Given the high demand and intense competition in the city’s real estate market, figuring out how to sell a condo in NYC can be complex and challenging. However, with the right strategy and preparation, homeowners can successfully navigate this market and sell their condos for a fair price. So, what should you know? StreetEasy tapped some of the top real estate agents in the city to get their practical tips and advice for selling a condo in NYC. Here’s what you should know.
Steps to Sell Your Condo
Selling a condo in NYC involves several steps. First, you need to determine the market value of your property and make any necessary repairs or improvements to increase its appeal to potential buyers.
“You will want to de-personalize anything that could turn away potential buyers and spruce up anything that exhibits wear and tear,” agent Jeremy Kamm of Coldwell Banker Warburg told StreetEasy. “That could mean a fresh coat of paint or caulking in kitchens and bathrooms.”
Next, you’ll need to find a real estate agent who is experienced in selling condos in NYC, as they can help you navigate the complex process. Once your property is listed, you’ll receive offers, and negotiations will ensue. After you’ve accepted an offer, you’ll need to complete all necessary paperwork and attend a closing meeting where the sale will be finalized.
“It’s important to have all building documents for a condo, typically consisting of building financials, offering plan, house rules, and purchase application, ready to go,” said agent Emily Becker of Coldwell Banker Warburg. “This way, the due diligence process can move quickly when a deal is made, and a contract is issued.”
Throughout the process, work with a real estate attorney to ensure that the sale is handled legally and appropriately.
Manhattan Homes for Sale Under $1M Article continues below
Costs You Should Expect to Pay
As far as costs go, you must be aware of all closing costs that will be part of the sale. Those include:
- Seller fees: “Seller fees include broker fees (about 6%), taxes, and legal fees,” said broker Mihal Gartenberg of Coldwell Banker Warburg.
- Application fees: “The two most common fees when submitting the purchasing application are a submission or application fee and a credit report and background check fee,” said Becker.
- NYC and NYS Transfer Taxes: The transfer tax rate for a condo sale in NYC ranges from 1% to 1.425%, based on the sale price. Along with the city tax, you must also pay the New York state transfer tax, which is either 0.4% or 0.65% and varies with the property’s value.
- Condo fees: Gartenberg added, “Condo-specific fees can include move-out fees, transfer fees, and other application costs.”
According to Frances Katzen with The Katzen Team at Douglas Elliman, “The associated costs could range anywhere from a few hundred dollars to several thousand dollars. It depends on the unit size and what you want to achieve.”
How to Make Your Unit Appealing to Buyers
You only have one chance to make a first impression, and one must recognize the importance of not turning off a buyer. So, what should you do when figuring out how to sell a condo?
“One must de-clutter, de-personalize, deep clean and clean windows, remove old carpets,” said agent Jane Katz of Coldwell Banker Warburg. “Nothing extra or controversial should be displayed, i.e., pet bowls and paraphernalia, political posters, and piles. Ideally, one should stage with modern furniture to show purposes and the best use of rooms and nooks.”
Plus, putting away personal items helps open up the space, while fresh paint spruces it up. Light colors and clean lines give the unit a more streamlined appearance. For instance, try swapping to white bedding and removing items from the unit that could be considered dated.
“You want to present the space as open while allowing potential buyers to imagine themselves living there,” added Katzen.
Brooklyn Homes for Sale Under $1M Article continues below
Differences From Selling a Co-Op
The difference between selling a co-op and a condo is how the buildings are structured. If you own a co-op, that means you own shares of a corporation, and that “co-op” owns the building. On the other hand, a condo is a private residence that you own entirely. So, how does that affect your sale?
The sale process for a co-op is more complex and includes a board approval process, where the board reviews the buyer’s financial information and decides whether to approve the sale. In contrast, the sale process for a condo is similar to selling a single-family home, and the buyer only needs to be approved by the building’s board if the building has a condo association.
Additionally, condos usually have more flexibility in terms of customization and rental policies, while co-ops may have more restrictions.
Queens Homes for Sale Under $1M Article continues below
How StreetEasy Can Help
StreetEasy can be a valuable resource when figuring out how to sell a condo in NYC. Our home value estimate tool provides an estimated market value for your property, giving you a better understanding of the current market conditions and helping you price your condo competitively. We also offer the services of StreetEasy Experts: high-performing, highly regarded listing agents with expertise across neighborhoods, buildings, and property types, who can provide guidance and support throughout the selling process. From listing your property to negotiating offers and closing the sale, StreetEasy Experts are there to help with every aspect of your selling journey.
Have questions about selling? Reach out to the StreetEasy ConciergeDisclaimers: StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property.
For FSBO postings, the StreetEasy Concierge is meant to provide insight to improve your posting performance on StreetEasy and may refer you to a real estate professional based on your specific needs.
StreetEasy Valuation is our estimate for a home’s market value and is not an appraisal. Use it as a starting point to determine your home value and monthly rental price.
StreetEasy earns a referral fee from successful Experts’ transactions, at no cost to the buyer or seller. Experts must meet StreetEasy’s standards of service and market expertise. Agents in our Experts Network have closed deals on homes similar to the seller’s or similar to homes the buyer is searching for. We measure their performance to make sure buyers and sellers get top-notch service.
