WHAT QUESTIONS YOU SHOULD ASK YOURSELF BEFORE SELLING REAL ESTATE
1 // WHAT ARE YOU SELLING?
There are various reasons for selling properties in New York. Perhaps you live here, but plan to move to a larger apartment, to another part of the city, or even to another city or country. Perhaps you have an investment property that you would like to leave. In any case, we will help you in selling your property and provide you with all the necessary information for this.
2 // WHEN DO YOU NEED TO SELL REAL ESTATE?
If the property is your primary place of residence, and you want to sell it quickly – this, of course, will affect your sales strategy. In this case, we recommend putting such a price on real estate, which will cause maximum interest in the object on the market. In cases where there is no rush, we will be able to find someone who will appreciate your apartment to the maximum.
3 // WHAT IS THE VALUE OF YOUR PROPERTY?
When you sell your property, it is important to have an idea about its value. If you agree to a price that is too low, you may lose potential profits. If the price is too high, then you doom yourself to months of regular price reductions and disappointments. In this regard, it is very important to have an idea about the value of the property, to which potential buyers agree. We, as your broker, will help to collect all the necessary information to make the right decision:
- The cost of similar properties in the area
- Prices for apartments in the same building
- Total supply and demand
- Interest rates, general fees and taxes
4 // WHAT ARE THE COSTS?
- Broker’s commission – 6% (the rate is negotiated additionally for real estate objects worth several million dollars)
- Real estate transfer tax – 0.4%
- Tax on high-value property (1% for properties worth more than 1 million)
- City real estate transfer tax (1% of the first 500 thousand, 1,425% after)
- Lawyer seller
- Real Estate Appraisal Fees
- Legal audit of real estate and insurance fees
- Commission for opening a mortgage loan (1% -4%)
- Tax on registration of mortgage lending (1.75% -2.175%)
- Buyer Advocate
5 // WHY SHOULD I USE THE SERVICES OF A BROKER?
To attract buyers, you can place your property on various Internet sites. However, if you do it yourself, keep in mind: the process of finding the right buyer can be very unpleasant and time consuming. This is due to the fact that the vast majority of properties in New York are sold by brokers who are members of REBNY (New York Real Estate Board), which guarantees that new properties for sale will first be distributed to the broker community. Cooperation with us will help you not only to acquaint ALL potential buyers with your property, but it will also make your life easier, as we prepare all the necessary documents for you. With such market dynamics, it is necessary to act quickly and accurately, as well as to know the rules of participation.
6 // WHAT DOCUMENTS DO I NEED TO SIGN?
You will be asked to sign an exclusive sale agreement. This means that the real estate agent will receive an agreed commission regardless of who exactly leads the buyer. A realtor performs and covers all marketing costs to attract the largest number of buyers. In the fourth quarter of 2012, the sale of an apartment in New York took an average of 6 months. In this regard, most agents will insist on an exclusive agreement for a period of at least six months to be sure of the necessary amount of time to successfully complete the work.
7 // WHAT IS THE DIFFERENCE BETWEEN SELLING APARTMENTS IN A CO-OP AND A CONDOMINIUM?
In the condominium, almost everyone can buy your property. Sometimes there are some restrictions on mortgage lending, pets, and subleases.
If you sell an apartment in a cooperative, the commission of the cooperative may not approve your buyer. Because of the lengthy application process, the sale of an apartment in a cooperative usually takes longer (2-4 months).
8 // WHEN SHOULD I SELL REAL ESTATE?
How will the market behave this year? Should I sell the property now or is it better to rent it out? Should I invest and where exactly the proceeds from the sale? We invite you to contact us through our contact form . and we will be happy to share with you our knowledge of the real estate market.
9 // IF YOU CHOOSE TO WORK WITH US, WHAT EXACTLY DO WE OFFER?
In New York Casas you will work exclusively with highly educated (higher education), with extensive knowledge and motivated people. Our brokerage company has been operating in the New York real estate market for over 10 years. In addition, when you sign an exclusive listing agreement with us, you will be presented with a marketing plan for the sale of your property, as well as recommendations on how to keep the property in optimal condition. Most importantly: we work on weekends and make every possible effort so that every potential buyer becomes familiar with your property.
10 // WHAT’S NEXT?
Based on these criteria, you will have an idea of exactly what to expect when selling real estate in New York. Please contact us through our contact form and we will be happy to answer any questions you may have.