Selling your New York City apartment can be an exciting adventure. You may be looking to upgrade to a better apartment after getting a raise or promotion, or maybe you are looking to downgrade and possibly cash out on some of that equity that you have been sitting on. Regardless of your situation, most sellers don’t even consider the possibility that their apartment won’t sell immediately. I am the same way. Even today, whenever I have a piece of real estate for sale, I envision hotcakes flying off the shelf.” Your NYC apartment isn’t any different. It is the crème de la crème, why wouldn’t it sell immediately? You may imagine your realtor beating off unruly buyers with a stick and buyers offering twice the amount of your listing price. That’s my favorite daydream/delusion as well. After all, we all want to hit the jackpot. Well boys and girls, I have said it before and I will say it again, you never know what is going to happen in real estate. What should happen doesn’t necessarily always happen. Every story/listing may not end in a fairy tale, but that doesn’t mean that it has to be a complete disaster either. Let’s take a look at what your apartment’s activity should be at some common milestones throughout your listing.
0 to 30 days.
This part of the listing is truly the honeymoon period. Stars are still in your eyes, and the world is your oyster. There should be a flurry of activity within the first few days and weeks of your listing. Open houses will be key, and everyone will want to see your apartment. Even if they aren’t interested, your neighbors, realtors, and real estate buffs will want to drop by just to see behind the curtain. From there, your hyper-local market will determine if your apartment is listed under, at, or above fair market value. Even though it is more than likely you and your realtor listed your apartment at fair market value, in real estate especially value is in the eye of the beholder.
On a side note, I have always hated that terminology, Fair Market Value. It implies that the pricing and valuation of real estate is fair and just. However, fairness and justness really has nothing to do with it. Sometimes having good or bad timing will trump everything else. Cold hard numbers pulled from previous sales history are used to derive fair market value, but that doesn’t portray the holistic picture of each real estate transaction. What is most important in every real estate transaction is the human emotion affecting that deal. Numbers can’t fully reflect that dimension of the transaction. You don’t know if the seller experienced a financial hardship and had to sell, or if the buyer did not consider money as an obstacle. All of these dimensions gets averaged into the so-called fair market value determination. With the expert help of your realtor, you should have been able to price your NYC apartment competitively. That’s why it is so important to choose a brokerage with a proven track record. TripleMint has been helping seller’s maximize their profit while providing unparalleled service throughout the transaction. They are with you from beginning to end, and that level of service is priceless.
30 to 60 days.
Unfortunately, after all of the showings, open houses, and cooperation with outside realtors no one has made a solid offer. At this point, you may need to reconsider your pricing strategy. It is difficult to exactly determine what is stifling your sale, but you will need to start looking at many different possibilities. During this time frame, you probably should adjust your price to rekindle interest in the market. Even a small reduction can help get your listing back in front of local realtors. Every time you adjust the price of your listing, realtors will get notified that your listing has changed. Don’t fret, you are not quite in the danger zone, but it can definitely be uncomfortable. Gone are the illusions of cashing out quickly. It can be a trying time no doubt, but now is the time to stay resolved in your plan.
60 to 90 days.
Now is the time to start squirming a little bit. 90 days without an offer on your apartment can seem like an eternity. If the new apartment you were pursuing was contingent upon selling your old one, unfortunately, that ship has probably already sailed. Now you should be focused on selling your apartment— get it done! You can move in with friends or family temporarily until you find that dream apartment again. In the end, communication with your realtor is key. Get your realtors take on next steps in order to get your apartment sold.
90 to 120 days.
At this point, you may be asking yourself is it my fault that I am in this predicament? Probably not, real estate is not an exact science, unfortunately. Even when you list your apartment at the appropriate price, that doesn’t mean that you are always going to get an offer. You have to find the right buyer, and unfortunately you can’t force a buyer to show up and purchase your apartment.
120 to 150 days The End.
The 150 day mark should be the end. Depending on the activity, or lack thereof, 120 days may be a good cutoff point as well. You worked with your trusted realtor that specializes in your section of New York City, and nothing. It didn’t sell. You need to pull the listing and wait three six months for the market to adjust. It’s important to make sure to leave some time before relisting your apartment. You want this unfortunate incident to be forgotten before you try again.
I Love NYC.
