Manhattan Real Estate Lawyer Shares Tips for Selling Your Condo in New York
Selling a condo in New York isn't like selling real estate anywhere else. That's because the market moves with lightning speed. If you're not prepared for it, you may miss out on an opportunity to close a deal with a perfect buyer. Use these tips to make certain that you are well-informed about the process, then meet with a Manhattan real estate lawyer who can provide you with guidance throughout the sale.
1. Set the Stage
Before you even think of listing your condo or hiring a Realtor, you need to assess every room with fresh eyes. Now is the time to declutter and get your condo looking spacious and new. Professional stagers can be hired to complete this sometimes monumental task for you, but you also can do it yourself. Consider renting a storage space for excess clutter, and hide away any shabby pieces of furniture. The cleaner and spacious your condo looks, the more attractive it is to potential buyers.
2. Hire an Agent
Real estate commissions in the Manhattan area generally are between five and six percent of the sale price. That seems steep, which is why more people are going the for sale by owner, or FSBO, route. However, it's critical that you think long and hard before deciding you don't need an agent. Without a Realtor, you'll have to become a real estate expert (and financial expert so that you can properly evaluate potential purchasers), and you'll lose countless hours trying to sell your condo. That commission really is a small price to pay for expertise and a faster sale.
3. Review and Negotiate the Listing Agreement
The listing agreement is a contract between you and your Realtor that contains items like the length of the listing period, the desired sale price and the amount of the commission. Many of the items are negotiable, so you may want to discuss the agreement with a Manhattan real estate lawyer before signing on the dotted line.
Using these tips will help you to move along the sale of your condo. Of course, one of the most effective things you can do is to rely on the advice of a Manhattan real estate lawyer at the Sabra Law Group. Call Sabra Sasson today at 646-472-7971 to learn more about negotiating the listing agreement, reviewing contracts, negotiating with potential buyers and other aspects relating to real estate transactions in New York.
For more information, listen to a real estate expert on our podcast, Coffee Break With Sabra: