More Smart Selling Tips

Jun 23, 2008

Discouraged by all the negative housing news? Don't be: The Manhattan Real Estate market may have cooled down a bit, but apartments are still selling at a fairly brisk pace. The key to a successful sale is to be realistic about pricing and expectations. There is roughly four months worth of inventory currently on the market. The probability that your apartment will go under contract in any one month is approximately 25% percent.

Want to increase these odds? It is important to know where your apartment ranks among the comparable apartments on the market. For example, if you price your one-bedroom apartment on 66th and Columbus at $700,000, and there are eight other comparable one-bedrooms within a five-block radius price between $600,000 to $650,000, your property is not likely to sell anytime soon. On the other hand, if you are priced aggressively at $599,000, you will likely receive multiple offers within weeks of listing, and the apartment may sell at well over the asking price.

Pricing your apartment correctly once it first hits the market is essential to maximizing your total return. Newly listed apartments receive the most attention from buyers and brokers. If you wait months to lower the price to a competitive level, you may end up selling your apartment for a below market price due to the reduced level of traffic. The good news: Sellers with realistic expectations and goals can profit handsomely in this marketplace!

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