Have you been on the fence about selling your NYC apartment? Maybe you feel the itch to get a new place, but you’re not sure if you’re ready or if you’ll get the price you want. We understand that in New York there are lots of things that factor into the decision to sell. In order to help you decide, ask yourself these questions to determine whether or not it’s the right time for you.
Does my current place fit my needs?
If you’re simply looking for a change of scenery, it might not be the right time to sell. But if your current place doesn’t fit your needs, now may be the perfect time. If you’re living in a studio apartment and you’re about to get married or have a baby, your space may no longer be big enough, no matter how imaginative you are with the layout. Getting a new job that requires a ridiculously long commute may also be a sign that it’s time to sell. After all, studies have shown there is a direct correlation between commute times and happiness.
Can I afford the moving costs?
If you haven’t moved in a few years, you may have forgotten how expensive it can. Not only should you consider the money you’ll need to spend on repairs and staging, but also the costs associated with the move itself. While every situation is different, you can expect to fork over at least $1,000 to move the contents of a one-bedroom apartment.
How is the market where I want to buy?
If you’re not operating on a strict timeline, then you should consider the market in the location where you want to buy. Whether you’re thinking about buying a house in the suburbs or relocating to another apartment in the city, check out the prices. Of course, it’s always in your best interest to buy when prices are lower. Check the trends over the last few months, and talk to an agent about the current market conditions. If you can score a deal now, that’s great. If it’s better to wait for a few months before diving in, it’s good to know now and save yourself money in the long run.
What’s happening in my neighborhood?
Finally, you should find out what’s happening in the market in your own neighborhood. Is it the next hot place to be? Or has the market cooled in recent months? Find out how many apartments that are similar to yours are on the market. Will you face quite a bit of competition? That could make it tougher to sell quickly for a good price. On the flip side, take a walk around the neighborhood and notice how much construction is happening. If there are any new buildings or conversions, your market could be flooded with inventory soon. You’d want to get your apartment listed before supply outpaces demand.
Need some more advice?
Even after you’ve asked yourself these questions, it may not be obvious whether or not it’s time to sell. Get the advice of an expert at Platinum Properties by clicking here or calling 646-681-5272. Our agents are always available to answer your questions and help you through every step of the home selling process.
