Selling a home raises a lot of questions. Over the years we’ve found that sellers we work with ask similar questions about New York City real estate. We answer all of those questions (and more!) below.
What is the best marketing strategy to sell my home?
At ReisNYC Team, we believe in an aggressive marketing strategy that will help produce the highest selling price in the quickest amount of time. We have a multi-platform strategy with a specific focus on online and local marketing. To start, we make sure that the property is priced according to the market and that it’s in show ready condition. Then, what we consider the most important step in the marketing strategy, photography and video. We treat each property as unique, every home has a story to tell and we highlight the features through photography, video and text to tell your home's story. From there we move to stating the online and local marketing generating showings and offers. We have been very successful with our marketing efforts for our clients, in some cases generating multiple offer even selling over asking price.
What should I do to get my home ready to sell?
Preparing your house for sale is a very important step in the home sale process. The first thing to do is to de-clutter and de-personalize your home as much as possible. This will allow a potential buyer to place their furniture and photos and start envisioning themselves living in the home. It is also a good idea to assess repairs that should be completed, remember “You never get a second chance to make a first impression”. Curb appeal is important as well, do a thorough walk through of the exterior as well as the interior. Do not hesitate to ask your Realtor for advice on repairs/improvements.
How much is my home worth?
Every homeowner wants to know how much their home is worth. There are many factors that go into determining the value of your home and this is one question that cannot be answered with a generalized answer. Determining the value of your home should be done with the assistance of a top local realtor.
Why is my home worth more/less than the internet says?
Anyone who has bought a home sold a home or just looked at homes, has heard of websites such as Zillow, Trulia, Redfin and Realtor.com. These are also commonly referred to as third party real estate websites. Third-party real estate websites are not local to our real estate market. These third-party real estate websites provide estimates of home values for almost every home in the United States. When considering that, ask yourself… How is it possible that a third party website that many times is headquartered in a different state can provide an accurate home value for a home located in the New York City? You’re right, it’s not! These third party websites, such as Zillow and Trulia, use computer generated home values based on calculations and formulas. These websites providing inaccurate estimates of “zestimates” can create a false sense of hope or stress for a homeowner. A home seller who is told their home is worth $100,000 less than the online estimate is going to be understandably upset and on the other hand a seller that believes their home is not worth enough may delay life plans believing they do not have enough equity to sell. It’s crucial when considering selling your home, you discuss with and have the value determined by a top Realtor in your local area, not an internet website!
How do you determine how much my home is worth?
There are several factors Realtors use to determine the value of a home. The most common method to determining the value of a home is a comparative market analysis also known as a “CMA”. The “CMA” is an in-depth evaluation of recently sold “comparable” homes in the past 6 months. A “CMA” isn’t a guarantee that will determines what a home will sell for, however, if performed by a top Realtor, it should greatly narrow the sale price range. A “CMA” completed by a professional local Realtor will take into account many features of not only a home, but also the local area and neighborhood. Attributes of a home taken into consideration when completing a “CMA” include, but not limited to: square footage, number of bedrooms, number of bathrooms, upgrades to the home, development, views, pool/spa, location, style of residence, and lot features.
How is the real estate market right now?
A commonly asked question from sellers before listing their home for sale. There are several market indicators that a local Realtor can share with you to answer this question. The first of many indicators is the average days on the market or “DOM” in the development or neighbourhood. This indicator will tell you how quickly homes are selling when listed for sale. Other examples of market condition indicators that a top producing Realtor can share with you are the number of closed transactions year-over-year, average list to sales price, average sales prices, number of months of current inventory (indicating a buyer or seller market) and market absorption rates. Taking all of these factors into consideration will provide you with an accurate view of how your local market is performing.
Should I price my home higher to leave room for negotiations?
This is a commonly asked question, in many cases it often leads to a pricing mistake that sellers make. Many sellers believe they should price their home higher than what a top Realtor suggests too leave room for negotiations and low-ball offers. A well-priced home will sell quickly and will sell for close to or over the listing price. Today’s buyers are savvy, they have the same access to comparable sales as sellers do. A seller who prices their home high to leave room for negotiations in most cases are costing themselves more money than if they price the home to reflect the suggested market value.