Five Savvy Selling Tips

Mar 31, 2008

The Manhattan Real Estate Market remains relatively strong, despite all the doom and gloom being reported throughout most of the rest of the U.S. Nevertheless, sellers need to do their homework because the market is definitely more challenging. Here are five great tips to help you get started.

(1) Paint the walls white and clean the windows

Nothing makes an important look more cheerful and inviting than a fresh coat of paint. Light and views are also key selling points, and they should not be obscured by dirty windows. Darker apartments are harder to sell, so you might want to repaint colored walls white to lighten up the apartment. White is also a neutral color that would have the most mass appeal to buyers.

(2) Declutter the apartment or have it staged

With the average Manhattan apartment selling for close to a $1,000 per square foot, you want your apartment to look as grand and expansive as possible. Consequently, New York pack rats need to start moving their stuff into storage. Existing furniture and fixtures should not dominate the apartment. You might love that overstuffed armoire, but it could prove to be a major distraction to a prospective buyer. On the flipside, you may want to hire a professional stager if you are selling an empty apartment.

(3) Price your apartment competitively

Overpricing is probably the biggest mistake that sellers make in today's market. An overpriced apartment will get limited traffic, and it will take significantly longer to sell even if the price is dropped to a competitive level. Newly listed apartments get the most potential buyers, and you do not get a second chance to make a first impression.

Savvy sellers will price their apartment slightly below that of the competition to maximize traffic and spur offers. All told, well-priced apartments are subject to bidding wars. Overpriced apartments are subject to inactivity.

(4) Be flexible with showings

Sunday open houses remain great vehicles to sell an apartment, but you really need to give your broker access throughout the week. Yes, it can be a pain to always keep your home spotless and show ready, but you do not want to keep buyers waiting in this market. Indeed, the majority of apartments are sold through private appointments as opposed to open houses. Limiting access can also be seen as a sign to buyers and brokers that you are not a serious seller.

(5) Choose the number one broker-Prudential Douglas Elliman!

You need the best marketing and exposure to get the highest price possible for your apartment. Prudential Douglas Elliman represents more than 35% of all residential real estate transactions in Manhattan. More than 85% of homebuyers start their search on the Web, and the Prudential Douglas Elliman website gets more than 2 million hits a month, by far the most traffic of any real estate website.

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