Its Not Listed But It is Definitely For Sale

Today's NYTimes Real Estate section has a great article on the fine art of 'deal-making' for property in NYC.  The full article can be found here:  http://www.nytimes.com/2011/05/01/realestate/01cov.html

There are some great observations about the current market.

• Current inventory is low on properties that are priced right 
• Successfully selling a home requires commitment and engagement from the home owner
• Seller's need to have their basic concerns about listing a property addressed
• Fear that their apartment will be considered tarnished if it lists but does not sell for weeks or even months. 
• Fear of being inundated with low-ball offers from buyers seeking bargains.
• Hassle to keep their home primped and primed for constant showings. 
• Fear of wasting months because a buyer fails to get financing

If you're thinking of selling a home, keep reading after the jump for practical tips to address each of  concern.






I think the article did a great job of presenting several different perspectives on the pluses and minuses of pocket deals.  Whatever your perspective on pocket deals, the discussion calls out a few basic ways to make both the decision to sell and the processing of selling easier.  


It is often said that buying or selling a home is one of life's more stressful experiences.  It is an event in life that requires new experiences, accepting different opinions, and sometimes confronting fears.  


Once identified, these fears about selling may be tamed.  Here's a few tips for addressing some of the  fears of a seller mentioned in the article.

• Fear that their apartment will be considered tarnished if it lists but does not sell for weeks or even months. 
• Tip:  Ask how long, on average, a property similar to yours stays on the market before going into contract.  Are you prepared to wait that long?  A price slightly lower than the current average may generate more traffic and a quicker sale than the average.  
• Fear of being inundated with low-ball offers from buyers seeking bargains.
• Tip:  Agree on a pricing strategy with your agent.  Make a plan with your agent for handling low offers AND agree on a date to revisit the plan.
• Fear of the hassle to keep their home in show condition.
• Tip:  Understand your responsibilities as a seller.   Make a checklist to prepare for a showing.  Consider thinning personal effects and keeping them into storage during showing season.
• Fear of wasting months because a buyer fails to get financing
• Tip:  Review all aspects of an offer.  Consider the strongest overall offer rather just the highest offer price.  

I also believe the article also illustrates how expertise and knowledge that come from a relentless and dedicated focus on a specific part of the market (e.g. the building, the neighborhood, the layout, or the price point) can be a competitive advantage.