Living in New York is a dream of many. It’s a city that never sleeps, a concrete jungle where dreams are made of (something is wrong with that lyrics). With all that in mind, it would be fair to assume that selling a house in the Big Apple is easy, right? Unfortunately, it’s rarely the case.
While it’s true that the NY real estate market attracts a lot of potential buyers, that is also what makes it highly competitive. Don’t let anyone trick you. Selling a property in New York is not a piece of bagel (we’re done with NY references, don’t worry). And since you’re already here, you’ve probably experienced a spectacular failure on the seller’s market yourself.
Don’t worry. You’re not alone. Every year, thousands of New Yorkers struggle to sell their houses at the full asking price, with or without help from a real estate agent. That’s because they make many silly mistakes along the way. And that’s exactly what we’ll focus on in this article. Below, you’ll find our list of reasons why your NY home isn’t selling. Make yourself a cup of coffee, sit back, and learn what to avoid when putting your house on sale.
Your Asking Price is Too High
Estimating your home’s market value is much more challenging than many people think. Most sellers wrongly assume that they can set any listing price they want, especially when selling a house in New York. After all, if any property deserves a premium price, it’s the one located in the Big Apple. Unluckily, it doesn’t work like that.
Of course, the NY housing market isn’t the cheapest one in the United States. Still, you can’t go overboard with your price and spook your prospective buyers. To ensure your pricing is correct, do the necessary research. Analyze specific market trend data and look at other properties for sale in your area. Doing that should give you the answer to how much your house is actually worth. Brace yourself, though. It might not be the value you were hoping for.
You’ve Staged It Wrong (Or At All)
Many home sellers underestimate the importance of house staging. It’s a huge mistake. Of course, you might think that home selling should be about selling homes and not furniture. However, as many experienced realtors claim, there’s a difference between a staged and vacant house, whether you’re selling in New York or elsewhere.
One survey asked real estate professionals about their opinion on this issue, and their answers were crushing for non-stagers. 67% of realtors agreed that staged properties sell for even up to 5% more, whereas 83% said that such homes sell much faster than those left unchanged.
How to stage your home properly, though? Well, the best idea is to hire a professional who will do it for you. Of course, if you don’t want to spend too much, you can make some adjustments yourself. Refresh your walls, hide personal items, and clean everything up.
Your Listing Photos Look Unprofessional
However, before you invite your buyers for initial walk-throughs, you have to convince them to consider buying your house in the first place. And for that, you’ll need some professional real estate photos. Keep in mind that most buyers conduct their search online, and if your home doesn’t look attractive enough on the internet, why should a person even bother seeing it live?
Placing offers with few or no photos is a common mistake among home sellers. And while it might not play that big a part in smaller towns, such an oversight won’t pass in New York. As we’ve already mentioned, the NY house market is unbelievably competitive. And if you want to sell your house fast and for the right price here, your advertising photos should be second to none.
Your Curb Appeal Is Off-Putting
You’ve probably heard many stories about the importance of first impressions. And whether you believe them or not, when it comes to real estate, the first impression matters. And what is the first thing your potential home buyers see? Your curb appeal.
Nothing spooks buyers more than an ugly facade and ill-maintained front yard. That’s why you should always ensure everything is in order before a home sale. Give your curb cleaning, conduct necessary repairs, and take control over your yard. Sometimes, even a simple thing like upgraded door handles can make a difference.
Remember that you can always ask your friend’s honest opinion on how your house looks from the outside. If they don’t know what to say, it means you have to make some changes to your curb appeal. Not only will it help you sell your home faster, but it might also boost your revenue.
You Work With the Wrong Real Estate Agent
Do you want to hear something funny? All the problems we’ve mentioned could’ve been avoided if only you hired an experienced real estate professional. A top agent should help you with pricing your home and staging it appropriately. They should also take care of marketing strategies and respond to feedback after showings.
On top of that, many buyers treat sellers with real estate agents with more respect. It shows that you know what you’re doing, and you’re a person they can trust. That’s why hiring an experienced agent is extremely important, especially when selling in New York.
To find your front-line representative, look up local realtors online. Compare their prices and read reviews. A professional agent will save you a lot of trouble and provide you with sound advice.
And there you have it, five reasons why your NY home isn’t selling. As you can see, most of them come from people assuming that New York is too attractive for most house buyers to turn down the possibility to live there. Unfortunately, such an attitude won’t sell your house, especially in the current market.
However, the biggest mistake people make is trying to save money on their closing costs. That is why so many home sellers work with the wrong local agents or avoid performing the necessary repairs. What they don’t realize is that such practices are the main reason behind their failure.
With all that in mind, don’t treat staging a house as an unnecessary expense. Think of it as an investment that will increase your property’s value. Don’t hire a realtor just for the sake of it. Find the best agent possible, even if it costs you more money. Avoid all the mistakes we’ve talked about above, and you will sell your NY home fast, and more importantly, for the right price.