66 Ninth Avenue, The Porterhouse Condo - Photo: Rich Caplan
In the face of Manhattan’s rapidly evolving real estate micro-markets, deciding on a listing price for your Chelsea or West Village luxury home requires careful consideration.
Deciding on Listing Price: Considerations for Your Listing Broker
When interviewing a listing broker, nearly every conversation boils down to this question: “What price should I list my property at?”
If your potential broker follows up with a record listing suggestion, dig deeper into the reasoning behind this suggested listing price and the broker’s track record. I recommend asking the following five questions:
1. What is your track record?
2. For the last 24 months, what was your average sale price vs. the original listing price discount?
3. How many days on average did your sold listings stay on the market?
4. Will you show and negotiate my home?
5. What training has your team had in luxury showing and negotiation?
With all the talk about ‘the market’, it’s easy to fall into a pattern of thinking that says, “This broker promised me top dollar and they have a lot of listings, so I’ll go with them.” Be careful here! The question you need to ask your broker is not “What price will you list this property?” but “At what price will you sell this property?”
Asking prices don’t reveal the truth of the market. Signed contracts do.
What most agents won’t share with you is this:
In an inventory-shy market, over-priced luxury listings become a calling card and lead generator for them. Your home introduces them to other buyers and sellers. The longer your home takes to sell, the more deals they may do. Here’s the catch: that deal may not be your sale. Do you want your home to sell someone else’s? Don’t fall into the overpricing trap.
My team and I are committed to selling our clients’ properties. We dedicate many hours to researching and understanding the pulse of the market and sellers’ real estate objectives before we list their homes.
Since 2014 – for all of my listings – my properties sold on average at list price and within 50 days of being listed, in many cases setting new price records. We deliver on our promises. Choose wisely. This market is one of the nuanced strategies, not a one-size-approach-fits-all. Questions about the market? Send me an email: Tsargent@corenyc.com