Buying/Selling? What you need to know!
MARCH 11, 2015 WRITTEN BY  
MARYANN PETERS
Normally, winter is the slow period for real estate transactions. Despite the snow and bitter cold days, the market in Manhattan was quite active. My company processed a record number of transactions during the winter of 2014 - 2015. The outlook for continued growth is strong based on the number of inquiries we have been receiving from new clients. Given the super active market for NYC real estate right now, I have compiled a few helpful tips for those who are either buying a new home or wish to sell their current home. Having a game plan on either side of the transaction can make the process much easier.

From the buyer's perspective, the task can be daunting. Deciding on price point, preferred neighborhood(s) and desired transportation options are some of the many issues buyers face today. As the market has continued to march ahead, some buyers have found a dream home only to be outbid on the property in the final stages. In terms of the process, I have my buyers get their financial affairs in order first, as this will allow for a more structured and seamless home search. Having a mortgage pre-approval or better yet, a mortgage commitment, is what I recommend to my clients when we start the process. Next, decide on what neighborhood fits your needs. Research the various neighborhoods as there could be many hidden opportunities just a few blocks away from your initial search area. The spring is when sellers decide to put their properties on the market and if history is any barometer, there will be a multitude of offerings once the weather starts to warm up a bit. Although this gives the buyer more options to choose from, most buyers typically come into the market in the spring as well, so there will be a surge of competition for these new listings. Families with school age children are also part of the mix, as the desire to be settled before the fall school season is a major impetus for them. I tell my buy side clients to prepare a "wish list," so I can take that list and research the various offerings within their desired parameters. Then, using bespoke sale comparisons I create using recent sales of similar properties, I guide the buyer to make realistic choices that fit their budget. Being organized at the outset will make the search easier and less stressful.

From the seller's perspective, my mantra to clients wanting to list a home is to have their home in showcase condition. That means to have the home decluttered, clean and ready for showing. Many people hold off on listing during the winter months for the sheer reason of not having to deal with snow and rain being trudged in throughout their home and not having to vacate the premises in the cold when a prospective buyer arrives. When listing a home, a realtor's job is to get the property in front of as many eyes as possible. Advertising plays an important role in the sales process. Wording an ad properly is key to getting those eyes focused on your home, as well as having professional photos that showcase your home in an appealing manner. What attracts most buyers to an ad are certain 'buzzwords' that give an enticing view of your home. For Manhattan, the availability of storage, closet space, building amenities, and proximity to transportation are major draws for buyers. Upgraded kitchens and baths are also a plus. Highlighting the neighborhood one lives in and what makes it special also help to attract potential buyers. A realtor's job when listing a property is to give the seller a realistic expectation in terms of pricing. Pricing is done through recent sale comparisons, but it is not the only variable. Pricing too high may result on the property sitting longer than expected. A seller must have a goal in mind as to what they can achieve from the sale. My job is to help the seller realize that goal by using a fair and comparative pricing mechanism.

So, spring is around the corner and from all indications it will be a very active season. Mortgage rates are still low now, but the finance world is predicting an increase in rates in the coming months. If you are in the market to either sell or buy, give me a call to help you navigate the process and achieve your goal!


ABOUT THE AUTHOR
Maryann Peters
mpeters@lgfairmont.com
(917) 829-1499
Maryann Peters has been personally buying and selling properties for over 35 years, so the transition into real estate sales was a seamless one. Being on both sides of...
Maryann Peters has been personally buying and selling properties for over 35 years, so the transition into real estate sales was a seamless one. Being on both sides of the transaction, Maryann brings a unique skillset to the table that few agents in the industry can...
Read More
Contact Maryann
Contact Maryann