Sellers, the good news is that even though we are in a buyers market, you can still have a successful sale. Buyers who were once on the fence are coming back to the market knowing that they will get a better value. Manhattan is experiencing the highest level of inventory & highest number of days on market in 7 years! You need the right strategy to get your home sold. Here are some helpful tips.
1.Don’t anchor yourself to an aspirational outdated price.
The days of pricing higher than the most recent comparable are over! If you are a serious
seller you need to price less.
2. Don’t think that because you price it lower that you will receive multiple offers.
Most transactions in this market are coming from a single offer. Buyers are walking away from properties with an offer because they have many choices due to high inventory levels. And just so you know, almost no one pays asking price these days.
3. Monthly costs really matter more now than ever with the new tax laws.
Buyers have become sensitive to high monthlies and taxes. Newer luxury condos have high
monthlies because they have no tax abatement or tax abatements that are about to expire
and have a large suite of luxury amenities that bump up their monthly charges. Same holds
true for boutique smaller buildings with higher monthlies versus larger buildings with
more units and lower monthlies. The average monthly is @$2 a sq ft. If an apartment
exceeds that by a lot then it could have an impact on price.
4. Respond quickly!
Drop your price if it needs to be adjusted. Don’t wait until its too late! Respond to all offers. Each buyer needs to be valued in this market. There are listings now asking less than the offer received 6 months ago. Be willing to take at least a 5% discount off even your most recent price, if necessary. Even though this is a buyers’ market you can achieve a successful sale.
Price you home right! Prepare your home prior. You need top photography, great staging, a compelling video, aggressive marketing finally you must flex to accommodate showings & be receptive to offers.