers, bidding wars can escalate your home’s value.
Your agent will guide you in reviewing offers and in negotiating with buyers.
Watch offers for contingencies as these can prove problematic later in the process. . Some contingencies you may come across are for financing, the sale of a current property, and closing dates, among others.
Once you’ve selected an offer and agreed to the terms, you’re ready to move into the closing process.
Step Six: The Closing Process When Selling Your Apartment in New York City
The closing process, covers the time between executing a contract and the date of closing when you turn over the keys.
During the closing period of about 60-90 days, lots of things happen. Your home may undergo appraisals, inspections, and clerical work such as title search. In most cases, the buyer pays for these fees and services, but the seller isn’t free of closing costs.
As the seller, you’ll be paying a separate set of closing costs that cover among other things: real estate broker commissions and transfer taxes, which are due at the time of closing.
By the agreed-upon closing date, all of your belongings should be removed from the property. From the closing table forward, you’re no longer the property’s owner.
Selling your apartment in New York City is a complicated journey, that does not have to be onerous.
Your Interactive Realty Solutions agent will guide you through pricing, staging, offers, contract, and closing.
Price your home competitively. Stage your property to create genuine interest. Trust your real estate agent to help you sift through offers and navigate negotiations — and to help you simplify the process by understanding what to expect during the sales process.
Have Questions? Ask Interactive Realty Solutions
Interactive Realty Solutions is the best source of information about the local community and real estate topics. Give them a call today at (917) 341-2797 to learn more about local areas, discuss selling a house, or tour available homes for sale.