3 Tips for Selling Your Townhouse in the Fall
If you are thinking about listing your townhouse or carriage house for sale this fall, here are a few things you should keep in mind. (This advice is for resales only, not for selling speculative development townhomes.*)
Be objective – Evaluate the competitive listing inventory objectively with the help of an experienced real estate broker. Chances are, you are emotionally attached to your home, which is understandable. Unfortunately, buyers don’t necessarily feel the same way you do. They are probably looking for a place to forge their own memories and will most likely want to make some improvements to suit their own tastes and needs. Instead, focus on the metrics an appraiser may use: property width and overall size, curb appeal, location, condition, and how recently a comparable property has sold. Closed sales outside of a six to nine month window of time may not reflect current market conditions. Remember, the Brooklyn townhouse market isn’t an “apples to apples” marketplace. Be realistic, make objective adjustments when pricing your home.
Have a listing strategy – The fall selling season is shorter than the spring. If you truly want to sell, it’s best to have a thoughtful pricing plan in place that includes a pricing adjustment schedule, so you don’t find yourself without any interest once the holidays roll around. The pool of buyers for luxury brownstone Brooklyn properties are sophisticated and typically well represented with their own experienced real estate salespeople. If your expectations deviate too much from theirs, your property may sit. Time on market above the average number of days for similar homes is usually not a seller’s best friend. You can stay ahead of the game by consulting our quarterly market report.
Remember, agents sell property, not their firms – All real estate agents are not created equal and with today’s technology, the playing field is more level than ever for capable agents, regardless of the size of their firm. When choosing a real estate agent to sell your home, understand how they specifically plan to market your home. Some brownstone Brooklyn neighborhoods currently have an elevated supply of inventory (e.g. Brooklyn Heights.) How will your agent differentiate your home amongst the comparable set and within their own book of unsold properties? Our measure of a successful agent is not made by counting their current listings, but rather, their closed deals, the time they took to get those listings into contract, and whether or not substantial adjustments in the asking price were needed to get the property in contract. Don’t be swayed by pie-in-the-sky asking prices. Focus instead on the agent’s willingness to go the extra mile to get your deal done.
* If you are a real estate developer and want advice on how to market and sell your speculative townhouse development, please reach out to Donald directly. He will be happy to provide you with a complimentary pricing and sales strategy for your consideration.