Looking to sell your New York City home? Before you can even think about staging your apartment or what epic vacation you’re going to plan from the profits (it’s OK to dream!), you’ll need to start with the single most crucial question. What is my home worth? What makes this so tricky is that the answer varies based on timing, the market, amenities, and a slew of other factors. It can feel overwhelming to figure it all out. Luckily, between StreetEasy’s tools and real estate professionals, there are numerous resources to help you determine the value of your home.
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What Is My Home Worth? Start With a Home Valuation
First things first. To get a general idea of a home’s worth, check out StreetEasy Valuation to estimate your home’s market value. Created by a team of researchers and engineers, this powerful tool incorporates millions of data points, a home’s sales history, recent comp sales, and current market conditions to give you an idea of what your place is worth at this very moment. Keep in mind, StreetEasy Valuation isn’t a substitute for working with real estate professionals. But it’s a pretty darn good starting point to get an idea of what you’re working with.
What’s a Comparative Market Analysis?
A comparative market analysis assisted with this home’s value. (From a listing at 917 Saint Marks Avenue #PH4)
After you’ve done your own preliminary research, you’ll likely want to work with a real estate agent. They will kick-start the pricing conversation with a comparative market analysis, or CMA. This estimate of your home’s current value is based on comps that your broker pulls together. For instance, if you have a 2-bedroom, prewar co-op on the Upper East Side with a doorman, your broker will start the CMA with the most similar properties they can find, explains Steven Gottlieb of Warburg Realty. Then, it’s essential to “accurately massage the numbers up and down, knowing what your subject is,” he says. Factors to be considered include renovations, carrying costs, and room size.
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CONTACT STREETEASY CONCIERGEMichael J. Franco of Compass underscores the importance of having a knowledgeable broker for this analysis. “It’s really nuanced, and that’s where experience comes into play,” he says. For example, a homeowner might not know what type of premium to add for a penthouse or a killer view. But brokers work with so many properties that they’re able to craft a realistic price point for clients.
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How Much Is Your Home Worth? Don’t Let Emotions Dictate Price
Often, selling your home is emotional — after all, it’s the nexus of so many important memories. But you can’t let those dinner parties and Netflix nights cloud your judgment on price point. “This is difficult for people to hear, but when you put your home on the market, it becomes a product for sale,” Gottlieb says. “You have to be realistic about that.”
Franco also sees this problem. ”Sellers tend to think their place is more special or unique than it really is,” he notes. In these instances, he cautions sellers to be objective and step away from their house pride. This can be a difficult thing to do. And that’s where you need to let your broker’s statistics and advice guide the conversation.
And if you still find yourself struggling with unrealistic pricing goals, despite the stats? Figure out where you want to move, Gottlieb advises. At least have a neighborhood in mind. “It helps to move on to the next chapter emotionally,” he explains.
Pro tip: StreetEasy has tips for selling your home and buying a new one at the same time.
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House Pricing Strategy: Round Down
This apartment, which sold, was smartly priced at $1,995,000. (From a listing at 420 12th Street #F1L)
If your price point is a round number, try to round down, if possible. “Everybody is now looking for properties on the internet,” Gottlieb says. That means you need to think about the way people are searching. “After location and room count, pricing is one of the most important factors in a search. We try to price our apartments just under a natural pricing tier in search fields,” he says. That ensures you’re getting as many new eyes on the property as possible.
Beyond that, there’s also the simple psychology of shopping. “For illustrative purposes, $999,999 is nearly the same as $1,000,000, but it feels different for a buyer when it comes to home worth,” Gottlieb points out.
Pro tip: StreetEasy has tips for how to get your NYC home ready to sell.
Price Your Home Based On Your Immediate Needs
“How much is my home worth?” will always be a burning question. But regardless of what’s going on in the world, your personal needs will inevitably dictate your pricing strategy. “In any market, pricing depends on the personal situation of the seller,” Gottlieb explains. “Do you need to sell quickly? Do you have the luxury of hanging out in the market a little and testing a more ambitious price? Are you trying to make your move coincide with a school calendar?” It’s crucial to figure out your objectives based on your unique situation. Afterward, your broker will be able to fine-tune the best price to achieve your goals.
Explore all your home selling options, from pricing your NYC apartment to finding a great agent, with these hassle-free tools from StreetEasy.
Disclaimer: 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.