When selling a property, there are two important factors to keep in mind: the amount at which you price a listing and the amount for which it eventually sells. To guarantee that you get the best price possible, it’s important to know what market rates are like in your neighborhood so you can list the property accordingly. If you’re getting ready to sell an apartment or condo in Manhattan or Brooklyn, here’s a step-by-step guide on how to make sure you price it properly.
Look at Previous Transactions and Current Listings
Before bringing your property to the market, do some research to find out what residences with similar square footage and amenities have sold for in your neighborhood. Use a site like Zillow to track trends both over the past few years as well as to see predictions for the upcoming months. By comparing what previous properties have sold for as well as looking at what similar ones are asking for now, you can get a pretty good idea of the price range for which you should be aiming.
The median list price per square foot in Brooklyn is $718, while the median list price per square foot in Manhattan is $1,372. However, the appropriate cost for your property will depend on how big it is, how many bedrooms it has, what amenities are like, the part of the neighborhood it’s in, and other factors.
Decide How You Want to Set Your Listing Price
When it comes to deciding on a number, you have three options: you can set the price high, low, or right around its estimated value. There are pros and cons to each strategy. In theory, setting a low asking price could make your property sell faster—but in reality, it could also deter would-be buyers who might think something is majorly wrong with it when they see how much cheaper it is than similar listings in the area. On the flip side, if you price the apartment too aggressively, you may have a hard time finding a buyer—which might make the listing stay on the market for too long and become stale. Because of that, many buyers choose to ask for a price that’s in line with the market analysis or professional estimate. Asking for the most logical and straightforward price is usually the best option if you’re hoping to sell the property in a timely manner.
Find the Right Real Estate Agent
After you’ve come up with an amount that you want to sell your home for, it’s important to work with a knowledgeable real estate agent who can help guide you through the actual listing process. If you’re looking for a trustworthy real estate team to list your Manhattan or Brooklyn property with, contact the Thrive Real Estate Team at Compass today. Founded by Thomas Hollingsworth and Javier Perez-Karem, the Thrive Real Estate Team has made a name for itself by working closely with clients from start to finish to achieve the most desirable end result possible. Whether you’re planning to list your residence or thinking about buying an investment property, the Thrive Real Estate Team can help you through the process from start to finish.
