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How Much is My Apartment Worth in NYC? https://www.hauseit.com/how-much-is-m...

Setting your initial asking price is the most important decision you will make as a FSBO seller in NYC. The volume of buyer inquiries you receive, how quickly you sell and whether you sell at all is directly related to the initial pricing of your property.

Whether you are listing with a full-service agent or selling FSBO, starting with an unrealistic price can cause permanent and irreversible damage to your overall sale efforts. This is because momentum and traffic are the highest in the first few weeks after listing. Reducing your asking price later down the line won’t have the same effect as going to market with accurate pricing from day one.

Just remember: buyers in NYC are smart and they will not overpay for a property, regardless of what personal justifications you have for your asking price. Your asking price must be 100% justifiable when compared to the prices of competing listings and recently sold properties.

Overpricing your home in a sluggish or falling market is especially dangerous. This is because new, less expensive inventory will continue to hit the market after you’ve listed and undercut you on price. Unless you make swift and decisive adjustments to your asking price, your listing will always be uncompetitively priced.

Here are some factors for you to consider when identifying comparable transactions and pricing your home:

Neighborhood

Each neighborhood in NYC has its own pricing ecosystem which means that the comparable homes you choose to analyze must be in the same neighborhood as your property. If you are selling an apartment in a larger complex, you should be focused on the comps within your building.

Home Pricing Analysis & Comparative Market Analysis (CMA) Samples: https://www.hauseit.com/forum/forum/b...

Price Point and Size
Layout
Building Type
Floor and Exposure
Condition
Monthlies
Age of Comparables

If you’d like a professional pricing opinion, you may wish to consider Hauseit’s 1% Full Service Listing Option. A Flat-Fee Broker Consulting Package is also available if you’d like to continue selling FSBO but would value an independent, professional pricing analysis.

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