What to Know About Selling a House in New York State
Disclaimer: As a friendly reminder, this blog post is meant to be used for educational purposes only, not legal or financial advice. If you need assistance navigating the tax implications, disclosures, or legalities of selling a house in New York State, HomeLight always encourages you to reach out to your own advisor.
Looking to sell a home in New York State? In a shifting housing market, the prospect of entering into a major real estate transaction can seem daunting — especially if you’re unsure about the steps involved. By learning as much as possible about the process and knowing what to expect, you’ll be much better positioned to have a smooth, successful New York State home-selling experience.
How should I price my New York home?
Obviously, every seller wants to get the highest possible price in the shortest amount of time — so what’s the best path to get there? If you’re selling on the open market in New York State, choosing the right price is one of the most important steps.
In the current shifting market, top real estate agent Sharon Quataert, who works with over 85% more single-family homes than the average area agent, says one of the biggest mistakes sellers can make is to overprice.
In her market — Monroe County in upstate New York — Quataert says they haven’t seen as much of a downturn as other areas. A single-family house in Monroe County is selling for a median price of $228,450 as of April 2024, which is 11.4% more than the prior year.
This may lead some sellers to assume they should escalate their asking price, but Quataert has seen that strategy backfire.
“Because there is still high demand and sellers assume that buyers expect to pay over list price, that may lead sellers to price too aggressively,” she explains. “But this can lead to a house taking too long to sell.” Instead, she says it’s best to price a home at the market value to attract more buyers, and then multiple bids could potentially drive up the ultimate sale price.
Top agents agree that it’s important for sellers to be realistic about their home’s value. Overpricing your home will make it harder to sell, while underpricing it could see you leaving money on the table. The best way to determine an accurate price is to partner with a real estate professional, such as an experienced agent or home appraiser. They will be able to give you a realistic idea of what your home is worth in the current market.
Dennis Shirshikov, Vice President at Summer, a real estate company focusing on vacation rentals, says sellers are better off pricing a home a little lower and attracting some extra bids. “You’re not obligated to even accept, and the lower price does the marketing for you,” he points out. “On the other hand, if you overprice a property, it will get lost in the shuffle and you’ll get a bunch of people trying to lowball you for it.”
An experienced real estate agent can help you price your home through a comparative market analysis, or CMA. This is a report that agents use to calculate the value of a home by evaluating its size, location, features, age, and other details in relation to similar nearby properties that have recently sold.
Curious about what your home might be worth right now? HomeLight’s online Home Value Estimator tool can provide you with a preliminary estimate of your home’s worth.
