There are various undertakings to selling your New York City or Brooklyn condo., as buyers want to ensure they are getting the best bang for their buck and that your property meets all their requirements. Understanding market trends, having a great real estate agent by your side, staging your condo, and marketing your home correctly are crucial tasks that ensure an optimal outcome. Below, we break down every step needed to sell your condominium.
1. Understanding NYC & Brooklyn Market Trends
According to Realtor.com reports, both Brooklyn and New York City are buyers’ markets as of April 2021, meaning the supply of homes exceeds the demand. Reports show that NYC and Brooklyn homes are sold on average for the approximate asking price, and they stay on the market from 178 to 198 days.
This report also details that the median list price of homes in NYC was $800,000, while the median price in Brooklyn was $929,000. Given this knowledge, you will be able to price your condo accordingly. Sellers need to research market trends and price their condos competitively; your asking price will need to be lower than or on par with comparable homes in your area. If you price it too high, many potential buyers will simply overlook your property. Price the home too low, and you could be losing on some serious cash.
The fortunate thing about selling a condo is that you are surrounded by similar units, meaning you will have an easier time getting comps of recent sales prices of those similar properties. Minor distinctions can be the difference of tens of thousands of dollars in asking price. For example, corner units are considerably quieter than central units, thus commanding a higher selling price point. Your real estate agent will pick comps to help recommend an asking price.
2. Find the Ideal Agent
Once you grasp market trends, you’ll want to find the proper real estate agent to help you price and market your condo to sell. Your realtor will assist you with pricing, staging, and marketing your condo so that it stays on the market for as little time as possible.
Here are some vital tips to finding an agent and preparing yourself to meet potential buyers’ needs when on their home search.
◾ Picking a realtor: Choosing your agent is essential to achieving an ideal outcome. You will want to pick a realtor who is as invested in selling your condo as you are. The right person will guide you through various projects and processes of marketing, pricing, and selling your home. Your needs will significantly affect the real estate agent you choose. For example, if you need help with staging your condo, you’ll seek an agent with extensive design experience. If your condo is a fixer-upper, you’ll choose an agent with a proven track record selling those types of properties. A realtor with expansive knowledge and experience will sell your condo faster and at a higher price point, ultimately saving you money, time, and stress.
◾ Price appropriately: Market trends will be key here. The price you paid for the condo doesn’t matter at this point. It only matters how the market is currently trending. This tool from Realtor.com can assist you in estimating your condo’s worth by giving you a general idea of price points. Realtor.com’s tool, along with your highly regarded agent, will be key to finding the best asking price to suit your objectives.
◾ Accommodate buyers: When selling your property, a buyer’s time is more important than yours. Your plans may be put on hold depending on the needs of possible buyers. For instance, say you are out to lunch with friends, and you receive a call from someone who wishes to see your property, as it is the only time in their busy schedule they’re able to see your condo. Drop what you’re doing, and head home for the showing. Alternatively, if you try to reschedule the showing, the buyer will not feel like a priority and will simply move on to the following listing. Be ready to change your daily routine for the best chance of getting your home off the market promptly.
3. Interior Decorating & Staging
Home staging is the process of decorating your property to create an appealing atmosphere that buyers can imagine their family’s lasting fulfillment living there. Designing an enticing and inviting space that will lure buyers is crucial to getting a higher asking price and swiftly selling your home. Aid prospective homeowners in envisioning their happy life in your condo through various staging techniques.
Staging costs anywhere from an affordable $400 upwards of several thousand. You’ll want to direct your efforts wisely not to waste time and money on staging unnecessary rooms. The most important rooms to stage include the living room, master bedroom, dining room, and the most crucial, the kitchen. Your trusted realtor will help you through this process. Staged homes sell for higher price points and at faster rates than their un-staged counterparts, so this endeavor is worthy of the ROI you’ll surely acquire.
Below are the imperative steps to take when staging your condo:
Depersonalize & Declutter: No one wants to walk into your home for a viewing and trip on your kid’s legos and see your family photos on the walls. Removing any objects that aren’t used in your daily life is vital, so pictures and trinkets need to be stored away, ideally in your new home. This task gives you a headstart on your move while giving possible buyers the ability to envision their belongings in the condo.
Make minor repairs: Fill holes in walls with spackle, caulk your unsightly grout, and touch-up paint around chipping window sills. Minor fixes are inexpensive and can make your condo look well-maintained. Extensive repairs will be handled post-inspection, so don’t fret over them. Little details are significant and easily attained, so take up this task to add to a buyer’s first impression.
Clean: Deep cleaning is a must, must, must! You’ll want your condo to be spick and span before any potential buyer steps foot in your home. Buyers will run for the door if they spot dust bunnies and a dirty toilet -- and who could blame them? Be sure to pay close attention to the bathroom and kitchen because buyers definitely will. If you aren’t confident in your deep-cleaning skills or simply do not have the time, hire a professional cleaning company to handle this essential task.
Paint: An easy way to update and rejuvenate your condo is with some freshly painted walls. It is good and acceptable if you enjoy brightly colored walls and intricate wallpaper, but many people do not like those styles. Neutral is best, as it appeals to larger audiences. This Sherwin-Williams interior painting guide is an excellent point of reference to guide you through this process.
Design: The beauty of staging a condo versus a house is the smaller size, making this undertaking much easier and cheaper! Furniture will need to give an illusion of more extensive living space, adding to the ease of staging as you will not need to rent a ton of furnishings. When choosing furniture and lighting, you’ll focus on warm, inviting, and comfortable pieces that are neutral in color. Remember, you only need to stage the kitchen, living room, dining room, bathroom, and master bedroom. Basic living essentials like beds, couches, coffee tables, with small additional accent pieces are ideal inclusions.
You are designing for looks, not for function, so add just enough furniture to make the condo feel homey without overdoing it. A kettle on the stovetop, some artwork in the bedroom, and a lovely coffee table book are excellent additions to add appeal. Creating a living space that buyers can picture their lives playing out and their decorations about is the purpose of furnishing your condo just enough. Staging can be achieved by yourself, with the help of your realtor, or through a professional staging company.
At this point, you have researched market trends, you have a credible realtor by your side, and your home is staged to perfection. The only thing that’s next is to help potential buyers view your home. This is where marketing comes in.
These days, many buyers scroll through home listings on their phones and computers, relying on photos, 3-D walking tours, and various details to see if they’ll explore a property further. Ensure that you market your condo wisely to sell it quickly, efficiently, and at the highest price possible through these tips:
◾ Photos: Beautiful images taken at complementary angles are an excellent way to showcase your condo’s best attributes. Feel free to take this upon yourself if you’re confident in your photographing skills. If your pictures tend to be blurry and unappealing, hire a professional for this task. This step is important for buyers to even consider viewing your home in person. For bonus points, you can choose to do a full video tour of the condo!
◾ Highlight amenities: Does your condo have a pool? How about a fitness center? Maybe the building has a parking garage? All of these details need to be showcased when marketing your condo, so play them up and photograph them to pique buyers’ interests.
◾ List online: Once you’ve got all the details down to appeal to buyers, be sure you list your condo online. All the previous work will be for nothing if you don’t post about your fabulous home and the amenities that follow. Your realtor will help you with this task, posting the listing to their website or other well-known sites to get your home seen and sold swiftly.
Are you ready to sell your Manhattan or Brooklyn condo but don’t know how to uptake these tasks independently? Fear not. The esteemed real estate agents of the Riolo Team will guide you every step of the way. This three-generation family company has been servicing NY since the mid-1930s. Their unmatched knowledge of the NY area and great attention to client care will indeed lead to an optimal real estate transaction.