Steps to Sell a house in New York

Want to sell your house fast in the state of New York? Wait up and read up on a comprehensive method to go about this process. Real estate prices have boomed in New York City but comparatively at a lower pace than in other states. The growth in prices was about 6.5% but with the increase in the mortgage rates has made it difficult to buyers to get affordable housing. Therefore, if you are planning to sell a property, the best time is now.

New York is a highly competitive market and hence selling your house for less can cause a huge dent in the seller’s profit therefore it is very necessary to tread carefully. Here are some tips and tricks of the trade.

1: Flat Fee MLS NY

Unlike other states, the Flat Fee MLS system is quite different in New York City. An important factor to note is that a body called REBNY (Real Estate Board New York) is an authoritative body that has its listing system called RLS which is similar to the MLS. Apart from this, there have several local MLS operated in different parts of the state.

It is important to get your listing up on RLS and local MLS to enjoy maximum buyer interest. Apart from this, Syndication to other sites enjoying heavy traffic like Zillow/Trulia, StreetEasy, or even Facebook Marketplace or Craig’s list is significant to get maximum exposure.

2: Time to sell your home

The best time to sell a home in New York is in September. But ideally, sellers should list 3-4 months in advance to get better visibility and increase their chances of selling quickly. Houses sold in September got a higher price than the rest.

Given the current market situation, it is prudent for sellers to not waste any time and start the process ASAP to crack the best possible deal.

3: How to list on MLS/RLS fast

Hiring a full-service real estate agent is expensive given the fact that prices in NYC are already rocket high. To avoid this, sellers can take the FSBO route but there are certain limitations associated with it. Inexperienced sellers find it very difficult to navigate through the documentation and red tape for a successful sale. Therefore signing up with a Flat Fee MLS can save you thousands of dollars and also give your property listing along with syndication to other sites and aid with marketing, legal, and closing help.

The best MLS companies in New York are Housed, Housesit, Flat Fee Realty, Flat Fee Realty, and Net Realty Now. On average, the listing price starts at $500 but there is a catch. Sellers need to a extremely careful about the hidden charges taken by some of these companies at the time of the closing.

Terms and conditions of the Contract To Close document should a made clear to the seller beforehand to avoid further trouble.

4: Basic Preparation

A homeowner needs to prepare his house well in advance before listing it. Key preparation includes any repair or renovation that is pending and could create a hindrance while submitting disclosures, which should be taken care of immediately.

After taking care of the structural repair work, the sellers should then look at increasing the physical appeal of the house, to attract more buyers. Curb decoration, highlighting pool appeal, rearrangement of furniture, and a basic paint job, among other things.

It is best to make the necessary changes in the house before listing it unless the homeowner belongs to the ‘sell-as is’ category. Generally, sellers who require immediate cash or are conducting the transaction in distress opt for this option. Sellers get full payment in cash the catch here is these properties are generally sold for less than the market price.

5: Marketing – Online and Offline

More than 94% of the population goes online to buy or sell properties. Not just millennials and GenZs but people from all age groups take to tech to make window shop, make a purchase, or sell properties. Social media publicity is very important along with some offline methods like customized yard signs, brochures, and ads that go a long way in selling the house.

6: Key documentation

Getting your documentation in order is of the foremost importance in selling a house successfully. If there are loopholes in the paperwork, the deal falls through. The following documents are of top priority in the sale of the house.

Compulsory sellers’ disclosures include Property disclosure, flood zone statement, and lead-based paint hazard.

Property title, the deed, the sale of agreement, the closing statement, and the closing disclosure.

Other documents include HOA, home inspection reports, survey documents, affidavits, etc are other documents that may be required.

7: Offer review

Once the property is listed on the RLS and MLS, sellers would need to organize open houses to attract more and more buyer interest. Once the offers start pouring in, it can be daunting for sellers to lock down on one. They must get the listing price right so that the closing is smooth.

Companies like Housed have an online system in place which helps you manage offers. You can even pay extra for the offer review service where an expert guide you to optimize the best-case scenario which can lead to maximum profits.

8: Closing

While closing the deal, sellers calculate the total cost including the tax, attorney fees, title insurance, home inspection fees, and appraisal fees. Before signing the dotted line, it is important to do a little do-over with the documentation to avoid further litigation.

Transparency and honesty go a long way and are necessary to build trust. Flat Fee MLS NY assists with an extra fee to handle the closing.

8: Conclusion

To sell a home in New York is not a difficult task even if you go the FSBO route provided that you sign up with a Flat Fee MLS service. It is important to note that NYC has a completely different system to list houses. Not MLS but RLS is the centralized listing service here.

According to the market, condition dictates, it is necessary to sell the house fast before it fetches a far less price than its authentic rate.