9 Reasons Why Your NYC Apartment Isn't Selling

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Why isn't your apartment selling in New York City? We will demystify this topic in the following video. I'm Nick at Hauseit. We are the largest For Sale By Owner, 1% Full Service and Buyer Agent Commission Rebate company based here in New York City. Visit our website https://www.hauseit.com to learn about ways to save money when buying and selling in New York City.

So, why isn't your apartment selling? You've probably read a number of articles online and in places like the New York Times which talk about bidding wars and hyper competitive situations for New York City real estate. The reality is that things are not always as rosy as they're outlined in news coverage. Even in the strongest market there are certain listings that will not be easy to sell, but fortunately there are a number of things that you yourself can fact check about your listing to determine whether or not any of the reasons why you're not selling are easily resolvable by you through immediate changes, so here are 9 reasons why your apartment is not selling in New York City.

Your apartment is overpriced, your apartment is generic, your monthlies are too high, your home is not staged, well you have poor photos, there is no floor plan on your listing, your building is too strict, there is lots of competing inventory, your building has financial issues and for good measure a 10th reason: your listing agent is not correctly syndicating your home to the maximum number of websites as well as the broker database here in New York City which is called the RLS.

Overpricing your home is a fatal mistake here in New York City. Pricing errors are especially damaging because they usually occur at the beginning of the process and this is when you have the most amount of traffic on your listing. The reality is that buyers in New York City simply do not overpay and what offer they submit is largely determined by an analysis of the comps.

Fortunately, these comps are readily available to buyers as well as yourself so you'll want to take a hard look at the comps and come up with an honest evaluation as to how your apartment compares to the comps. For example, just because you've renovated your kitchen does not mean that your apartment is worth $100,000 more than the apartment upstairs which sold last year. In particular, you might have overpaid for your contractor. What if the same job that you did with this contractor could have been done for $25k? The buyer will not care that you paid $75K or $100K for a job that they could have done for way less. The other issue with being overpriced to start is that you'll inevitably have to reduce your price and most sellers who are hesitant to start with a realistic price are also very hesitant and drag on and delay when it comes to price reductions.

If you do not reduce your price aggressively and quick enough you will always be behind newer listings that come to market at better prices which thereby siphon away all of your buyer traffic. Another common mistake on pricing is to fail to pay attention to key search thresholds. If for example, an apartment one floor below you sold for $999,000 you might think it's reasonable to list for $1,015,000, but doing so ignores the elephant in the room which is the MansionTax. The Mansion Tax kicks in at $1,000,000 and many purchasers are religiously opposed to doing anything above this threshold for fear of having to pay the Mansion Tax which is 1% for purchases of $1,000,000 or more and below $2,000,000.

So, ironically you might actually have a higher shot of getting a bidding war and selling for a higher price by actually listing below $1 million even if you think that your property is worth more than $1 million.

By generic apartment, we mean that you may be selling an apartment in a huge building with lots of other listings and if you're selling in a large building it probably means you're in an area that has a number of other large buildings with listings that are competing with yours and in this situation buyers have a ton of leverage as it relates to picking the exact property they want, the exact floor, the exact condition and on top of everything, choosing the exact price they're willing to pay.

So, if your apartment falls in this generic category you need to be very very responsive to the feedback that you hear from the market and you may very well have to be more flexible as it relates to negotiations on your listing.

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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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