Guide to Selling a House in New York City

Save All 6% in Broker Commission When You Sell: https://www.hauseit.com/agent-assiste...
Save 2% When You Buy a Home: https://www.hauseit.com/hauseit-buyer...

The Complete Guide to Selling a House in NYC

We’ll demystify the following topic in this video. My name is Chris at Hauseit. Hauseit is the largest Assisted FSBO and buyer agent commission rebate company in NYC, established 2014.

Selling a house in NYC can be a daunting prospect. Where does one start? We’ll teach you in this comprehensive primer how to sell your house in New York City without breaking a sweat.
We’ll take you from an initial analysis of whether you should actually sell your house all the way through to closing day.

Should I Sell My House in NYC?

Before rushing to sell your house fast, take a moment to reconsider your reasons for selling a house in NYC.

New York City has long been the nation’s greatest and most valuable real estate market.

With the foresight of great mayors like Bloomberg and Giuliani, New York City has truly branded itself as a global destination for jobs and capital.

As a result, NYC has seen dramatic rises in property values over the past few decades which is not expected to abate anytime soon.

So why do you want to sell and miss out on owning a piece of the Big Apple?

Common reasons for wanting to sell a house in NYC are job changes or needing more room for a growing family. Perhaps that starter apartment is starting to look small with a second child on the way.

Often times, working New Yorkers will not have enough capital or borrowing capacity with their mortgage broker or bank to own two homes at the same time. Very often, a family may not necessarily wish to sell their own house, but they need to in order to be able to buy a new home in NYC.

If you are relocating within the city and can save up enough for a down payment to buy a house in NYC without selling your old home, then you should definitely consider this route.

Not only will you save on closing related NYC real estate taxes, you’ll also receive all of the tax benefits of being a property investor such as being able to take a paper loss via depreciation. Plus, all of your business expenses and taxes for the investment property will be tax deductible against your investment property income.

Pro Tip: Move out and get a signed lease on your existing house first. Perhaps you can move in with your family for a few months while searching to buy a house in NYC to move into. When you apply for a mortgage, your bank may consider your lease income on your existing home for debt-to-income (DTI) ratios. This may negate the effect of you already having a mortgage on your existing home.

Selling a house in NYC may make complete sense if you are moving out of the city and you don’t plan on playing property manager remotely.

Nothing can be more annoying than receiving a call from a whiny tenant late at night about a clogged drain. Tenants can be especially troublesome if you are selling a house in NYC vs selling an apartment in NYC.

Condo and co op apartment owners are only responsible for the interiors of their units, and they can rely on a building superintendent to help as a handyman.

Not so if you own a house or multi-family property in NYC. You’ll be responsible for the entire building, so if a boiler starts leaking or the roof gets cracked, it’ll be entirely on you.

Do you have the expertise, time and money to handle such issues? If not, selling a house in NYC may indeed be the best option.

Cost of Selling a House in NYC

The cost of selling a house in NYC can stop many a home owner cold in their tracks. They probably didn’t think too much about the typical real estate commission in NYC when they originally purchased, because buyers never have to pay broker commissions.

In fact, as the original buyers of their property they probably didn’t even bother to think about who pays for a Realtor when you buy a house.

Unfortunately for home owners in NYC, real estate broker commissions are usually the single largest closing cost they will face at 6% of the sale price.

However, home sellers can save on their NYC closing costs through an Agent Assisted FSBO listing if they have time to show their own homes, or a 1% for Full Service listing if they are too busy to show their own homes.

Other major closing costs for sellers in NYC include the NY State and NYC transfer taxes which can add up to almost 2% of the sale price. A real estate attorney will be required as well to help you negotiate and review the purchase contract with the buyer’s attorney. An attorney will set you back $2,000 to $3,000 on average.

Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
_
#hauseit #hauseitnyc