Manhattan Market Report & How It Impacts You As a Seller

The market is finally picking up, according to an increase in contracts signed. And although there is a seasonality to selling, buyers are finally showing increased interest in the market.An increase in open house attendance and contracts signed is an indicator that our market is facing an uptick in traction. Sellers, don't get super excited just yet, because buyers are still out there looking for great deals!

While we are seeing some home get sold for asking price, those are particularly for places that are priced correctly. According to 4th quarter of 2018 stats, the average Manhattan negotiability for contacts signed was -5.6% off of asking with an average 86 days on market.

Why is that important you may ask yourself as a Seller? It's important to know these numbers so that you understand, when offers are placed, they will most likely be at a higher discount and after negotiation, may land closer to your asking price if priced correctly. But, if priced incorrectly, that margin will be even higher. The higher the asking price comparison to other listings and what has sold in your building, the longer your home stays on the market and the more stale it becomes. It then becomes a ripple effect and buyers will continually ask why your home has sat on the market for so long, which is not what we want.

Good pricings equals to great first impressions! That leads to more buyers interested, more offers and a higher price for you as the Seller. Think about pricing as going fishing. In order for you to catch a lot of fish, you need to cast a wide net. High pricing is like going fishing and expecting to do well that day with a tiny net. That is definitely not what you want. You want to have as many fish in your net as possible, which is why you must be realistic when pricing your home in order to cast a wide net of possibilities.

Remember, that in order to sell your apartment quickly, its a combination between using the right Expert, Pricing and Marketing Strategy. At Engel & Volkers, we market your property not only locally, nationally and internationally, but we also ensure that all 800 of our offices worldwide is fully aware of your property. We are able to creatively think outside of the box, to help your home stand out from the thousands of options that are available. We have also partnered with Concierge Auctions to help your home sell, when all other options have been utilized.

Most importantly, always keep in mind that your home will no longer be your home. It will be someone else's home. Its a very emotional purchase, so the way that your home looks, feels and smells is extremely important! Taking away most personal pictures and anything that ties it to you, to make it more appealing to others is always helpful. If you're cooking breakfast and you have a showing, always keep fabreeze on hand. Better yet, if you have neutral smelling candles (vanilla, jasmine etc.), keep those lit in the bathroom. You want people to be able to imagine themselves living there and its much more helpful when your home has the ambiance of being very comfortable.

Selling your home should be an exciting process because you're life is evolving! Your home which you have enjoyed, will now become someone else's special place for their life's memories. Working with the right Expert is key to the entire process.

If you or anyone you know is thinking of selling, or is unsatisfied in their current situation, please feel free to send me a message to see how my team and I can bring value to you.