Challenges When Selling a Home in NYC and How to Overcome Them

By: ROS Team

(Summary: Here we have listed top challenges homeowners go through when selling their property.)

It is true that NYC is a favorite destination among home buyers. Despite that fact, it is not easy to sell your home here. Thanks to the ever increasing competition and a range of options for home buyers. A home buyer can choose from a plethora of listed properties in your neighborhood, that’s too on their rate.

Therefore, selling a home is not easy as putting up a “For Sale” board in the front. On top of that, your property may sit for weeks, months, or longer with little to no progress. And things are even complicated and stressful if you have never done it before or doing the most common mistake while selling a home.

Fret not! You can get your home sold quickly. You need to identify the hurdles in the process and overcome them.

Here we have listed the key challenges when selling a home.

CHALLENGE# 1: Dealing with Local Property Market Conditions

We have already told you the real estate market of NYC is swarmed with existing houses, construction, and foreclosed homes.

Such a scenario benefits the home buyers as they have a plethora of inventories to choose from, and that’s too on their favorable price. Consequently, the sellers have to turn the prices down to attract buyers. Sometimes the advantage drifts to the seller when there are fewer homes in the locality. It prompts the buyer to pay a higher price in order to get it before someone else.

SOLUTION:

To get your home sold quickly, make sure to price it right; make it attractive; and advertise. (The upcoming points explain these things in detail). You can also hire a real estate agent in NYC to make a profitable deal.

CHALLENGE# 2: Emotional Involvement

Selling a home is an overwhelming moment. After all, you have called this place home for years. This place is associated with many lifetime memories like marriage, kids, and togetherness.

However, those emotions should behold back while selling your home.

SOLUTION:

Look at the transaction from an absolute financial perspective. It helps you distance yourself from the emotional aspects of selling the home. Understand that buyers don’t care about who resided here and for how long. All they care about is if they can imagine themselves living on the property. They pay market value for your house, not for the special memories you’ve created in.

CHALLENGE# 3: Setting the Price

This is one of the major challenges many homeowners face when selling a home. An overpriced property may sit on the market for long as it receives little to no inquires or showings. And buyers start to wonder if there is anything wrong with the home.

SOLUTION:

All you need to price your home according to the market value. To gauge the market value, know the prices of similar houses in your locality, which have been sold out recently. Or you can work with an experienced realtor to find the market value of your home.

CHALLENGE# 4: Making it a “Presentable Home”

Huge cracks on the walls, stained carpet, dingy walls, and a stinky bathroom can turn off your potential home buyer. Therefore, make sure to improve its appearance from both inside and outside.

SOLUTION:

Apply a fresh coat of paint to the stained walls, bring in new carpet and give a clean and polished appearance. Complete all home improvements before you start marketing.

CHALLENGE# 5: Closing the Deal

Overcoming all the above 4 challenges is half the battle, closing the deal is the other half. Maybe a home buyer can back out of the deal even at the last minute. Their loan may be disapproved by a lender. Or there may be issues with the title insurance.

SOLUTION:

To deal with such unforeseen circumstances, here are the things you should do…

Hire an escrow company which is a neutral third party holding all the money and document related to the transaction until all the things have been settled.
Renegotiate the offer if the inspection reveals any problems with your property.
Be precise and consistent with your documents.

Selling a home is a stressful and overwhelming event. Make sure to invest in home improvement, set the right prices, and work with an experienced agent to get your home sold quickly.

If you need any assistance in selling a home, you can contact us at 917-436-9219.

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