Best Questions to Ask Your REALTOR® In a Changing Market

Are you planning on buying a new home in Greenwich, West Village, or anywhere in between? Do you want to sell your current property but are unsure where to start? With so many things to consider, the real estate process can often be complicated and stressful. In addition, since the real estate market in New York is shifting, that can change everything from determining the right timing to choosing the right price. Fortunately, you will find some of the best – and commonly – asked questions for Real Estate Agents by people like you here. Read on to find out what questions buyers and sellers often ask their Real Estate Agents in a changing market!

In the third quarter of 2022, New York City is experiencing a strong buyer’s market characterized by homes taking longer to sell and lower prices. The median price for all types of homes in New York City is $851,227, with some homes listed for well above that figure and others for less. Home prices are even higher than last year, rising at a rate of 4.4%. This increase is partly due to the increase of the federal mortgage interest rate to 6.67% for a 30-year mortgage loan. In addition, home prices are not exempt from rising inflation. However, as of October 2022, homes are taking, on average, 79 days to sell, and nearly half of all homes in New York City are selling for at or near the asking price.

As a strong buyer’s market, it might be slightly challenging to sell homes for sale in West Village, Greenwich, or Soho. Even though prices are decreasing, they are balanced by rising interest and inflation rates. Furthermore, as New York City real estate has always been a great investment, with appreciation rates of nearly 200% over the past twenty years and rising at a rate of 5% annually, it is always a great idea to invest in New York real estate. Even though it is a buyer’s market, inventory has reduced from just over 44,000 homes to 39,064 as of October 2022. This indicates that many sellers are hesitant to sell their properties now while the market is changing and are adopting the wait-and-see approach. However, with tighter inventory, there is greater competition which means that you could potentially get maximum value on your home – if you stage and market your home right.

For those wishing to sell Soho or West Village homes for sale or anywhere in between, you need to create a strategy carefully. First, consider working with an experienced real estate agent. A real estate agent will guide you from successfully determining the right pricing and timing to staging and marketing. By choosing a competitive and fair price and then listing on the right day and at the right time, you can put your home in the best position to increase visibility and ultimately get the maximum number of offers. In addition, creating a staged space that can appeal to as many buyers as possible either in-person, on 360-degree home tours, or in professional photographs can help! Don’t forget that a professionally staged home can sell faster and for 25% more!

When you first list your home, an experienced real estate agent will compile a Comparative Market Analysis (CMA) to recommend a fair but competitive price. A real estate agent will look at the size, architectural style, number of bedrooms, and home condition. They will then compare your luxury property with three other similar homes sold within the past three months. By examining and comparing, a real estate agent can come up with a price point that is strategic and competitive so that it can attract many potential buyers and even get offers. However, if your home does not sell after three or four weeks on the market, consider speaking with your real estate agent to determine the next course of action.

Sometimes even against our best efforts, a home still does not sell. There can be many reasons, such as a challenging real estate market, lousy timing or pricing, or bad luck. The first thing you need to do is to determine why your home is not selling. By identifying the problem, you can then take the necessary steps to fix it. You can also offer incentives, update the listing, and improve your curb appeal. Consider offering an ornately decorated mirror in the foyer or a fabulous piano to help sweeten the package. You can also enhance your curb appeal by adding beautiful potted plants or repainting the front door to help give your home an extra edge. Then, you can update your listing with these extras to entice home buyers to make an offer.

The key to successfully navigating a buyer’s market as a seller is to create an appealing and captivating space. The way to do that is by staging. Staging is necessary because it allows homebuyers to be able to visualize their future lives in your home. From enjoying the panoramic views of the tranquil Hudson River from a spacious condo with sleek lines to lounging on the comfortable sofa in front of an ornately decorated fireplace, home buyers need to be able to see themselves in your home. Cleaning and decluttering is the first step to staging your home for success. Consider hiring a professional cleaning company to do an extensive cleaning of your home. You can then perform regular spot cleanings until your home sells. Afterwards, you need to rearrange furniture and decor to capture your home in its best light. Whether selling Greenwich real estate or a home in West Village, you can sell quickly by creating an enchanting space that will enthrall home buyers!

Considering buying or selling a home in New York City? Then, schedule a consultation with Andrew Azoulay, who can streamline the real estate process while offering guidance on everything from marketing to negotiating. Andrew can help you find your dream home or sell one for top dollar in America’s favorite city!