With spring just around the corner, it’s not surprising that many homeowners are mulling over whether or not they should put their homes on the market. Trying to figure out if you should sell your apartment in NYC? Here are a few factors that you should consider when making your decision.

Do you need to make improvements to your home in order for it to sell at the price you want? Can you afford the changes?

Your agent can recommend contractors to give you an estimate for various home repairs and improvements.

What is the market value of your home, in its current condition?

You should bring in an real estate agent at this point to price your home, based on recent and current sales in the area.

What’s your reason for selling?

Do you want to cash out of your home because the market is hot? Do you need more space? Or do you no longer need the space you have? The answer to this  question is important because it will inform the next question which is…

What’s your plan for what happens next and how much do you need to make your next steps happen?

Are you going to rent or buy? If you want to buy, can you buy without the money from your sale or do you need the sale for your down payment?

You need to know the answer to this question before you list your apartment, especially since you could end up getting a great offer on your apartment much faster than you anticipated. You need to be ready to move.

How much would you likely make from the sale of your home?

Need help figuring this out? Here are some handouts that cover estimated closing costs (this one is for co-ops and this one is for condos and single/multifamily homes).

Finally – and most importantly – are you emotionally ready to move on to your next steps?

No matter what the numbers say, ultimately you have to do a “gut check” here and ask yourself if it’s really the right time for you.

Have more questions about possibly selling your home? Feel free to contact me – I’m always happy to help!

Nikki R. Thomas
Licensed Associate Real Estate Broker
The Corcoran Group
212-937-1647
nikki.thomas@corcoran.com