Selling costs vary by property type but commonly include: (1) Broker commission (negotiable, typically split between listing and buyer agents), (2) NYC and NYS transfer taxes (rates vary by price), (3) Attorney fees, (4) Flip tax (co-ops only, varies by building), (5) Move-out fees and miscellaneous costs. Co-ops and condos have different cost structures. Obtain specific estimates from a licensed agent and real estate attorney for your property type and price point before listing.
Time on market varies significantly based on property type, price point, condition, location, and current market conditions. After accepting an offer, closing typically takes additional time (co-ops require board approval which adds time; condos may close faster). Market conditions change - consult with a licensed agent for current expectations in your specific neighborhood and price range. Properties priced appropriately for current market conditions typically sell faster.
This depends on your propertys condition and your goals. Generally cost-effective: Fresh neutral paint, professional cleaning, minor repairs, decluttering and staging. Often NOT cost-effective: Major renovations like full kitchen/bathroom remodels (buyers may prefer to customize). Every property is different - consult with a licensed agent to evaluate your specific situation and determine what improvements, if any, would benefit your sale.
Co-op sellers typically need: (1) Proprietary lease and house rules, (2) Recent maintenance statements, (3) Building financial statements, (4) Records of approved alterations, (5) Proof of no outstanding fees or violations, (6) Information about flip tax and transfer policies. Your attorney and listing agent can help compile required documentation. Requirements vary by building, so verify specific requirements with your buildings management company.
Condo sellers typically need: (1) Deed, (2) Offering plan and amendments, (3) Recent common charge statements, (4) Tax records, (5) Any alteration agreements, (6) Building financial information for buyer due diligence. Requirements vary - your attorney and listing agent can guide you through the documentation process. Some buildings may have additional requirements or right of first refusal provisions.