Get a Good Offer on Your NYC Home

Today's real estate market is one for the books. Over the past year, CoreLogic reported that homeowners in the country gained an average of $55,300 in home equity. This came amid rising home prices, especially in the country's largest metros. 

In New York City, property values continue to surge as remote workers return on-site and more people are migrating from the West to the East. Seeing this situation, homeowners have more than enough incentive to get their homes listed on the market.  

Let's look at the numbers:

• According to Norada, listing inventory in the Big Apple dropped for the fifth consecutive month. Citing figures from Douglas Elliman, the supply of available homes fell below pre-pandemic volumes in December last year.

• In an article on CNN Business, the local real estate market will continue to favor sellers as bidding wars and higher prices are expected to persist for the better part of 2022.

With these factors in mind, sellers should expect to get multiple offers on their homes. Motivated buyers will try to outbid each other to secure what little inventory is available. 

If you are planning to sell your NYC home this year, you are more likely to get offers that could rise above your asking price. At some point, you might be tempted to accept the highest possible offer on your home.

But let me give you a piece of advice: If you are going to choose the best offer, look beyond the price. Let me tell you why.

Make Your Pick: Factors to Consider When Choosing an Offer

Even if a buyer makes a high offer on your home, they could add numerous contingencies that you need to satisfy to close a deal.

Contingencies are conditions that buyers required sellers to meet before finalizing the purchase. Using contingencies, buyers could negotiate a lower price or back out from the transaction if the actual condition of the home doesn’t match the price it’s selling for. 

So, when a buyer makes a high offer on your home, you will have to consider the types of contingencies that are included in the offer. The buyer may keep a home inspection contingency to make sure they won’t shoulder any costly repairs. 

Then again, if you have a tight timeline for selling your home, agreeing to a home inspection might not be the best option. Depending on your needs, you might as well move along even if the offer is set far above your initial asking price. 

Not all contingencies can inconvenience sellers. For buyers looking to move fast in a highly competitive market, they could opt to include a financing contingency. This allows them to lock in on a home and set a specific timeframe for obtaining financing.

If the deadline for financing lapses, the buyer could either close the deal or back away without having to face any legal consequences, but you still get to keep the deposit. 

So, when picking the best offer for your home, you need to look past the numbers and know what levers to pull.

To get the most out of selling your NYC home this year, you only need to lean on an experienced real estate professional.

Let’s connect and I can help you make the right decisions when it comes to listing, negotiating, and closing the best deal for your home. 

Call me at 917-627-5677 or send an email to ehaliva@elliman.com and let’s get started.

Talk soon,

Eli