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Real Estate Market In New York – Strategies You Can Follow

One of the biggest fear a seller always has when dealing with selling their home is having their real estate property listed on the market a lot longer than it should. No seller wants their home to be sitting on the market for more than 4 months without getting any good offers. Some factors are simply out of your control as to why your home is not being sold such as a high level of inventory already on the market or a slow market. However, there are a few strategies you can follow to help you sell your home faster.

It is usually better to have a professional handle your home on the market as opposed to you taking the task by yourself since the real estate market is highly regulated. The MLS or Multiple Listing Service is a service only available to brokers or real estate agents. This is where most real estate agents list New York properties. This gives you a lot more exposure compared to the typical For Sale By Owner (FSBO) listing.

A recent study has shown that in 2016, 10% of all New York home sales were done by FSBOs with an average selling price of $180,000, the average home price sold by a real estate agent was $250,000 which account for 90% of all home sales. These are broad statistics but they can still give you a good idea of how FSBOs fare against real estate agents.

Price it well

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The most effective way to get the right price for your property in New York is by looking at all the recent sales in your neighborhood for similar properties and diving the sale price by the square footage of the property. You can then use that price per square footage for your home’s dimensions and that is what your market price should be. However, this method does not account for a lot of factors. You need to take into account the floor level of your property.

Apartments on higher floors are usually much more valuable. In addition to that, you should consider if there have been any other developments near your property. More inventory means lower prices. Buyers will be considering all those other new apartments that have developed in your neighborhood.

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Post on social media

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This is an effective way of marketing. Post about your home a few times a week and feature a lot of good photos of your property. You can casually talk about all your pros about your own home. Make your listing fun for your social media friends instead of sounding like another ad.

Take good photos

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A lot of good properties are skipped by the seller just because they have not listed good photos of their property. These photos can usually lack quality or lighting. You can either hire a professional photographer or get yourself a new DSLR camera and take the pictures of your property yourself. This nice set of photos can be put up on a flyer, on a social media post or any other platform.

About Stefania Trtica