Three Questions to Ask when Pricing Your NYC Apartment
3 Questions to Ask when Pricing Your NYC Apartment
Are you ready to sell your NYC property?
One of the most important things to consider next is selecting your asking price. Here are some questions to consider:
1. How motivated are you to sell?
Pro tip:
Calculate the carrying costs (mortgage + monthly maintenance + real estate tax in the case of a condo) x five months, the time it typically takes from accepted offer to the closing of a condo/coop sale.
Then ask yourself if potentially doubling that timeline is a meaningful exercise, should you elect to price your sale aspirationally.
Not a fan?
Invite multiple bids sooner v. later by pricing attractively.
2. How would your property’s asking price compare to other properties in your building and in your zip code in similar condition past sale prices from the past 60 days?
Pro Tip: Match the price of a similar recent sale or even come in below the recent closed price should the comparable sale be more dashing in showmanship than what you’ll be bringing to market.
3. How would your property’s asking price compare to other current listings in your building/zip code?
Pro Tip: Consider matching the ‘competition’s asking price or, again, even come in underneath it; particularly if the comparable sale is more fetching than what you’ll be bringing to market, you can still compete by simply making sure your price is your most captivating feature.
In sum, REDUCE TO SEDUCE!
Deborah Miller is a Licensed NY Real Estate Salesperson with Brown Harris Stevens.