What’s Next?

When planning to sell your home, being well prepared, knowledgeable and connected with the right professionals goes a long way to ensuring a smooth transaction and an optimal selling price.

Understanding the Market and Setting the Right Price

Setting the wrong price for a home can doom a sale.  That’s why it’s important to understand market conditions, trends, and comparable sales.  Overpricing a property can cause it to languish on the market, lose buyer interest and result in price reductions. Since most sellers are not transacting in real estate every day, it’s advised to work with an experienced agent for guidance and assistance.  An experienced agent can guide you in preparing your home for market, assist you in determining an optimal listing price and advise you on a marketing plan to improve your chances for a successful sale.

Preparing Your Home

Making a great first impression is key. This involves decluttering, depersonalizing, and potentially staging your home. Repairs, upgrades and staging can significantly enhance your property’s appeal and value.  Given the impact that home presentation plays in a successful sale, it’s important to account for the time and expense involved, including working with the right service providers to get the work done properly and efficiently.

Legal Considerations

Since title on your property will ultimately transfer to a new owner, It’s important to ensure that there are no liens, open permits or ownership disputes with your property.  Additionally, new state law requires sellers of single and multifamily properties to provide a property disclosure identifying any material defects.  It would be prudent to address those defects so that they don’t jeopardize the sale or result in significant price concessions.  Consider consulting an experienced NYC real estate attorney for legal advice.

Financial Plans

If you have an existing mortgage on your property, you should understand the implications of paying it off with the net proceeds you can expect from a sale.  Be aware of any capital gains tax payable against sale proceeds and possible exemptions and tax strategies for deferment.  Additionally, it’s important to be aware of closing costs associated with selling your property, including legal and brokerage fees, transfer taxes and other charges.  Also, where do you plan to live next and how will you financially transition into your new home?  It’s best to consult with you financial planner, accountant, banker, real estate agent and attorney to better understand what to expect and how best to navigate your sale and transition.

Selling Process and Closing the Sale

Your real estate agent will typically be your point person to handle all aspects of your sale, from listing your property, arranging professional photographs, floorplans and video, to handling offers and negotiations. The closing process involves inspections, appraisals, and final walkthroughs, which your real estate agent will help you arrange.

Post-Sale Considerations

Remember to update your address, keep records of all documents, and consult with financial advisors or estate planners as needed to align the sale with your long-term goals.

Selling your home is a significant milestone. Feel free to reach out to me to help you navigate your home-selling journey.