Selling your primary residence means you have to find a new place to live. While finding the right property can be motivation to sell, other times, the motivation to sell is what drives you to search for the right property. There are few things more stressful than investing in a new property, only to realize your old one will be a tough sell. And while buying and selling Hudson Square properties simultaneously might seem daunting, it’s much easier with a bit of planning and expert advice. Below are some tips on how to pull it off.
Choose the right agent
If you want to buy and sell at the same time, you need to find an agent who has experience successfully doing exactly that. You’ll need to lean on your agent for logistics, so make sure it’s someone who knows what they’re doing and who can juggle many tasks at once. Your agent should have a firm grasp on the Hudson Square real estate market and know what’s being listed and sold at any given time.
Know the market
While you’ll be working with a knowledgeable agent, it’s still important for you — as both a buyer and a seller — to understand the market. You should understand what type of market you are entering if there is more inventory than buyers or vice versa. Knowing Hudson Square real estate trends will help you tailor your expectations to be realistic.
Know what you need and want
Throughout the buying process, it’s important to ask yourself what you want in a Hudson Square property. You should always separate a negotiable “want” from an absolute “must-have.” You deserve to have your dream home, but that can be impossible to find when you’re under a time crunch or working within a seller’s market. Be methodical about deciding what you absolutely need. Don’t waste time looking at properties that don’t check off all of your non-negotiables. If you put your needs to the wayside, you’ll either end up in a place you don’t really love, or you’ll reject so many offers on your current property that you’ll come to a standstill. Make sure you clearly communicate with your realtor so that they know what you need and want.
Credit: Colliers Knowledge Leader
Set a realistic price
You should be aware of the going rates for various types of property in Hudson Square, as well as the market trends for Manhattan. You don’t want to fall into the trap of asking for too much for your current property, only to have trouble selling it. Your home is, of course, special to you and your family, but you need to look at it through unbiased lenses. Even if it is in tip-top shape, it might not hold up against the competition. Get curious; visit open houses and check local listings to see what else is out there. Once you’ve done your research, you and your realtor can set it at a perfect price — one that can help you pay for your new space ASAP!
Move quickly
Once you’ve found your next location, be ready to put your current unit on the market as soon as possible. You’ll want to work quickly and efficiently in order to get your property market-ready in the shortest period of time. Make sure your current space is fixed up, staged, and ready to go. This will eliminate lots of headaches when the time comes to move.
Get your finances in checkGet your finances in check
Buying and selling at the same time can be tricky and can take a financial toll. If you’re going to attempt this approach, you need to have some cash on hand to handle any situations that might arise. If your current property has suffered any damage (flooding, wood rot, normal wear-and-tear), you’ll need to be able to pay for the inspection and any repairs. If all of your money is tied up in your properties, you won’t be able to navigate this hiccup. Spend and save cautiously.
Timing is key
One way to ensure you buy and sell in tandem is to make offers on properties the minute a potential buyer seems serious about yours. When you come close to an accepted offer on your unit, start making offers on others. Offers in NYC aren’t binding until all contracts have been signed, so you have nothing to lose by bidding on multiple properties. Don’t keep all your eggs in one basket. Submit offers on your top few properties and see what sticks.
Prepare your property
Staging your space is key in today’s real estate market. Whether you’re working with an expert or staging on your own, it’s important to get your property market-ready. Decluttering and streamlining are the first steps to any staging process. Remove anything that you don’t want or need or that enhances your property’s appeal. This is a fantastic time to donate old clothing, accessories, and other household items. Consider selling them on sites like Offer Up or Facebook Marketplace or taking them to a local shelter. Some organizations will even take unused or gently used beauty products as donations for women and teens in need.
You’ll also want to get rid of any overly personal touches (family photos, excess artwork, and other memorabilia). Tuck them away for later and make sure your surfaces are open and clear.
Within your property, the kitchen and bathrooms tend to be what buyers care the most about. After all, these rooms receive a disproportionate amount of use. As with any room, a fresh coat of paint can make the space feel lighter and larger. Replacing old fixtures and amenities with modern ones (like smart bulbs, appliances, etc.) will likely impress buyers who care about having the most up-to-date appliances but wouldn’t want to do immediate updates to their new home.
The key to staging is highlighting your property’s best design assets and architecture. If you get a lot of natural light, open the windows and let them shine. If your unit has great storage, clear everything off and highlight it to potential buyers. The more excited people are about your property, the faster you’ll sell it.
For more advice on buying and selling in Hudson Square, contact Adie Kriegstein and NYC Experience for trusted, local expertise.
