Over 43,000 homes were sold last year in New York City, according to Statista. If you are expecting to sell your apartment or townhouse sometime soon in the unique New York City market, you will need to do some preparation in order to get the best price and have the most successful outcome. Here’s a guide to help you through this process.
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Preparing Your Home
First impressions are very important when putting your home up for sale. The first step is to conduct a thorough review of your entire home and make sure everything works well, and then take care of all minor necessary repairs. You should repair small cracks, fill holes, tighten loose doorknobs or handles and address scuffs on flooring and walls.
If you’ve been in your home for several years, chances are there’s been some wear and tear, and the property would benefit from a fresh coat of paint, a deep clean, a window cleaning,and a thorough decluttering. You want the apartment to come across as light and spacious. If a potential buyer looks in your closets and sees them stuffed to the gills, it gives the impression that your home lacks closet space.
Most people who live in apartments, especially those with kids, have a lot of clutter (toys, magazine piles, exercise equipment, etc.) which does not make a good impression on a potential buyer. If you can’t part with some of these items, bag them up and store them somewhere else while you are having showings to make your home look as minimalist as possible.
You should also remove any personal photos placed around the house. To begin with, this is to protect your identity as people visit your home. Moreover, sometimes potential buyers can get distracted by adorable family photos and forget to look around your space. The same goes for religious iconography, political posters and the like. You want the visitor to envision themselves living in your home, and these types of things could, at best, impact their ability to envision themselves living there, and, at worst, be a complete turnoff.
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Clean, Clean and Clean Again
Unless you miraculously get an offer on the first day you show your home, chances are you will have several open houses, as well as some scheduled private tours. Your home should be neat and clean every time there’s a prospective buyer visiting. No dishes in the sink, beds made, bathrooms spotless, garbage pails empty, counters clean and clear. Those with young children can find that challenging, resulting in a wild goose chase to hide all the toys strewn about the home at the last minute. You will also need to leave your home for all viewings, so have a plan. Some sellers wait in their lobby or go to the building’s playroom with their children, or visit a friend. Communication with your broker is crucial to help manage these visits so everything goes smoothly.
To Stage or Not to Stage
Having your home professionally staged might be something to consider. Staging involves removing your current furnishings and temporarily replacing them with other, usually more simple and modern pieces. If your current furniture and decorations are dated and/or feature very large pieces, a professionally staged apartment might give a much more open or streamlined appearance. Again, you want to present your home as a blank canvas for a buyer to imagine their own furniture or style, and if your current furniture is too dated or stylized, that could make it difficult for a wider range of buyers to envision living there.
If your decor is somewhat dated or your furniture is mismatched, you might also consider having it minimally staged: adding colorful pillows or throws, an additional lamp to brighten the space, an accent rug, perhaps even having your bookshelves styled. A few small items added by a good stylist can make a big difference in the impression a home gives off without a large expense.
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Pricing Strategy
The market in New York City is constantly changing, but one thing that is always true is your home should go on the market priced correctly, based on its condition, size, location and building. The first two weeks a home goes on the market are the most crucial and is the time when it will see the most interest and traffic. If you price it way beyond comparable properties on the market, you will more than likely not receive any offers. Once a property sits on the market for long, interest wanes, people assume there’s a reason it’s been sitting, and eventually the price must be lowered to generate more traction.
It is crucial to work with a professional and experienced broker who will conduct a thorough competitive market analysis by researching comparable properties in the building and the neighborhood to help ensure that your home is priced appropriately.
Honesty Is the Best Policy
Communicating with your broker about any upcoming changes in your building is essential during the selling process. If you know your building is redecorating the lobby or hallways, or updating/expanding the gym or playroom, conveying this is important. Your broker can market this to potential buyers and help improve the appeal of your home.
On the other hand, if you know that the building plans to add a significant assessment charge in the coming months to cover a new furnace or replace elevators, you must share this with your broker as well. While your instinct might be to hide what might be viewed as bad news, the buyer’s real estate lawyer will conduct a thorough review of the building’s board meeting notes and this news will come to light regardless. Depending on the issue, it could anger the buyer, who might withdraw the offer, or require the seller to make a financial concession on the sale price at the last minute. Working through all these details as part of the negotiation process will save you time and grief in the long run.
The Market and Its Impact
Rising mortgage rates have recently influenced many buyers’ ability to purchase homes in New York City. In addition to the increasing cost of borrowing money, many buildings have raised monthly maintenance or carrying costs, and there was an increase in the mansion tax on homes over $1 million, making home buying an even more expensive proposition. On the flip side, be aware that the seller must pay both New York City and New York State transfer taxes on the sale of their home, as well as the broker’s fee. This generally amounts to approximately 8% of the sale price.
Remember, It’s Not Personal
If you lived in the home you are selling for many years, you most likely have an emotional attachment. It could be the place where you raised your children or lived when you got married. Our homes are full of memories, and the process of preparing to sell can bring a surprising array emotions. Our homes are also a reflection of our personal style and taste.
Keep in mind that your broker views your home as a product that needs to be marketed and presented in the most appealing way to a wide range of customers. Try not to take the broker’s suggestions personally. Asking you to remove certain objects or furniture, or making certain decorating suggestions, should not be taken as an insult. Separating our emotional attachment to our homes is difficult, and the broker provides some necessary objectivity. However, you both share the same goal — to try to sell your home for the best possible price. Try to work as a team, but defer to the professional when necessary. In most cases, the broker’s recommendations will help increase the value of your home and help make a successful sale.
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How to Prepare Your Home for Sale in New York City originally appeared on usnews.com
