Whether the real estate market favors sellers or buyers tends to vary from year to year. But regardless of what the current state of the market is, it’s always valuable to understand how to maximize profits in your real estate transactions.
Take a closer look at what strategies can benefit you when it comes to transactions in New York real estate — from the seller’s perspective.
3 Tips for Getting the Best Price for Your Property
Realizing the maximum profit possible when selling your real estate does not just happen. Fortunately, there are three key steps you can take prior to listing your property to help set you up for success:
1. Know Your Property’s Value
Before listing your property for sale, you must know what price you will ask buyers to pay. To do this effectively, you should look at comparable sales in your area. The more closely your comparison property is to yours, the more you can rely on that property’s sales price in your situation.
Pay attention to more than just a comparable property’s price and physical description. For example, take note of how long the property was on the market and what, if any, changes in price the property owner made before it sold.
Once you have determined an appropriate price range for your property, you can then decide whether to price your property slightly below these similar properties or slightly above. This decision depends on your overall strategy and how quickly you want to receive offers.
Setting your price below the prices of comparable properties could encourage more offers, but it might not give you the maximum value you could receive.
2. Don’t Underestimate the Value of Curb Appeal
Your property will not command the best price possible unless it has solid curb appeal. As a result, it’s important to take time and consider how your property appears to potential buyers.
Even cosmetic deficiencies that do not affect your property’s soundness or overall value can turn buyers off and lower the value of offers you do receive. But staging a property to appeal to buyers does not need to involve a considerable investment of time or money.
Putting a fresh coat of paint over worn areas, removing any dead plants, and ensuring any landscaping is clean and neat can go a long way in helping buyers see your property as valuable and deserving of a higher selling price.
3. Weigh Concessions Carefully
With any sale of real property, buyers commonly request one or more concessions from sellers. Granting too many concessions, such as paying all closing costs, can eat into the profit you would otherwise receive from selling your property. This means that it is critical that you employ smart negotiation tactics when concessions are requested.
Understand your needs, and do not agree to any concession that requires crossing your bottom line. You should also keep in mind that buyers who request concessions are often willing to pay for them. For instance, a buyer who wishes to acquire the property faster may be willing to pay a higher purchase price in return.
A New York Real Estate Transactions Attorney Is Vital
Perhaps one of the most beneficial strategies you can use to get the most out of your real estate transactions in New York is to partner with a skilled real estate transactions attorney. At Levy Goldenberg LLP, our experienced Suffolk County team can protect your interests throughout the process of selling your property — from start to finish.
Contact us to schedule a consultation and get started today.