Frequently Asked Questions
Seller Edition
General
How much do real estate agents charge in NYC?
Commissions are not set by law and are subject to negotiation.
What does the NAR Settlement Mean for Home Sellers?
Best way to sum it up: Transparency.
The settlement emphasizes the need for clear, understandable language regarding compensation and mandates that offers of compensation to buyer’s brokers cannot be made via MLS, and soon, the RLS. It also eliminates any requirements for listing brokers or sellers to make compensation offers to buyer brokers. This clarifies that such practices, while perhaps customary in some areas, were never officially mandated.
The settlement aims to ensure that commissions are negotiated fairly and transparently.
What’s the Difference Between a Seller’s Market and a Buyer’s Market?
In a seller's market, demand exceeds supply, giving sellers an advantage. In a buyer's market, there are more properties available than buyers, giving buyers negotiation power. Understanding the market conditions can impact your selling strategy.
What are the typical closing costs for sellers in NYC?
Closing costs usually run between 8% to 10% of the sale price. This covers the broker's fee, transfer taxes, legal fees, and any building-related costs.
What's the current state of the local real estate market?
Subscribe to our Monthly NYC Market report.
Prop. Related Questions
What’s the best time to sell my home in NYC?
Traditionally, Spring and early fall are typically the best times to sell, as the market is more active. However, with the right strategy and agent on your team, you can sell successfully year-round.
Can I Sell My Property with a Tenant in Place?
Yes, but landlords must comply with local rental laws and provide proper notice to tenants.
How long does it take to sell a property in NYC?
On average, it takes 2 to 6 months, depending on the market and property type. Pricing it right can make a big difference in timing.
Should I Stage my Property?
It depends. Staging isn’t required, but it can make your home more appealing and help it sell faster, often at a better price.
Should I make repairs before listing my home?
Small repairs and touch-ups can make a big difference in buyer perception and can often lead to higher offers. I’ll advise on which improvements are worth it.
Do I need board approval to sell my co-op apartment?
Yes, co-op buildings in NYC require board approval for any sale. The board typically reviews the buyer's financials and other relevant information before granting approval.
What if my property doesn’t sell?
If your property isn’t selling, we’ll reassess the pricing, marketing strategy, and condition of the home to find ways to make it more appealing to buyers.