Why Sell & What Does It Cost?
Possible reasons for selling include, job changes, growing families, or leaving NYC altogether. Selling comes with significant costs. Sellers typically pay broker commissions which are around 6% and, transfer taxes of approximately 2.075%, and attorney fees averaging $2,000–$3,000. Commission and transfer taxes are usually the largest expenses. Additional minor costs may include photography, or small repairs. Understanding your net proceeds upfront is crucial, sellers must be prepared for all expenses when considering selling their home.
Pricing Your Home
In the process of selling your home, proper preparation is essential to attract strong and stable offers. Sellers should deep clean, improve lighting, and complete minor aesthetic improvements like fresh paint or refinish floors. Major renovations aren’t necessary, most NYC homes are sold “as is.” Strategically pricing slightly below comparable properties can generate competition and even bidding, overpricing may cause the listing to sit for a long period of time. It is important to seek guidance to accurately price your home to attract buyers quickly.
From Contract to Closing
Once contracts are signed, the transaction enters the due diligence and financing stage. In this stage the buyer seeks an appraisal to confirm the property’s value. If the appraisal comes in lower than the contract price, additional negotiations may be required. During this period, the buyer also finalizes their mortgage approval and secures a formal loan commitment.
On closing day, the buyer, seller, attorneys, lender’s and title company complete the transaction. Funds are transferred, documents are signed, and ownership officially change hands.
