Selling Real Estate in 2021
How easy or difficult is it to sell real estate in 2021. My friend Mark says that he listed his condominium on the upper east side of Manhattan in February 2021. He says: I was too aggressive with my pricing, and the real estate agent that was helping me, really didnt have much experience, although it took me a few months to realize I had made a mistake which I corrected in time.
Mark says: I gave it another go in June 2021. This time I decided to go on my own, however the price of my home was more inline with the homes that had sold in my area. Within 2 weeks of listing I had several offers.
Estate of the Market in 2021
Sellers in today's market realize no longer after listing their homes, that there are plenty of buyers out there and very low inventory. However if you overprice your real estate, you will soon realize the market may not respond positively to your marketing efforts. Real Estate brokers know all too well that the biggest mistake sellers make is to overprice your home. In the other hand, there are plenty of sellers, that are not planning on selling and list their homes just to feel the temperature of the market. Brokers colleagues tell me that it is obvious the seller is not planning on selling their home, when there is no response/ counter to the many offers coming in. What it is important to remember is that databases out there keep logs on all the past listings and if a property does not sell on the first try, it is more difficult to sell the next time around. If you are really planning to sell it is paramount the price is correct from the start.
Qualifing the Buyer in 2021
With historic low mortgage rates, there is no shortage of buyers. In New York city however, with many co-ops and condos, it is important to select a buyer's offer considering a lot more than just their mortgage pre-approval.
Particularly if you are doing this on your own and not being represented by an experienced real estate broker, is paramount that you look at any buyers with a magnifying glass and make sure these buyers can actually close the transaction.