Tuesday, December 1, 2009

Pricing your Property Correctly

If you are considering selling your house, condo or coop apartment in the current market, there is probably nothing more important you can do than pricing your property properly. As I wrote in the last post, it important to have as much exposure as possible when selling your home-listing with a firm that has a substantial web presence and that will share listings. However, you could have the best agent, and be with a great firm, but if your apartment is not priced in a competitive fashion, you are at risk of not selling or delaying the sales process.

Although the New York market has recovered, buyers are more educated and sophisticated than ever. They have access to lots of information. When I first switched to Elliman, I was unaware of the Streeteasy site, which shows changes in price and how long an apartment had been on the market. When making an offer on an apartment in Prospect Heights, my buyer gave me information about that particular apartment in terms of our strategy in the bidding process. The information is out there for all prospective buyers to learn about.

I would say that although it is important to price your property competitively in all of New York City, Manhattan sellers should be keenly aware of this, especially in neighborhoods with lots of available listings. There are even particular buildings with a high percentage of apartments for sale. If you are working with a competent Broker, this should be a part of the pricing discussion.

It is difficult for sellers who bought at the peak of the market, who are still at risk of selling at a somewhat lower price or not making a profit after closing costs. I always try to get my sellers the best possible price, of course. But unlike Gordon Gecko, I am not of the belief that greed is good. And in the current market, it is often better to take a stronger buyer for a little less money, as some properties have not appraised at the selling price. As usual, I am always available for advice and counsel and am always happy to list your home. Enjoy the day!

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