Turns out that listing a home in the winter is not that bad of an idea. The CEO of redfin went and did some data digging and found that winter time is not a slow time. From the related article in the New York Times:

But instead of relying on “old rules of thumb,” superstition or real estate decisions “driven by emotion,” he said, he surveyed sales of more than 750,000 homes nationwide over a year. Mr. Kelman’s assumptions turned out to be untrue. Winter, his data showed, is the best time to sell. “People who list in winter have less competition,” he said, citing results released last month that define winter as December through February. “There is such a trickle of inventory that each one gets more attention.”

Lest you think that the suburbs, or worse, California, is just, well, different than Manhattan, appraiser-extraordinaire Jonathan Miller did his on data digging for Manhattan. There is some subtlety however:

By this reckoning, Mr. Miller said, the best time to list a home is “at the tail end of winter, just before the spring sales rush.” Locally, listings introduced in March sell the fastest, and March is also the month when most listings are introduced to the market. Based on the number of contracts signed each month, “ the spring is still the ‘Super Bowl’ of annual real estate sales,” Mr. Miller said. “June is the top month,” he said, for the number of contracts signed, “with March being the month that results in the shortest time on the market.” Homes put on the market in October take the longest to sell.

There are some other juicy tidbits in the article. Check it here.

When selling a New York City home, we recommend having at least two different agents give you listing presentations so that you can compare and contrast styles and opinions. Here’s what you want to know before you make a decision.

Agent overview

1. Tenure in profession. How long have they been selling New York City homes?
2. Sales history: number of sales, dollar volume, number of sellers he/she represents as compared to number of buyers
3. Why you? What do you offer that is different from other agents?
4. If you take vacation, how do you handle your listings?
5. How do you communicate with your clients? Electronic? Calls? What regularity?

Firm overview

1. History of the agent’s firm
2. What is the firm’s unique position and how will that benefit the sellers?
3. How does the firm reach the local market? How many New York City homes are they currently marketing?
4. How does the firm communicate with the brokerage community?
5. When does the firm co-broker its listings?

Market overview

1. Current state of the market
   1. Discuss inventory of New York City homes on the market, sales velocity and pricing trends
   2. Breakdown of properties within the price/size segment
2. New York City home market outlook
   1. Understanding that no one has a crystal ball, it would nonetheless be helpful to hear future predictions

Your property and pricing

1. Marketing and media strategy
   1. Who do we need to reach? How? Why?
2. Pricing
   1. Comparable sales and comparables currently listed or in contract
   2. What could be done to improve pricing, value of targeted renovations, if any. Above everything else, accurate pricing is paramount in selling an apartment. It is important for the agent to present a coherent plan as to how to best position your home on the market. They should be able to defend their pricing estimates with specific examples and articulate the types buyers they will target and how they will be reached.

Another purpose of the listing presentation is just to see how your respective personalities fit together. Can you work with this person? Do they click with you? Even if an agent is a top professional, their personality may just not suit yours. Since you will be in constant communication with your agent (or at least should be) and will be relying on them in potentially stressful situations, make sure you select someone you both like personally and trust professionally.

For independent reviews and profiles of top agents who know the ins and outs of selling New York City homes, visit TopAgentGuide.com.

Selling your home has tremendous financial implications. Owning a New York City home typically is an individual’s single largest investment, so it is critical to be well represented and well prepared when selling.

The following steps will help make selling your New York City home as effective and efficient as possible.

1. SELECTING THE RIGHT AGENT TO SELL YOUR NEW YORK CITY HOME

When hiring a real estate agent to sell your New York City home, do your homework. Think of this as a job interview – with you doing the hiring. Be certain to choose the right person to represent you and your New York City home. You should expect professionalism, superior customer service, market knowledge, honesty and integrity from your real estate agent. Questions you should ask potential agents:

• What is the current state of the market and how does that affect my property? Please provide statistics to support your opinion.
• What are the current trends in the marketplace? Is it a buyer’s or seller’s market? What is the inventory? Has it changed over the last year? What does that mean to me?
• What’s the future market outlook for New York City homes? Is now a good time to sell? How established is your firm? How is your firm different from all the rest?
• Why should I work with you? What is your background? Please differentiate yourself from your competitors.
• Do you take weekends off? Will you show my home at 7:00 AM and at 8:00 PM? What do you do when you have a scheduling conflict?
• What type of buyer do you plan on targeting for my home?
• How will you reach them? Will you create a marketing plan specifically for my home? What will it look like?
• How will you price my home? Provide a comparable market analysis to defend your pricing.

2. MARKET ANALYSIS AND PRICING STRATEGY

An agent should provide you with a comparative market analysis (CMA) which will consist of similar New York City homes currently on the market, those recently sold and closed, and those in contract. All homes used in this comparison should be comparable to yours in terms of location, size and type (co-op or condo). This is the basis for your pricing strategy. You might even want to visit other homes on the market against which you will be competing. Look at them objectively and through a buyer’s eyes.

Pricing a New York City home is not an exact science. The market place will ultimately tell you what your home is worth; however, pricing accurately typically will generate the most interest in your home which will enable you to achieve the highest price. If an agent asks you “what do you want for your home?” and relies on you to price your home, then the agent probably is not right for the job. You will do yourself a terrible disservice if you have an agent who tells you what they think you want to hear. Carefully watch the market’s reaction to your home’s listing in the initial few weeks of marketing. If there are no offers after 12 to 20 showings, then a price adjustment may need to be made. Find an agent you trust, ask lots of questions, but do not forget to listen.

3. SIGNING AN EXCLUSIVE AGREEMENT

Sellers can give the exclusive right to sell a New York City home to one real estate firm and to a particular agent at that firm. Your home then becomes that firm’s exclusive “listing.” You enter into a formal contract stating offering price, length of listing agreement with the brokerage firm, commission, etc. If you hire a firm on an exclusive basis you have the right to expect that the agent you choose from that firm will be your “point person.” They will market your New York City home, arrange all appointments, handle negotiations and oversee the board process (in the case of a cooperative).

The firm with your exclusive listing should immediately co-broke your listing with all of the other brokerage firms in the area. Co-brokering is the process by which real estate firms share their exclusive listings with other firms in their market. This will ensure that your home is exposed to as many buyers as possible. In New York, if the listing firm brings in the buyer to buy your home, they collect the entire commission. If another firm with whom they have co-broked brings the buyer, then the commission is divided equally between the two firms.

An open listing is a scenario in which you can list your home with as many firms as you like. You manage the process and you do not have an exclusive relationship with any one firm. The commission is paid wholly to the firm bringing you the buyer. The downside is, for the same amount of commission dollars, you are doing all of the work. There’s no one advertising your home, no one scheduling appointments and no one negotiating on your behalf.

4. MARKETING YOUR NEW YORK CITY HOME

For your New York City home to be marketed in the most effective ways possible, make sure that:

• Your property is co-brokered with every single real estate firm in Manhattan and will be made available to all 28,000 real estate agents licensed to do business here. In over 90% of sales, an agent other than the listing agent will bring the buyer. Therefore, it is paramount for your agent to reach those responsible for finding you a buyer: the brokerage community.
• Your listing is released immediately through On-Line Residential, REBNY (Real Estate Board of New York) Listing System and The Manhattan MLS, all services designed to communicate available listings with all residential real estate firms.
• Your property is marketed with professional floor plans, digital photos, virtual tours and printed promotional materials.
• Your agent schedules Broker Open Houses to inform and educate the brokerage community about your property.

While executing the marketing plan, your agent should be in regular communication with you to provide feedback on showings and changes in market conditions.

5. QUALIFYING  POTENTIAL BUYERS

Your agent should be vigilant in ensuring that all potential buyers are financially qualified to purchase so as to minimize wasted traffic through your home. Your agent should be comfortable asking the necessary questions.

6. RECEIVING AN OFER AND NEGOTIATING

Offers are made verbally between buyers and sellers of homes in New York City. Your agent has a legal obligation to present all offers to you. A buyer will place a bid or offer on your New York City home either to your agent or to you directly. Once an offer is received, your agent should discuss with you not only price, but also the other terms and the qualifications of the potential buyer such as likelihood of closing, closing date, etc. An offer means nothing if the buyer is not qualified to purchase or pass the Board (in the case of a co-op).

You may “counter” the offer thereby beginning the negotiation process in which both parties agree on the price, terms, and closing date. Be certain you feel comfortable with the negotiation skills of your broker. This is where you want the best protection possible!

7. PREPARING THE CONTRACT OF SALE FOR A NEW YORK CITY HOME

A real estate attorney is required in all property transactions for New York City homes. Contact an attorney familiar with real estate in Manhattan to represent you. Once you have come to terms with a buyer, your attorney will begin preparing a contract of sale.

After the buyer’s lawyer concludes that the building’s financial condition is satisfactory, and that the by-laws of the building and contract of sale are acceptable, the buyer’s attorney will allow the buyer to sign the contract. At that time the buyer will usually be required to present a deposit of 10% of the purchase price. The contract plus the deposit will then be forwarded to your attorney for signature. The deposit will be held in your attorney’s escrow account until closing. It is important to note that until the contract has been delivered and signed by all parties, you can still entertain and accept other offers.

If financing the purchase, the buyer should move forward with his/her loan application. It is advised that the buyer pre-qualify for a mortgage prior to beginning the housing search.

8. THE BOARD PACKAGE

By now, the buyer will have received the board requirements and application materials from their real estate agent. The application materials can be similar for a cooperative and condominium. The buyer will need to complete all of the required materials which typically include: an application, a financial statement signed by a CPA, all requisite support for your financial statement, three years of tax returns, bank statements, letters of personal and financial reference, letters of professional reference, the contract of sale, bank documents indicating that your loan is in place (if financing), etc.

While the buyer’s agent will actually prepare the package, your agent should work with the buyer’s agent to ensure that the best possible board package is prepared and submitted to the Managing Agent for review. When the “package” is finished, it will be forwarded to the building’s Managing Agent for review. Once the Managing Agent determines that the buyer’s application is complete and all credit checks are approved, the package will be forwarded to the Board of Directors.

9. APROVAL FROM THE BOARD

In the case of a New York City home that is a co-op, if the board package passes “muster,” the buyer will be invited to meet with members of the board for an interview. Afterwards Managing Agent will generally inform your broker when the potential buyer has been approved, or not, by the Board. After approval by the Board, all parties are ready to begin planning for a closing.

In the case of a New York City home that is a condominium, there is generally no formal interview. The buyer’s application will be reviewed, and if all required materials are included and in order, an approval is typically granted. The entire process can move quickly in a condominium, and assuming a loan can be secured in a timely fashion, the process can move from contract to closing in about 60 days. The cooperative process is more involved and may take longer than 60 to 90 days.

10. CLOSING

The Managing Agents, banks, attorneys, buyers and sellers will all work to coordinate a time and place for the closing. Generally, if all parties are ready to close, a closing can be scheduled within two to three weeks of board approval, if not sooner.

For independent reviews and profiles of top agents who know the ins and outs of selling New York City homes, visit TopAgentGuide.com.

Here are some tried and true tips & tricks on how to improve the look of a Manhattan home for sale. Added bonus: your Manhattan home will look nicer for you too!

1. Scrub everything until it sparkles.
2. Wash all the windows. The windows of Manhattan homes collect quite a bit of dirt quickly–a cleaning will quickly make a big difference.
3. Remove and repair all signs of water damage, mildew and other deterioration. Manhattan homes don’t typically get too much water damage, but since they are smaller than other homes, it’s hard to hide anything!
4. Repair holes and cracks in the ceilings. A Manhattan home with a ceiling crack is a huge red flag as it could indicate a large structural problem.
5. Repaint colorful walls with a commercial double coat of flat white and ceilings with eggshell white.
6. Repair existing wallpaper. Better yet, take it off and paint the wall a flat white. Manhattan homes show best when they are clean and simple.
7. Repair or restore existing floor surfaces. For a Manhattan home, it is a relatively cheap improvement that makes a huge difference. When in doubt, go hardwood.
8. Re-grout wall tiles.
9. Clean floor-tile grout with a mild muriatic-acid solution.
10. Restore or repair existing bathroom fixtures. Even if it sounds expensive, the cost of new fixtures relative to a boost of enen 1% in the sales price of a Manhattan home is insignificant.
11. Add a new shower curtain, rod, and hooks.
12. Repair or renovate kitchen cabinets, making sure all doors and drawers work.
13. Increase existing lighting. Replace old ceilings fixtures, increase bulb wattage and clean windows thoroughly.
14. Eliminate odors. Remove the garbage and any kitty or litter box, as well. It’s unusual for a Manhattan home to have pets; any odor will really stand out.
15. Conceal odors. Bake a loaf of bread, boil some cinnamon or set out flowers or potpourri.
16. Expand bathroom size with visual ploys. For example, install a mirror opposite the medicine chest.
17. Expand closet size with visual ploys such as thinning out the clothes.
18. Expand size of other rooms with mirrors at ends of hallways, in corners and adjacent to windows. For Manhattan homes, such tricks are practically indispensable.
19. Replace all lightswitches and outlet covers. It’s very cheap and makes a quick difference.
20. Pack up any clutter and put in storage. If you are serious about selling a Manhattan home, it’s often best to find a storage center nearby and get the piles of “nostalgia” out.

For independent reviews and profiles of top agents who know the ins and outs of selling a Manhattan home, visit TopAgentGuide.com.

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1. Identify a buyer’s broker. Typical time frame: varies. The first step is to find a trusted New York City real estate broker that knows intimately knows the market and real estate purchase process. TopAgentGuide.com can help by providing objective reviews and profiles of New York City’s top real estate brokers, sorted by the neighborhoods, languages, and niches in which they specialize. Having a top professional representing you removes much of the risk and stress of buying a home. Top 10 reasons to hire a top real estate agent.

2. Seek pre-approval for a mortgage. Typical time frame: same day to two days. You must know how much you can spend before you can spend it.

3. Find an apartment and place an offer. Typical time frame: varies. Some buyers need to see many possible choices before making a decision, while others need only see a few. When you have found the right property, your agent will convey your offer to either the seller’s agent or to the seller directly. Offers are made verbally in New York City. The seller may “counter” your offer thereby beginning the negotiation process in which both parties agree upon price, terms, and closing date.

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