4 Expert Tips for Sellers Right Now in New York City
While the buzz about real estate booming is loud in places like Connecticut and Texas, there is less talk of markets like New York City. However, don’t be fooled, NYC real estate is heating up fast. In May, Compass reports that their contracts signed showed a staggering 737.5% increase from the same month last year.
If you’re a seller, it’s vital to make your listing stand out as buyers flock to the city again. And seasoned New York City experts are here to help. Here are four insightful tips from top Compass real estate agents who know the city inside and out.
1. Sell Now
“I have encouraged people to sell now as we know that we have a solid market with good activity. We don’t know what the future will hold – depending on which economist you choose to listen to, things could go sideways, remain stable or increase! Undoubtedly, the mayoral race and how the fiscal crisis of the city is handled will have a large impact on real estate values.” – Pamela D’Arc
2. Perfection is key
“You must show PERFECTION. Anything less will give a buyer a good reason NOT to buy.” – Leonard Steinberg
3. Be Realistic about Price / Value
“If you’re priced above $1.5M or especially above $3M, the market is hotter than it’s been in over 10 years – however – don’t assume that means that you can price anywhere you want to price and actually receive an offer. Buyers will pay market value – which is not always a seller’s wish price. While you’re reading it’s a hot market again in Manhattan (it is), that doesn’t mean closing prices are going up yet. Many homes are selling below where they sold in 2016-2019, so be realistic, especially above $3M.” – Tony Sargent
4. Stage & Present Great Visuals both Online and In-Person
“Make sure your property is going to look the BEST online in comparison to the competition. Staging – For some properties you can get away with virtual staging, however, actual staging will deliver more money to you at the closing table, net, if it’s done right. – Tony Sargent
New York City is bouncing back with a vengeance at present, and thankfully the real estate market is, too. People will always gravitate toward the intangible magic of this island metropolis. Where pizza slices are bigger than your head, celebrity subway sightings are wonderfully normal, and an air of possibility is always floating as you strut.
For those seeking to take the leap and list, now is a prime time to ride the wave of this refreshed and revitalized NYC market.