With so many steps involved in both buying and selling a home, it’s no wonder the process can be a lot to juggle. But there are key ways for homeowners to list their homes or search for their next property with less stress and more success. If you’re getting ready to dive into the Manhattan real estate market this year, use this guide as your cheatsheet to make the entire experience flow more smoothly.
Know what to expect
The first thing any homeowner should do, whether they’re buying or selling Manhattan luxury real estate, is to investigate the local market. Understanding how local demand, pricing, and inventory are changing will help you know what to expect before you step into the market yourself.
In Manhattan overall, home prices have been on the rise, but demand has been modest and inventory steady. Buyers and sellers should also remember that individual neighborhood markets can present different trends than the city as a whole. For instance, demand for homes in Midtown may greatly outweigh demand for homes on the Upper East Side. Spend time getting to know what’s happening in your neighborhood so you can create an informed plan on when and how to make your move.
Work with a Manhattan realtor
The best way to buy or sell your Manhattan property with less stress is by working with a Manhattan real estate agent. Real estate professionals aren’t just there to help buyers find the right properties or sellers receive their offers. They’re trained to walk clients through everything from determining what home features to prioritize and which neighborhoods to pinpoint, to connecting with the right home stager and listing at a competitive price.
One aspect of buying and selling real estate that can overwhelm clients is keeping track of all the details. So remember that when you work with an experienced Manhattan realtor, they’re the ones who’ll manage every last detail. All you have to do is decide what you’d like to accomplish and let them help you get there.
Tips for buyers
Buying a new home is an exciting adventure, and, with the help of a great realtor, it can be efficient and enjoyable. Whether you’re searching for homes downtown or on the Upper East Side, there are a few key things any buyer can do to lessen the stress and get the process rolling.
Review your finances
Every buyer should review their finances before doing anything else. Nothing’s more stressful than realizing you’ve agreed to too big of a loan or have been spending time looking at houses that are out of your price range. By reviewing your finances ahead of time, you can be confident that your budget is accurate and that you know exactly what you’re looking for.
Start by taking a look at your current income, expenses, and debts. Calculate your ideal monthly mortgage payment, taking into account any other properties you’re paying off or any future expenses you’re anticipating. Once you have a number in mind, your realtor can help you find properties that are perfectly priced.
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If you’re planning on taking out a loan, you’ll want to apply for pre-approval
. This is the process by which a mortgage lending company takes an in-depth look at your credit score, credit history, your income streams, and any current debts. They analyze how you’ve paid off debts in the past and determine the type of loan you’re eligible for. Pre-approval is an important part of buying a home since it shows sellers you’re serious about committing to a property and allows you to secure your loan and close on the deal faster.
Invest at the right time
Demand, inventory, and pricing shift throughout the seasons, particularly when buyers are looking at trends on the neighborhood level. A key way to invest without stress is by doing so at the most ideal time. A time when inventory is high but demand is low could help you secure a great property at a lower price. Ultimately, an expert realtor is your go-to source of insight when it comes to knowing exactly when to start putting in offers.
Tips for sellers
Sellers have a different road to take when it comes to listing their Manhattan property. Preparation is key for sellers who want to make the most of their sale, and these tips will set apart successful sellers from those who end up stressed.
The name of the game in selling a home stress-free is planning ahead. Sellers need to work closely with their realtors to determine a realistic timeline for when they could list their home. A homeowner whose property requires renovations or repairs
will need to account for these in their timeline. In addition to interior alterations, professional services can also take time and push back an owner’s potential listing date.
Invest in professional services
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Though they take time, professional services like home staging and real estate photography are incredibly valuable. Though it’s recommended for sellers to stage and photograph every room in their home, research shows that the most important rooms to stage
are the living room, the master bedroom, and the kitchen. Home staging has been shown to increase a property’s final sales prices and reduce time spent on the market when compared to homes that aren’t staged. Similarly, with so many buyers viewing homes for the first time online, photography is a necessary way to ensure a listing page is eye-catching and beautiful.
Buy or sell your Manhattan home
Every buyer and seller needs to partner with a real estate team dedicated to their unique goals. Rebecca Blacker and Arlene Reed
are top-producing Manhattan brokers with ample experience in the luxury market. Whether you’re in Midtown, Downtown, or on the Upper East Side, Blacker and Reed are the team that knows how to make the market work for you. So, if you want your real estate experience to be stress-free, trust Rebecca Blacker and Arlene Reed
*Header photo courtesy of Shutterstock