selling your property: buying & selling simultaneously
One basic situation many people face is how to sell their home while conducting a search for the next one. What’s the timing of the deals need to look like? Should I be looking first? Do I need to close on my property before buying a new one? What’s the bottom line value I can expect to take away and spend on my next real estate investment? Should I do it now, or in a few months? From what I'm hearing about a real estate 'bubble', I'm not sure if the time is right to do it...
“Peter’s amicable personality and patience, with his straightforward, but very unique approach, made the entire process much easier. I think sellers and buyers need a broker/therapist, when going through the process.”
There are no simple answers to these questions, but I'm pleased to let you know that all of my client's who've needed to trade-up, downsize or just find something better, have made it through fine so far. My experience is that correctly priced and promoted homes are still selling well. In 2006 the vast majority of the transactions, which I've personally handled, have been at or above asking prices, and the others within 3.5%. The pace is less frantic than it was a year ago, which will make it an easier process for you overall. You'll have a better selection of available new homes now too.
Real estate is by definition a local market; Manhattan ain't St. Louis or Phoenix. Rumors of a housing 'bubble' in NYC are exaggerated in my opinion. Not only are interest rates relatively low and stabilizing, but we have a unique position as the country's economic center of gravity, as well as a global one. The fundamentals of our market are different. It's international, and homes average over one million dollars, not the couple of hundred-thousand dollar national average, that we often see quoted in the press. I'd suggest that it is a very unique place indeed, to demand almost five times the rest of the country's value. Interest is strong in properties that have a fair perception of value, to a person who actually has a need and desire to move. Speculators and bottom feeders are still having a pretty tough time making sense of why they are not making a fast killing here.
So should you be looking for the next place or putting your home on the market first? The short answer is probably a yes to both. Developing a realistic expectation of the market is something that I can help you do on both transactions. Each parcel of real estate is quite unique and understanding the market context of a particular home is critical to achieving your goals for timing, profit and liquidity; every person's scenario will be a little different. Keep in mind that if you have a home to sell, almost no owner will agree to signing a contract with any sort of contingencies about selling your current residence. Financing strategies for your purchase and superior marketing of your home are going to be crucial to your success. Requesting a Market Analysis is a the first step in well informed process based your specific goals. You're invited to tell me about yours: 212.444.7844.
