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The Selling Process
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| Finding the Right Lawyer is Critical - A Bad Lawyer Can Kill the Deal Quickly Step 2. Setting The Optimum Price For Your Manhattan Apartment or Condo My loyalty will not be divided. I'm not one bit interested in the buyer getting a deal. My fiduciary responsibility is to you. I will make sure that you get the most money in the shortest period of time possible. In order to do this, we need to price your Manhattan apartment correctly. First, I'll present a Comparative Market Analysis and share current market conditions with you. Depending on variables such as the market, the condition of the apartment and the view, you are usually better off pricing your apartment slightly higher than previous sales in your building and slightly under apartments currently available in your building. Do not make the mistake of going with a broker who gives you the highest perceived market value. An apartment will sell for what the market is willing to pay. Therefore, first pick the Manhattan real estate agent that you believe will do the job to your satisfaction. Then, together, we'll decide on the pricing strategy. The Pricing Myth: It's best to price your apartment higher than you expect to sell it for because the buyer is only going to negotiate your price down, and you can't negotiate up. If an apartment is worth, hypothetically, $8 and it is priced a bit higher at $10, the people who see it will be comparing it to $10 apartments, and if it's not worth it, that's exactly what educated buyers will say. Meanwhile, people shopping for an $8 apartment won't see it because it's advertised as a $10 apartment. In this example the only people who will see the apartment are the wrong buyers. One winning strategy is to price the apartment slightly under its market value in order to bring many buyers into the fold. This will provide you with a choice of buyers. And, if you have a tough co-op board, you will want to pick the best buyer, not the only buyer. This strategy is also likely to create a bidding war. When this happens, it's common to get more than your original asking price. Whatever price we pick, if a buyer doesn't come through within the first few weeks, more often than not it's because it's priced incorrectly.
The word insanity is defined as doing the same thing over and over again, and expecting different results. Chances are, if 50 -100 people view the apartment and don't offer a bid, another 50-100 people won't offer a bid, either. Instead, the apartment that was worth $8, but was on the market for two months at $10 without any takers, will need a serious price reduction, perhaps as low as $7. STOP If your ready to contact our office about selling your Manhattan Apartment do that now! If you need more information, Read On...
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