Guide on selling New York homes with 8 simple steps
New York has one of the biggest real estate markets, so it may be difficult to sell a home fast in such a great competition. However, you can speed up the process if you prepare for this responsible stage. This guide with 8 steps helps to cope with the process more efficiently and avoid mistakes!
Every seller should know that now is a good time to get rid of homes you don't need since the prices have already grown and keep on increasing. But if you price it improperly or show your weakness in the negotiations, you may lose a great deal of money. Therefore, you should learn the following 8 steps to get ready for your life-changing sale.
Search for the right realtor
Home selling is a painstaking task that involves high stakes and much responsibility if you want to have a good result. No wonder the best way to complete it successfully and with a minimum of stress is finding an experienced and trustworthy realtor.
This is a person who has a clear understanding of local buyers' wishes and how to reach more of them faster. Moreover, he will assist at any stage of the procedure from creating
a listing to close a deal. It's enough to remember the statistics that sellers who hire a real estate agent get 33% more than ones who list on their own, so turning to experts is a must, but don't forget to negotiate the fee too!
Decision of the time of sale
Time of the year has a great impact on home prices which can fluctuate by thousands of dollars. Even the weather, start of the educational process, and holiday time influence the market greatly. Therefore, the majority of realtors advise to list your home at the time from the beginning of spring to mid-summer to get the highest market value. This law is known by many players of the real estate market, so you can face severe competition and the abundance of inventory in the listings, but it's also the time when more buyers get active, so you won't get less attention. The statistics says about the highest sale price in June (12 days faster than average) and July (8% higher than average)! School season and fall often lead to discounts to avoid paying for it in the winter season.
Setting up the price
The speed of sale often depends on the house price you've set. It's natural that a seller has got used to the property and considers it the best. Furthermore, he wants to get more money for it, so many people tend to commit the same mistake - price a home higher than it is!
If you want to avoid discounts and let your home spend less time in the listings, you should conduct a comparative analysis of the market in your area for the previous year. Naturally, you can turn to a realtor for this service, but it may cost extra money in some cases. Therefore, you should figure out your property specifics and compare it with homes for sale offered in the market to set a competitive price and attract more potential buyers immediately.
Home preparation and marketing
It often turns out to be a challenge for sellers to pass through pre-sale repairs and inspections, but there is often no need to invest thousands of dollars to upgrade your home. In most cases, the expenses must be minimal.
Your main task is to improve the curb appeal, so several examples of paint and a little bit of effort will be required. It's better to make the yard more careful and paint the front door to make a good first impression. Use flowers and welcome your potential buyers with a smile and home-baked cookies!
When you decide to create an eye-catching listing, order professional photographer or virtual staging services, think about an informative description, and make the listing more visible by advertising it in social media and on other high traffic sites. The listing requires regular updates and management too! Don't forget to focus on amenities and nearby schools of your neighborhood. Include information about air conditioner, window number, kitchen area and state, extra storage spaces, etc.
Dealing with offers and negotiations
What does an offer look like? Usually, it's a one-sheet document given to a real estate agent who submits it to a seller for consideration. If you don't agree with the price, an agent can submit a counter offer. When the offer is accepted, both parties sign a contract to make the transaction legally binding. In some cases, buyers also give a down payment of 10% like a security deposit for a seller that he or she won't refuse the deal.
Conduct of inspections and appraisals
When a buyer's offer is accepted by the seller, the home inspection takes place. If there is anything uncovered during it, the contract can be changed and the price can be negotiated.
If a buyer applies for a mortgage rate, it's also necessary to wait for an appraiser who should confirm the actual home value.
Dealing with disclosures
New York State has a disclosure law known as “Let the Buyer Beware” that is meant to protect buyers and release sellers of some liabilities. The Property Condition DIsclosure Act makes sellers obliged to fill out the disclosure form with 48 questions about the home condition or pay the buyer a credit of $500. This stage also involves a lot of paperwork too. You will surely need 2 copies of ID, copy of purchase agreement, closing statement, signed deed, bill of sale, affidavit of title, and possible additional documents too.
Closing the deal
Closing costs in New York are various, so you should keep in mind to cover transfer taxes, realtor commission, lender fees, attorney fee and applicable fees on transaction records, and others. The closing ceremony is officially held with both seller and buyer's presence when they sign all the documents filed by the county clerk.
As you can see, a home sale process is complex and includes several stages, so you should prepare for it in advance. These steps will help you to cope with all the difficulties easier.