6 Things You Might Not Know About Selling Your Home in Midtown

Midtown sellers have plenty working in their favor with the neighborhood’s amenities. Buyers searching for upscale living and energetic nightlife eagerly seek out real estate in the area. However, sellers may be surprised at the impact factors like a listing price has on a sale. When selling your home in Midtown, keep these six things in mind. But first, here’s a look into the local real estate market.

The real estate market across the state is cooling. Closed sales have decreased 23%, while the days on the market have increased 3.9%. Sellers should factor in less buyer demand and longer listing times when preparing their homes. Sellers in the area can still expect a good price for their properties, as the median sales price has increased 3% compared to last year. With this in mind, here’s what to know about selling in Midtown West.

Sellers may be tempted to sell their homes themselves to avoid agent commissions. Although they may spare some expenses, selling FSBO comes with more challenges than it’s worth. First off, FSBO homes tend to sell at a lower price. This can cancel out money saved from agent commissions. Selling by yourself can also take longer. Buyers’ agents tend to be less willing to work directly with a seller as the process is more complicated.

A normal seller doesn’t have the knowledge and experience that an agent has. Sellers may spend many hours researching how to sell a home. This can become unmanageable on top of daily responsibilities. Finding a buyer may be difficult as well, as sellers lack the connections that agents have. An agent can help sellers find a buyer quickly and provide advice that minimizes mistakes.

Another thing you might not know about selling your home in Midtown is that timing matters. Momentum is everything. Neighborhoods like Midtown can be difficult to sell in during the winter. This is because harsher weather and shorter days create more obstacles for buyers. There are typically less buyers on the market during the winter as well. This puts sellers at a disadvantage during negotiations.

Ideally, sellers should wait to sell during the spring or summer. Longer days, less holiday interruptions, and more agreeable weather bring out buyers. Buyers are also more motivated to close on a sale, especially those with children looking to move into a property before the school year starts. Sellers should also consider market trends when timing a sale. This is when supply is low and buyer demand is high.

The price of your listing makes all the difference. Homes that are priced too high spend longer on the market. This is important because buyers are less interested in older listings. Additionally, having to lower the price on your home can appear suspicious to buyers. Without proper strategy, this can decrease the chance of a sale. Sellers who underprice may risk losing out on profit, but can increase the chances of a bidding war.

An agent can make a comparative market analysis to help you price your property. To do this, they analyze the prices of similar properties in the area. Currently, Midtown West real estate has a median sale price of $1.1 million. Then, they account for your home’s specific amenities. With this information, they create an accurate price.

Unless market conditions lean heavily in a seller’s favor, a step of selling your home in Midtown is a home inspection. Buyers usually include home inspection contingencies into their offers. This gives them an opportunity to back out of an offer if any major issues arise. Needed repairs can be difficult for a seller to spot on their own, as they can be invisible to the untrained eye.

To avoid uncertainty going into a sale, order a pre-listing home inspection. This reduces the chance of a failed sale. It also provides a buyer with the confidence to make a serious offer on your property. Some common issues a seller should brace for in a home inspection include roofing issues, the presence of hazardous materials, and electrical wiring issues.

To boost a home’s value, sellers can make upgrades to their property. Upgrades can also entice buyers to your listing. However, it’s important to gauge buyer interest in the area when deciding on a project. Sellers should also understand the amenities other properties in the area offer. This ensures your upgrade is worth the cost. An agent is a good resource for understanding the area’s trends.

In upscale areas like Midtown, sellers should consider popular upgrades like bathroom renovations and kitchen renovations. Simple changes like a new coat of paint can have a large impact. More luxury additions wouldn’t be remiss. If the building rules allow, the most coveted New York City amenity and most popular box to check in their search is the in-unit laundry! This can be the difference of having the listing put in front of your potential buyer in their search. Other little fixes may not seem important, but can make all of the difference.  Replace a regular shower head with a rain shower head. Or redo the vanity with deep sinks, spacious countertops, and a large mirror. Upgrading appliances like the HVAC system to more energy efficient options are also highly sought out.

In New York City neighborhoods like Midtown, a seller should plan for closing costs totaling 3.25% of their final sale. Using the median sales price of $1.1 million, sellers can expect costs of about $35,750. These costs are made up from a title search, owner’s title insurance, transfer tax, and recording fees. Also plan for other miscellaneous costs like a mortgage payoff, property appraisal fees, and attorney fees.

Selling your home in Midtown can come with a few surprises. The time and price you set to sell your home has a large impact on how successful a sale is. Also, not all upgrades have the same appeal to buyers. The best way to navigate the unknowns of selling is to work with a local professional, like the agents at The Casagrande Team. They have a complete understanding of the local and market trends to prepare and market your home.