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Negotiating Tips for Sellers: Part 2

Now that you’ve received a serious offer on your home and you and your potential buyer have started negotiating over its price, here are three next-level tips that will help you secure the best deal possible:

1. Counteroffer with emphasis. There are a few ways to do this, but one way I recommend is lowering your list price. This not only creates a binary dialogue with your potential buyer, but it also creates more competition for them because it shows that you’re willing to make a deal at that threshold.

The only reason not to do this is the fear of missing out. In other words, you think another buyer might swoop in and offer you full price. Here’s the thing, though—if two or three weeks have gone by and that hasn’t happened, it probably never will. If you don’t want to counter by lowering your price, you can also create scarcity by telling the buyer that you’re talking to many other parties.

2. Find out what else is valuable to the buyer (other than price). When you know what’s important to them emotionally, you can build on that and have a more collaborative negotiation. For example, let’s say their monthly mortgage payment is important to them. If you asked for $1 million and they offered $900,000, you can tell them that if they’re willing to come up to $975,000, you’ll pay a certain number of discount points that will lower their monthly payment.

"Negotiation isn’t about giving in; it’s a dynamic process where many other factors besides price are discussed."

3. Remember that they need you too, so don’t give in. Negotiation isn’t about giving in; it’s a dynamic process where many other factors besides price are discussed. Buyers have to come to you. They want to come to you. If they want to buy your home, they understand they you’ll only sell it to them at a certain price and under certain terms. At the end of the day, for most real estate negotiations, the seller has more leverage than the buyer—especially in a market like ours.

Even in a soft market where a buyer might feel like they have tremendous leverage, they’re not going to buy a home just for fun. They’ll buy it because they need a place to live and they can see themselves living in your home—they just don’t want to overspend and feel like they’re losing money.

So counter with emphasis, find out what else is important to the buyer other than price, and remember that they need you and they want you to agree with them. If you do that, you’ll be more successful than if you just negotiate haphazardly.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Negotiating Tips for Sellers: Part 1

Welcome to the first episode of my three-part series on negotiating tips for sellers.

I’ve helped negotiate thousands of transactions, and over the last two years, I’ve maintained a track record of earning sellers 100% of their asking price.

If you’re interested in achieving this kind of success for your own deal, simply follow the tips in this series. For this installment, we’ll be covering three beginner-level tips:

1. Create scarcity. Treat your property like the only diamond available in a market full of coal. Make sure buyers know that your home is a fleeting opportunity and that if they don’t make a move, someone else will.

 

"Sellers should pause after they receive an offer so that the buyer becomes more invested in the deal."

 

2. Price compellingly. Home price is not an exact barometer of value. Price is a marketing tool. You can get people to bid over asking price. In fact, between 15% to 25% of properties sell above asking price in New York City during any given month. We don’t live in a bazaar-style economy—many people would prefer to pay above asking price over haggling. You don’t necessarily need to underprice your home to achieve these results, but you do need to price it well.

3. Pause every time you receive an offer. There’s a French child-rearing method called “The Pause,” and this method can also be applied in real estate. Per this method, parents are encouraged not to rush to their child’s side when they hear them begin to cry. Instead, they take their time. This isn’t to say that the child should be completely ignored, just that parents should wait a moment before responding. When applied to real estate, the sellers must do the same. Sellers should pause after they receive an offer so that the buyer becomes more invested in the deal.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Part 3 of 3, Advanced Negotiating Tips for Buyers in NYC

Today, we’re excited to share the third and final installment into our series on negotiation tips for buyers. If you didn’t catch the first two installments, you can find part one here and part two here.

This time, we’ll be discussing three advanced negotiation tips for New York City buyers. If you are located in another market, though, feel free to reach out to me for more information about buying in your specific area. So, without further ado, here are today’s three tips:

1. Wait a week (or more) before following up on your offer. Not all brokers will tell you to do this, but, if done properly, this technique can help you add a lot of leverage to your position as a buyer.

 

"Citing recent statistics to support your offer will help show the seller the logic behind your position."

 

2. Reference a new development in the market. Decisions involving money tend to be emotionally driven, but citing recent statistics or data to support your offer will help counteract this by showing the seller the logic behind your position.

3. Renegotiate after the contract is drafted. The number you and the seller initially agreed upon isn’t set in stone. If you are in a strong enough position to do so, trying to renegotiate down to a lower price as you approach closing can be a very effective power play. Make sure when you counter back with your new price, though, that you let the seller know this new offer is final.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

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Part 2 of 3, Intermediate Negotiation Tips For Buyers in NYC

Negotiating in a real estate deal is no easy task, so today in part two of our series on negotiation tips for buyers, we’ll be covering even more tips for tackling this crucial point in the home buying process:

1. Work with trusted partners. When you make an offer, your chances of success will be vastly improved if you’re working with professionals who the agent on the other side of the transaction knows and trusts. Having trusted partners on your side will reinforce a sense of confidence within the seller, and confidence leads to a good price. A good lawyer, a good lender, and a good agent will all help you earn the best possible deal.

 

"To be an expert negotiator, you’ll need to know everything you can about the person you’re negotiating with."

 

2. Put yourself in the seller’s shoes. The key to your success as a buyer lies in understanding why the seller is listing their home in the first place. You may even want to go so far as to look up the seller on LinkedIn or Facebook. To be an expert negotiator, you’ll need to know everything you can about the person you’re negotiating with.

3. Remind them that you have other options. The seller needs to know that you’re ready to walk if they aren’t willing to meet you in the middle.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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3 Negotiation Tips for NYC Homebuyers

I’ve helped hundreds of people buy homes here in NYC, some for 15% to 20% below their asking price via negotiation. How do we do it? Here are three tricks of the trade:

1. The sellers and their agent should view you as trustworthy. In NYC, this is especially important. You do not want to set a paradigm of being adversarial. You want to be friendly and polite and for people to like you.

 

"Thinking outside the box is key."

 

2. Add value outside of the box. For example, we recently got a deal done where we donated a sum of money to the employer of one of the principals, who had a big charity. In donating $1,000 to the charity, we were able to come to an agreement over a price gap that was originally $70,000. Adding value in other ways besides price is huge. It could be anything from appliances to tickets to an introduction to a third party. That’s the secret to masterful negotiation: thinking outside the box.

3. Relate to the data. Why should this seller think they’re going to sell their home for more than anyone else ever has? Constantly reconnecting to the data that suits you is your friend.

When you’re negotiating, if you want to get the best possible deal, you need to do these three things. If you have any questions or would like to work with me and put my expert negotiation skills to work, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

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What Buyers Need to Know About Agency Disclosures

As a buyer, what do you need to know about agency disclosures?

First, as it states in bold ink at the very top of the first page, an agency disclosure is not a contract. A contract is a binding agreement between two parties, and an agency disclosure doesn’t bind the buyer or the seller to any specific action.

What it is instead is a declaration of where an agent’s loyalties lie, whether it’s with you, the seller, the landlord, or some other third party. By law, they have to declare in writing whether they’re loyal to you or someone else in the transaction. They may also be acting as a dual agent, which still requires fiduciary loyalty. For example, if you hire a brokerage with multiple agents, one of those agents might be loyal to the buyer and the seller.

 

"A contract is a binding agreement between two parties, and an agency disclosure doesn’t bind the buyer or the seller to any specific action."

 

As I said, an agency disclosure is required by state law. It’s not there to confuse you or drive you crazy, and since it’s not binding, you shouldn’t worry about it. However, a lot of young agents will sometimes tell you that if you sign the agency disclosure, you have to be loyal to them, and that’s simply not the case.

If you have any more questions about agency disclosure or you have any other real estate needs I can assist you with, please feel free to reach out to me. I’d be happy to respond.

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Should You Buy a New Home or an Existing Home?

So, you’re looking at homes and you’ve seen some existing homes as well as some brand-new ones. What are the pros and cons of buying a new home versus an existing one?  

There are some great pros to buying a new home. With a new home, you get the newest appliances, the newest finishes, oftentimes great locations and layouts, and that fresh, contemporary feel. These are all important because the person you sell your home to later will also find it appealing. 

One thing you want to keep in mind, however, is if there is tax abatement in place that can erode your equity over time. Also, at what point in the sales cycle are you purchasing? If you are the first person in and you want to wait until they sell the last location, sometimes you can make 50% on your money or triple your cash down payment. It is a great investment.

 

"It is most often the case that an existing home bought at the right price is undoubtedly the way to go."

 

However, your equity could also be gutted if they have trouble selling the last quarter of the available properties and have a fire sale. 

You do not want to make the wrong choice when you are stressed and looking to buy a home and all of these indicators are telling you that it’s a good idea because it’s new and it’s got great salespeople and a nice smell. 

Now to look at resale homes. A resale home may or may not have been recently renovated, and it may involve more negotiation, whereas a new home doesn’t involve much negotiation at all. Existing homes, however, are a great way to make the most equity because you can make small improvements to it. Existing homes also have some of the best neighborhoods because they have been lived in longer. 

When it comes to investing in your home, the truth is it’s really an outlying occurrence when buying a new home is a better investment. It’s most often the case that an existing home bought at the right price is undoubtedly the way to go. 

If you have any further questions about this or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.

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Getting a Home Inspection in New York City

Today I want to talk about home inspections. When I started my career, I did not sell real estate in New York City. Instead, I was in Arizona helping investors buy literally thousands of homes. I did home inspections and hired home inspectors.

Home inspections are a vital part of the real estate sales process everywhere in the United States except for New York City. Here, about 95% of homes do not get inspections. However, this does not mean that inspections are worthless.

For the majority of the people here, they worry that a home inspection will kill the deal. However, it is not the end of the world. For a condo or a co-op, a broker can deliver the message from the buyer to the seller that they want to do a home inspection. It will let the buyer know about the electrical service, the condition of the appliances and HVAC, etc.

 

"Home inspections are a vital part of the real estate sales process everywhere in the United States except for New York City."

 

There is nothing wrong with that. However, the time to do this is before you sign the contract. And, you have to approach this in a way that gives the seller comfort because the majority of people are not doing it. So, if you are going to do it, deliver that information gently and with tact.

If you are buying a free-standing home like a townhouse, you will always need to get a home inspection. You need to inspect the roof, the boiler, etc. In this market, you should be paying at least $600 for an inspection, otherwise they may not be doing a good job. In New York, you can get a structural engineer on-site to walk you through the property as they complete the inspection.

When you are buying a townhouse, you should be doing an inspection. Even for some co-ops, it is not a bad idea to inspect the entire structure. However, a lot of people will lead you to believe that it depends on the situation.

If you have any additional questions or are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.

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How I Broke Into New York City Real Estate With a Short Sale

When I moved back to New York City from Scottsdale, Arizona, I was already an expert in short sales because I had gone through five of my own. I had bought a bunch of properties that lost their value, so I knew what it took to sell a home for less than you owed. My prior experience is the reason I have this story to share with you today. 

Since I was looking to break into the New York City real estate world, I met a broker who said that if I helped him with a complicated short sale I could be part of the transaction.

There was a first position mortgage, a second position mortgage, and a bankruptcy estate. The gentleman owed $4.2 million and could only sell it for $3.8 million. It was hard to sell because the market was slow and people did not know what a short sale was.

We had to negotiate with three banks and get them to accept the offer of $3.8 million. While that is a lot of money as far as Chase Bank was concerned, it was not enough. Since there was also a bankruptcy involved, we had to show all the parties that we were getting them the most money possible, which we were.

 

"We had to negotiate with three banks and get them to accept the offer of $3.8 million."

 

The secrets to doing a short sale are as follows:


1. The property must be listed professionally.
2. The agent and seller must demonstrate strong marketing strategies.
3. Ethics and honesty must be shown by getting the most money for the property.
4. An excellent attorney, who can set the minds of the banks and lien holders at ease, must be involved.
5. The seller must be patient.

I was very grateful for the opportunity to break into New York City real estate with this complicated but lucrative transaction.

If you have any questions about short sales, please feel free to call or email. I look forward to speaking with you soon.

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Why NYC Homebuyers Should Always Work With an NYC Lender

So you’re buying some real estate, but you don’t want to pay cash for it. Guess what? That makes you smart. Why not borrow money at 4.5% or 5% instead of paying cash? Most people don’t have enough money to pay all-cash for a home. And if they do, this probably wouldn’t be the best choice for them, anyway. Buying with a mortgage is always a better financial decision. 

What if your income isn’t necessarily what they call “W-2” though? 

This is the case for many New Yorkers, including myself. As a real estate agent, I use a 1099 form because my income can fluctuate from year to year. If you’re in a similar situation and you work in an industry where your income can fluctuate, do lenders know how to deal with that? Most of them do, but not all of them.

 

"When buying a home in New York City, always work with a New York City lender."

 

This is why we always insist that you use a lender whose office is located here in New York City. When I worked in other states, it wasn’t uncommon for me to see a buyer go onto lendingtree.com or quickenloans.com and end up working with a loan processor that was in a different state. If a loan processor gives you a good rate, it’s no big deal if they’re out of state, but it doesn’t work that way in New York City. The buildings are all unique, and they each need to be individually underwritten. 

The underwriters at Chase Bank in New York City will treat bonus income much differently than the underwriters at Chase Bank somewhere in Ohio. They’ll tell you that the process is the same, but I’ve been doing this for 14 years, and I can tell you that it’s not the same. 

That’s the secret—when buying a home in New York City, always work with a New York City lender. All banks have New York City offices, and a local lender will be able to account for factors like your bonus income or any exceptions that may be needed for the building. They’ll also be able to work with you on the financial disclosure if you have a high net worth and you want to structure things in a way that protects you. 

If you have any more questions about the mortgage process or you have any other real estate needs I can help you with, don’t hesitate to give me a call or send me an email. I’d be happy to assist you.

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What’s Going on in the New York Real Estate Market?

Today I want to take some time to answer a few questions about the New York real estate market. My guest for this is discussion is Sean, who had a bunch of great questions for me to address. I answered these questions in detail on Facebook Live and in the video above, so for convenience’s sake, I’ll be providing timestamps below so you can skip around to the sections that most interest you:

0:40- The hottest type of property in the city and the forces that are driving them.

2:30- The segments of the market that aren’t selling as quickly as the others.

 

"Watch the full interview in the video above."

 

4:35- Pricing data for some of the hottest areas of the New York market.

5:50- Where to start if you’re looking to break into the market as a first-time homebuyer.

9:15- The best place to get the most accurate value of your home in today’s market.

Thank you for taking the time to listen to our discussion. If you have any questions about the market, buying or selling a home, or how find out your home’s value in today’s market, you can always give me a call or send me an email. I’d be glad to help you out.

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Renting a Home in a Buyer's Market

I am here today to tell you three signs that you are ready to be one of the 50% of national homeowners who are under the age of 36.
 
1 ) You've got around 20% of the down payment plus six months to 12 months of monthly living costs saved. You probably can’t afford a home if you don’t have the encouraged down payment and some reserves.
 
2) You are tired of spending money on rent. Maybe you don’t have the money to put down right now, but you are tired of spending your money on rent. This can be an excellent motivator to make a financial plan to save that money. Rent will continue to rise, but the majority of your monthly housing costs will be fixed so you can save money in the long run.

 

"Rent will continue to rise, but the majority of your monthly housing costs will be fixed so you can save money in the long run."

 

3) Major life decisions are happening. Maybe you're thinking about getting married, having a child, or growing your family. All of these decisions usually go hand-in-hand with buying a home. Prepare yourself when making these decisions by saving as often as possible.
 
Downsizing can also encourage home purchasing. People buy a home oftentimes when their families get smaller—children leave or couples divorce.
 
No matter what your motivation may be, buying a home is a major decision. If you can plan the next three to five years and you have the assets at hand, you should consider investing in a home. If you do, you can become one of the many millionaires whose wealth is made through home equity. In America, more millionaires are made this way than any other way.
 
If you have any specific questions about planning for buying a home, please feel free to call or email me. I look forward to speaking with you.

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How to Tell if an Apartment Is Priced Correctly

Today Jsun Laliberte and I are here to answer this common question: Is the apartment I want to buy priced above, below, or at market value?

This is the No. 1 question that people are worried about when buying an apartment. A lot of people don’t realize that 15% of properties that sold last year sold for over asking price. In those particular cases, those homes were priced below market value.

In Jsun’s experience, you have to treat each property as its own specific case study. You need to take all of the market data into account, as well as experience and a little bit of intuition, to guide you in making the best offer possible without overpaying.

 

"This is the No. 1 question apartment buyers are worried about."

 

There are a few tricks of the trade that you should know. We know that when we buy homes in December, they cost a little less than they do in May or June. Everything besides light, location, and square footage can be changed in a home.

Jsun and his team understand all the strategies behind pricing. They can advise you on where these properties are situated so you can create the best strategy for your offer and win the best price.

It's also a good idea to consider potential changes in interest rates. The New York Times recently put out this article about rising interest rates.

If you have any questions, don’t hesitate to reach out to one of us. We look forward to hearing from you soon.

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A Success Story in the Upper East Side

Today I am sharing a success story one of my buyers had purchasing a two-bedroom home on the Upper East Side.
 
These buyers had a six-figure budget, which with Manhattan’s inventory, is not a lot of money for a two-bedroom home on the Upper East Side. Luckily, they were able to do a little bit of work and I was able to find them a fixer-upper in a luxury building toward East End Avenue.

 

"I was able to find them a fixer-upper in a luxury building toward East End Avenue."

 

Understandably, the seller had already attracted multiple offers, but I had done a deal with this listing broker previously. She outright told me where her other offers were positioned. This helped my buyers come in as the highest bid and be confident that they weren't overpaying.
 
Why would she do that?
 
Since we had worked together before, she knew that I was someone that could take my buyers from start to finish, quickly and seamlessly, without any surprises arriving during the co-op board application process. She also knew from the way I structured the offer that the buyers were well qualified and great people. This matters a lot when you're going to be working together to get a deal closed.
 
In the end, my buyers were able to purchase a two-bedroom home, win a bidding war by a fraction of a percent, and be confident that they weren't overpaying.
 
I would love to share that same success story with you. If you have any questions, please don’t hesitate to call, email, or visit my office. I would be happy to speak with you.

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What Do You Do if a Listing Agent Goes MIA?

What happens if you find a house you really like and you try calling or emailing that house’s listing agent but they don’t answer? 

This situation sounds like something that never happens, but let me tell you something—it happens all the time. Roughly 90% of all people who get their real estate license are only in the business for less than five years, which means that potentially 90% of the people you interact with in the real estate business are unqualified. 

A listing agent might become unresponsive for a number of reasons, such as:

1. They’re greedy. They already have an offer and they don’t want to waste their time with another. It might not be a good offer, but they don’t care. 

2. They’re not efficient with technology. In this case, you have to call them or double-check that their contact information is correct.

3. They’re protecting a direct deal. This means they have a buyer they don’t have to “co-broke” with and they don’t want to bring any other buyers or their agents into the fold because they don’t want to submit any other offers. Even if they signed a contract that says they won’t do this, they still might.

 

"Roughly 90% of the people you potentially interact with in the real estate business are unqualified."

 

To clarify, this 90% also comprises the 80% of agents who do less than 20% of the overall business, meaning that 80% of the overall business is done by the 20% of all agents who are experienced, work on teams, and play fair. 

When we encounter a situation where a listing agent goes MIA, we try and follow up with them by calling, texting, and/or emailing. If they’re still unresponsive after about four or five attempts within a certain time frame, we call their manager. Whenever you hire a real estate brokerage to sell a property, you’re not hiring an individual agent—you’re hiring a company. If a corporate agent doesn’t return my call, I call their corporate manager and tell them what’s going on. 

This practice is commonly discouraged in the brokerage community, and as your broker, I would never let that happen to you. Finding the home you love is an emotional process, and you have to fight to win it. We will always fight for you. 

If you have any other questions about unresponsive listing agents or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to me. I’d love to speak with you!

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I’ve Seen It All in NYC

Today we’re going to talk about something a little bit different. Instead of giving you an update on the real estate market, I want to talk about growing up in New York City and how I’ve seen the market change over all these years. 

When somebody asks me where I’m from and I say “New York,” I usually have to qualify it by telling my whole story. To save you some time in the future, here it is. 

I was born in New York in 1980 and my mother and I moved around a lot. We lived in places like Ditmas Park, Midwood, Park Slope, and even downtown Brooklyn. I moved away for college, then I came back and lived in Brooklyn. I live in Manhattan today and I love it.

 

"I remember when New York wasn’t the same kind of place that it is today."

 

It’s been amazing to see how the city has transformed over the years. For example, my father bought a townhouse in Chelsea in 1982 for $240,000 and sold it three years later for $500,000. Today, that thing is probably worth $10 million.

I remember NYC when things weren’t so expensive or sought after as they are today. There was more crime, more dilapidation, and less to do. Now, a different kind of dilemma is starting to emerge. With rising property values, so many mom and pop businesses have gone away. When that happens, like it already has in Times Square, you don’t see the same kind of growth as you do in other areas.

If you’re curious about values in your specific neighborhood or you have any other questions about New York real estate, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.

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How Much Will You Actually Make From Your Home Sale?

Today, I want to talk to you about the difference between gross proceeds and net proceeds.

Many times, estates hire me to sell a home. When that happens, the amount it sells for is a lot different than the amount received. How much money do you really end up with if, say, I sell the home for a million dollars? 

There are some key benchmarks that you should be mindful of here. The good news is that for a long time now, the estate tax limit has been very high—over $5 million. Now, that’s subject to change, but, generally speaking, there’s no tax on money transferred for an estate under $5 million dollars.

 

"Net proceeds refer to how much the seller makes after all expenses are deducted from the gross proceeds."

 

Net proceeds refer to how much the seller makes after all expenses are deducted from the gross proceeds. These fees are the ultimate difference between net and gross proceeds, and they include:

  • Long-term capital gains tax. This is a tax on the profit gained from the sold property. It fluctuates depending on Congress, but it has typically been around 15%, sometimes as low as 8%. You might also have a city and state long-term capital gains tax. As of 2016, depending on your tax bracket, that was roughly a 28% total between city, state, and federal long-term capital gain taxes.
  • Your real estate broker. Brokers often take a 6% commission.
  • Additional taxes. Some buildings and areas have additional taxes such as a flip tax, which could be anywhere between 2% and 25% of the profit.

There are many ways to minimize your outflow and maximize your inflow. When I work with sellers, I do a net closing sheet, which will help spell out your net proceeds for you. Each situation is different, so we can discuss that together when we sit down and talk about selling your home.

If you have any other questions about this topic or any other real estate subject, please don’t hesitate to reach out to us. I can refer you to the top financial planners, accountants, and attorneys who can give qualified advice on this question. In the meantime, I can give you a general idea of how much you’ll make when you sell your home. I look forward to hearing from you.

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The Key to Adding Value Is Making Buyers Fall in Love

So, you’ve been thinking of selling your home. Before you put your home on the market, you’ll want to boost its value as much as possible. Today, I’ll be sharing some tried-and-true tips for increasing the value of your listing. 

1. Get rid of the clutter. Before you list, make your home as spacious as possible. When buyers walk into your house, it should either appear like a museum or a hotel—exquisite and depersonalized.

2. Give your walls a fresh coat of paint. In many cases, a fresh, neutral coat of paint will bring you incredible returns.

 

"The key to increasing the value of your home isn’t making the property “good enough,” it’s finding ways to make the buyer fall in love."

 

3. Update a few appliances. You don’t need to remodel your entire kitchen. A few appliance updates will go a long way. Here’s the truth: When a buyer looks at a property, they fall in love with the little things, like the washing machine or hardwood floors. If a buyer finds something they love about your home, they’ll ignore the things they don’t. 

The key to increasing the value of your home isn’t making the property “good enough,” it’s finding ways to make the buyer fall in love. As a helpful hint, these features tend to be found in the kitchen or bathrooms. When you can focus on making the buyer fall in love, you will create a lot of value in your property. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Don't Choose Just Anyone to Be Your Real Estate Attorney

Should you have a friend or family member who is an attorney handle your real estate transaction?

Before you can decide the answer to that question, you’ll need to consider this: Real estate attorneys in New York City perform a job which is generally performed by a title company in other states. In addition, they are tasked with the supplementary role of preparing a contract. In other states, the real estate agent will use a pre-printed form which has been drafted by their state’s association of Realtors. 

When choosing an attorney, it’s important to select a professional whose sole focus is real estate. If the attorney you’re thinking of hiring does anything that involves the word “court,” run for the hills! That is not the attorney that you want.

 

"Bad attorneys kill deals."

 

The second thing to consider when selecting an attorney is the level of experience and support they can offer you. You should expect your contract to be sent out within six hours of them receiving the deal sheet. You should never work with an agent or lawyer who doesn’t have a well-established practice. 

In fact, buyers who offer less for a property but are working with a more established, more well-known professional may still have the upper hand in competitive situations. Bad attorneys kill deals. 

That being said, there are a number of great attorneys here in New York City that we work with. When you work with us, we will recommend six choices to you. The attorneys we can recommend to you will vary in what they charge. However, most quality attorneys will fall within a similar range. 

One kind of attorney you must absolutely avoid is one who charges an unreasonably low rate. An extremely cheap attorney will not provide you with the level of service you need and deserve. 

Ultimately, who you work with matters. Be careful not to hire someone to assist you in your transaction before considering these points.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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How to Buy and Sell at the Same Time

I get asked this question all the time: “Is it possible to buy and sell a home at the same time?”

This situation happens all the time. You want to buy a new home, but you can’t until you’ve sold your current home. You’re not alone. Pretty much everyone is in this situation. Most people can’t afford two mortgages at once, nor do they want to have to find temporary housing while they look for a home. You won’t be able to borrow against the equity of a home you’re trying to sell and you won’t get credit for the equity from a seller until your home is under contract.

 

"This situation happens all the time."

 

What I suggest is that you make a checklist of what you’re looking for in a new home. Once you have that list, make note of how many homes come on the market each quarter that match that criteria. Having sold over 1,000 homes, I can tell you that similar properties sell multiple times throughout the year. For example, over 1,000 large one-bedrooms sell in Downtown Manhattan every year, so if that’s what you’re looking for, of course you’ll be able to find one that fits your needs.

The first step in this process is reaching out to a professional real estate agent. We can help you come up with a game plan, get the home on the market, get it sold, and make sure you find the home of your dreams. 

If you have any questions for me or want to know how I can help you handle a situation like this, give me a call or send me an email. I look forward to hearing from you.

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