So… a number years ago you bought an apartment in a building that you love. Maybe you tweaked it to perfection – put in a new kitchen or bath, or both, or maybe you just added a few touches such as custom cabinetry, a top of the line oven, or the latest in fridges, a fabulous designed sink and vanity in the bathroom or any number of other changes to upgrade and personalize your home.
It’s a gem. Everyone that visits comments about how beautiful it is. And, it sure is!
The thing though, now you’ve added to your family and feel you need another bedroom or two or you’ve just decided you want more space. You want to buy another apartment, but you must sell this home first.
Now you need to decide how you should price your property so it will sell in a reasonable amount of time.
Be aware that the price now has nothing to do with:
- How much you paid for it.
- How much money you want to make
- How much money you feel you need to make. or
- What a friend’s place sold for on the other side of town.
In order to determine what your apartment is worth, there are a few factors that come into play.
Although setting a sale price is not a perfect science the most important thing you need to consider is
- The market at the time you sell. That is: What have properties that are similar to yours sold for recently, and what is on the market for sale currently.
- One would allow for increase in value according to special desirable features such as terraces or balconies, great city, park or river views, higher floors in high-rise buildings, etc. and
- decreases in value for less light, a walk-up building, a view of a brick wall, or, in a ground floor duplex where the lower floor is below street level, etc..
Keep in mind buyers are people just like yourself who are going to be looking at and comparing apartments to see what they can get for their price range. If they see a similar apartments in jerusalem for sale for, let’s say, $1 million in the same neighborhood as yours, they most likely would not want to pay $1.3 million for yours.
Remember it is not you nor your real estate agent that determines the worth of your apartment, it’s the current market.
When you price your place correctly, it will get sold!
Suzanne Jacoby has been in real estate in New York City for over 25 years and an independent Licensed Real Estate Broker for approximately 20 years. She is experienced in co-op and condominium as well as investment property sales.. Her honesty and integrity are second to none and she’ll go the extra distance to help and guide her clients.