5 Tips to Get Your NYC Home Ready to Sell Fast

Photo by Roberto Nickson on Unsplash The real estate market in NYC can be competitive. Buyers have a number of homes from which they can choose, so sellers must do everything in their power to stand out from other listings. The good news is that, with a little effort, you can make your home appear more desirable than the competition and sell it quicker, with less hassle. Here are five tips to get your home ready to sell in NYC: 1) Find the right real estate advisor At Elegran, we prefer the term “real estate advisor” over “agent” or “realtor” since we feel it best captures the essence of this highly important role. The best real estate advisors can help you price your home just right and advise on the best time to list it, so it can avoid lasting more than 30 days on the market. They also have a firm grasp over the minutiae of a large real estate deal, from handling offers and disclosures to avoiding pitfalls along the way. That said, you’ll want to work with a professional who has cutting-edge resources at their disposal, including access to DocuSign. This can make the home selling process as fast and effortless as possible. If you need help finding the right real estate advisor, Elegran’s here to help! 2) Hire a professional real estate photographer Eighty-five percent of buyers say that professional real estate photos are the most important factor in choosing which homes they’d like to visit, according to a study by the National Association of Realtors (NAR). If your real estate advisor includes high-quality real estate photos in their services, make sure you discuss how the photos will be used to market your home. The photos should be taken from numerous angles and highlight as many spaces as possible. Also, ask your advisor if their go-to real estate photographer offers a virtual staging option in case your home will be vacant by the time you put it on the market, or you could choose to stage it traditionally with furniture. You can’t go wrong either way, with 82% of buyers’ agents saying that a staged home helps their clients envision themselves living there, which can lead to more (and better) offers. 3) Declutter and clean As the old saying goes, “first impressions matter.” But how will your home wow a potential buyer if it’s too cluttered and messy? Before you list your home, take some time to declutter and clean each room, or hire someone who can do it for you. Don’t forget to de-personalize as you go by storing away picture frames, diplomas, fridge magnets, and other personal touches in plain sight. Decluttering can make a cramped room look and feel a lot more spacious, so put away knickknacks that you usually keep on the kitchen countertops or coffee table. Also, pay special attention to bathrooms and kitchens, as these areas tend to attract a lot of interest. If they’re dirty or cluttered, it could be a deal-breaker for some buyers. 4) Brighten up your home An abundance of natural light can make your home feel warm and inviting while also making it appear more spacious. To make your home as bright and airy as possible, draw back the curtains or remove heavy drapes to show off your windows. Another way to brighten up the space is to slap on a new coat of paint (if your walls need a touch-up). Consider hiring a professional painter to take the legwork out of it for you. When choosing a paint color, opt for a white or neutral tone to create a soothing atmosphere, as bright colors may be off-putting to some buyers. In addition, make sure that each room has sufficient light, whether natural or artificial, especially if the room is naturally dark. When choosing light bulbs, lamps, and chandeliers, pick warm yellows over harsh fluorescents. Remember: you live in a home, not a hospital! 5) Make a few small improvements Before putting your home on the market, talk to your real estate advisor about whether or not you should make significant improvements to your home. In some cases, a major renovation can increase your home’s value, but it can also be a big headache that eats up money and time. On the other hand, a few small fixes, like replacing that rusty showerhead in the bathroom or fixing that squeaky door in the bedroom, can go a long way in making your home more appealing to a potential buyer. One cost-effective option is to reglaze your bathtub to make it look shiny and new. Another is to liven up dull surfaces or countertops with Epoxy resin, which you could also use on laminate cabinets that are peeling away. Apps like Taskrabbit and Handy are great resources for finding professionals near you who can handle an array of home improvement tasks at affordable prices. How to Get Your NYC Home Ready to Sell With Elegran If you’re looking for a top-notch real estate advisor to help sell your home, don’t look past Elegran. Our team ensures you get quality service at every step of the way, with access to the most innovative marketing tools and real estate technology available. Not only that, but our advisors bring much-needed modernization to the table without sacrificing human interaction, making them the perfect partners for success in real estate. To learn more about how we can help you get your NYC home ready to sell (and close!), reach out to an Elegran advisor today.

MORE

Weekly Manhattan & Brooklyn Market: 1/31

Photo by Filip Bunkens on Unsplash Week of 1/31/22 The bottom in supply has likely occurred for the season, as new inventory is coming on the market and overall supply increased for the first time in weeks. The “spring” listing wave has begun earlier than is seasonally normal as sellers take advantage of the robust buyer demand. Manhattan for-sale inventory increased for the first time in 13 weeks and Manhattan for-rent inventory rose for the first time in 10 weeks. Brooklyn for-sale inventory has increased each of the last 3 weeks. Contract activity increased 43% compared to last week in Manhattan and decreased by 2.5% in Brooklyn over the same period. Although the Market Pulse is declining as new inventory comes to market, it remains high in both boroughs, at 0.85 in Manhattan and 1.22 in Brooklyn. Manhattan Supply increased 5% this week for the first time in 13 weeks to 4,943 units for sale. This week, 424 new listings came to market, a 45% increase compared to last week and 34% more than the same week last year. Supply had recently bottomed out at 4,700 units for sale. More new listings came to market this week than in any week since late October. Brooklyn Supply increased 4% to 2,332 units for sale this week, the third week in a row supply has increased after eleven weeks of declining supply. This week 215 new listings came to market, a decrease of 17% from last week and 3% less than the same week last year. Supply had recently bottomed out at 2,100 units for sale. Manhattan Pending Sales decreased 2% to 4,181 this week. Brooklyn Pending Sales decreased 2% to 2,850 this week. Manhattan Contracts Signed — 256 contracts were signed this week, a 43% increase from last week and the same as last year. For the last five weeks, the contract activity pattern in Manhattan is very similar to that of a year ago. Brooklyn Contracts Signed — 197 contracts were signed this week, a 3% decrease from last week and a 29% increase from the same week last year. Manhattan Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $1,595, (b) the median price was $1.25M and © the median size was 1,199 square feet. Brooklyn Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $876, (b) the median price was $860K and © the median size was 1,213 square feet. New Development Insights This week, 58 new development contracts were reported within 47 buildings, a 26% decrease from the 78 new development contracts reported last week. Manhattan’s new development contract activity decreased to 43% of the contract volume within the three boroughs, while Brooklyn’s contract volume increased to 45% and Queen’s contract volume increased to 12% compared to last week. The following were the top selling new developments this week: 98 Front in Dumbo reported 3 new contracts. Madison House in NoMad reported 2 new contracts. 200 Amsterdam Avenue in Lincoln Square reported 2 new contracts. 15 Hudson Yards in Hudson Yards reported 2 new contracts. 88 Lexington Avenue in NoMad reported 2 new contracts. Brooklyn Point in Downtown Brooklyn reported 2 new contracts. Please contact me if you would like to learn more about these, or other new developments. We will continue sharing the Elegran Insights data analysis with you every week.

MORE

Weekly Manhattan & Brooklyn Market: 1/17

Photo by Luke Stackpoole on Unsplash Week of 1/17/22 Overall supply declined for the twelfth week in a row in Manhattan, while supply increased in Brooklyn last week for the first time in twelve weeks. Demand, as measured by contracts signed, remains robust and is at levels comparable to this time last year. Both boroughs saw a slight decrease in pending sales and Market Pulse in Manhattan increased slightly while Brooklyn’s Market Pulse decreased for the first time since late October. Manhattan Supply decreased 2% this week to 4,757 units for sale, even as new inventory came to market, making this the twelfth week in a row that supply has decreased. This week, 294 new listings came to market, a 1% decrease compared to last week and the same amount as came to market last year. Brooklyn Supply increased 3% to 2,208 units for sale, making this the first week supply has increased in twelve weeks. This week 177 new listings came to market, a decrease of 22% from last week and 27% less than the same week last year. Manhattan Pending Sales decreased 1% to 4,307 this week. Brooklyn Pending Sales decreased 3% to 2,850 this week. Manhattan Pending Sales Brooklyn Pending Sales Manhattan Contracts Signed — 233 contracts were signed this week, a 19% increase from last week and the identical number that were signed last year. Brooklyn Contracts Signed — 125 contracts were signed this week, a 32% increase from last week and a 28% decrease from the same week last year. Manhattan Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $1,490, (b) the median price was $1.25M and © the median size was 1,200 square feet. Brooklyn Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $752, (b) the median price was $1.05M and © the median size was 1,483 square feet. New Development Insights This week, 82 new development contracts were reported within 62 buildings, a 41% increase from the 58 new development contracts reported last week. Manhattan’s new development contract activity continued to account for more than half of the volume within the three boroughs, while Brooklyn’s contract volume decreased to 38% and Queen’s contract volume decreased to 10% compared to last week. The following were the top selling new developments this week: One Manhattan Square in Two Bridges reported 5 new contracts. 11 Hoyt Street in Downtown Brooklyn reported 4 new contracts. Madison House in NoMad reported 3 contracts. 25 Quincy Street in Clinton Hill reported 3 contracts. 109 East 79 on The Upper East Side reported 2 contracts. 300 West in Harlem reported 2 contracts. Please contact us if you would like to learn more … We will continue sharing the Elegran Insights data analysis with you every week.

MORE