3 Questions to Ask when Pricing Your NYC Apartment
Updated: Nov 17, 2021
By: Deborah Miller, Brown Harris Stevens Agent - Harlem
Are you ready to sell your NYC property?
One of the most important factors for a successful sale is determining the 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, which equals the time it typically takes from accepted offer to closing in New York City.
Then, ask yourself if potentially doubling that timeline is a meaningful exercise, should you elect to price your sale in an aspirational manner. 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/zip code in similar condition that have sold in the last 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 impressive 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. You can still compete by simply making sure your price is your most captivating feature.
Deborah Miller is a Licensed NY Real Estate Salesperson with Brown Harris Stevens.