NYC Seller Closing Costs

Closing Cost Calculator for Sellers

The estimated New York City closing costs for sellers should be considered general guidelines only, as actual closing costs can differ for each transaction. Therefore, before listing your home or signing any contracts, sellers must clearly understand all the closing costs involved. This can be achieved by consulting with their attorney, who can provide comprehensive information about the closing costs that will apply to their transaction.

On the other hand, if you are a buyer, you can use the Buyer’s Calculator to estimate the potential closing costs of a property you are interested in purchasing.

ELIKA New York: Real Estate Calculators

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Mistakes to Avoid When Selling Your Home

Selling your home is typically a stressful venture. Unfortunately, some people create even more difficulties by making one of these four amateur blunders. If you are considering selling your home, ensure you’re adequately prepared and don’t make one of these mistakes.

Selling a home may involve a long to-do list; it can seem complicated to get things done right. However, with proper planning, you can avoid making the following home seller mistakes.

You are not keeping your house clean.

First impressions speak volumes. There’s nothing more off-putting to a potential buyer than walking into a filthy residence, but a thorough cleaning job can be a cost-effective way to make your home attractive to potential buyers. To make cleaning easier, first eliminate any clutter. Clutter includes the build-up of items within closets and cabinets, old appliances, clothing, and furniture. You may even consider donating the things you find to charity.

After removing any clutter from your home, create a checklist for what needs to be done in each room; this includes, but is not limited to, washing windows, mopping floors, and dusting surfaces. You may want to hire a professional service to eliminate some of the efforts on your behalf.

Skipping on staging

According to House Method, staging your home is an opportunity to create a lasting impression on buyers. In-home staging, you’re transforming your home into an attractive and memorable place for buyers. Different from decorating, in the sense that decorating may involve sprucing up your home with memorabilia and “stuff” that creates a personalized and sentimental place for you.

Staging is about creating an inviting and clean slate for the buyer to envision a place where they can see themselves and their stuff. Proper home staging emphasizes the stylistic elements of home while creating a lived-in feel and can be achieved with a few interior design refreshments.

Forgetting to claim tax deductions

Selling a home is usually accompanied by a windfall of cash, and as with every large sum of money, some inevitably goes to Uncle Sam. Fortunately, you can take advantage of certain tax deductions to maximize the profit you make on your sale. While these may not apply to you, the earlier you know, the better (some are time-sensitive).

For example, you may deduct the cost of renovations or repairs only up to 90 days from completion. If you’re debating whether to buy or rent your next home, keep in mind that homeownership has many tax benefits.

We have not hired a real estate agent.

Going it without an agent is a rookie mistake. Most people won’t make it twice. While it sounds good in theory to save on the commission, the time and energy you will waste are rarely worth it. Also, an agent can often save or recoup the money you’re spending on their networking capabilities and negotiation techniques.

Home sellers may pursue a for sale by owner (FSBO) approach to save on commission costs. At the same time, there is the potential for FSBO in parts of the country, less likely in New York City. There are countless advantages to hiring a real estate agent. They can help you price your home, give it visibility to other real estate agents in online listings, negotiate with prospective buyers, and navigate all the bureaucracy and jargon of home buying and selling. The key is to do your due diligence and interview real estate agents before selecting one to find one you trust will put your interests first.

The right agent knows how to help stage your home to make the most out of your space. They have access to professional photographers to best highlight your home and attract interest. Finally, an agent will help you sort through the mounds of paperwork synonymous with the home-selling process.

Emotional Attachment

It’s not unusual to have an emotional attachment to your home. It is the place where you’ve made memories and something you put hard work into creating. The problem is a future buyer isn’t paying for your memories. They are purchasing a property. When selling your home, it’s essential to estrange yourself from the emotional attachment you have with your home. You need to remove your emotions from the staging to the price to sell your home effectively.

Overvaluing Property

Overvaluing property can happen for some reason. You may have bought your house when the market peaked and want to recoup that money. Plus, you want to get back money from the hundred-thousand-dollar kitchen you added before the market crashed. When you price your property, you can’t price it at what you want for the property because it usually leads to overvaluing. It would help if you priced it at what the market will bear. This is where having a real estate agent is especially important to prevent you from overvaluing your property.

Please don’t leave your home sitting on the market for months; avoiding these four mistakes can make all the difference in selling your home.

No Negotiation Techniques

Unless you’re fortunate and get your asking price with no contingencies, chances are good; you’ll have to enter into negotiations. People mistakenly believe they need to be challenging and intimidating to get the upper hand in negotiations. Instead of being a bully, be smart about your negotiation talks. Learn about the buyer and what’s motivating that person, and use that information to your advantage. A good negotiator also knows the price isn’t the only aspect of the discussion. Closing costs, length of escrow, or even paying for moving costs are all negotiation points that don’t necessarily involve the final selling price.

A good negotiator also doesn’t sweat the small stuff. This misstep usually happens when people let their emotions and egos control the negotiation instead of their brains. Suddenly, without realizing it, a person is arguing over a few hundred dollars to win when hundreds of thousands or millions of dollars are at stake. A good negotiator won’t worry about the small stuff if the sale is essential.

Lacking flexibility

When selling a home you live in, you likely don’t want the pressure of having strangers parade through at a moment’s notice. You may offer up showings with brief notice, set strict visiting hours, or only keep the property viewable for a few days. Consider the buyer’s perspective. Buyers who aren’t local may be in town for just a weekend, which means limited time to visit potential properties. Buyers’ work schedules and family commitments may also make evening showings their only option.

Real estate agents have their restrictions; they often plan home touring routes for their clients in advance and seek to create a schedule that is as hassle-free as possible. Such involves visiting properties that are easily accessible and available at any time. Every missed showing is a missed opportunity, so if you genuinely must be steadfast on showing hours, work with a real estate agent to create a schedule that involves a compromise but can accommodate many of your needs.

No matter the market, if you want your property to be competitive and sell for the highest price possible, avoid these home seller mistakes.