My NYC Apartment Won't Sell, What Can I Do?

If you're a New Yorker who's trying to sell your apartment, you may be finding out that it's not as easy as you thought it would be. 

You may be wondering what you can do to make your place more appealing to buyers or what steps you can take to increase your chances of success.

Below, we'll give you a few tips on what to do if your NYC apartment sale listing has gone stagnant.

Price it competitively and be willing to negotiate

When selling your NYC apartment, it is important to price it competitively in order to get your property noticed and generate maximum buyer interest. 

Overpricing your apartment can quickly backfire, resulting in a stagnant listing with little activity, as potential buyers will be less likely to show an interest if the price is out of their price range. 

It is crucial to list your apartment based on current market conditions and price to market in order to achieve a successful sale. Whether you are selling through an agent or on your own, it is essential to stay up-to-date on current housing trends, comparable analysis, and price fluctuations in order to price your apartment strategically and effectively. 

By doing so, you will ensure that you get the best possible price for your home and ensure that the sale process goes smoothly from start to finish.

Make cosmetic updates

Cosmetic updates can go a long way in making a unit more appealing to potential buyers. Something as simple as fresh paint can make a big difference. 

It's also important to take care of any minor repairs, such as loose handles or cracks in the walls. Replacing burned-out light bulbs is another simple but effective way to brighten up a space. 

Consider professional staging

Many people think that decluttering and cleaning is all they need to do in order to prepare their apartment for sale. But if you really want to make your home stand out, you should consider professional staging. 

Staging your NYC apartment can help to jazz up a vacant space and make it more inviting. It can also be used to highlight the best features of your home and downplay any areas that may be less appealing. Most importantly, though, staging can help buyers picture themselves living in your space. 

And when buyers can visualize themselves in a property, they're much more likely to make an offer. So if you're serious about selling your apartment, professional staging may be well worth the investment.

Request more open houses

Selling your apartment can be a daunting task, but with the help of a good real estate agent, it can be a smooth and stress-free process. 

One of the most important things you can do is to request more open houses from your agent. The more traffic you can generate, the better your chances of finding the right buyer. Additionally, open houses provide potential buyers with the opportunity to see your apartment in person and get a feel for the layout and amenities. 

Remember that selling your apartment is a numbers game. The more buyers you can get through the door, the greater your chances of finding the one who is willing to meet or exceed your asking price.

Change real estate agents

Many owners invest a lot of time and energy into finding the right real estate agent when they first decide to put their apartment on the market. However, if your apartment has been on the market for a while without any offers, it may be time to consider changing agents. 

There are many reasons why a particular agent may not be a good fit for your property. Perhaps they are not delivering on the promised marketing strategy, or maybe they were not as experienced and knowledgeable as they first promised. Either way, it is ok to admit you made a mistake in your initial agent selection. 

Whatever the reason, if you feel that your agent is not working out, don't hesitate to make a change. A new agent may have fresh ideas and a different perspective that could help get your apartment sold.

Plan larger renovations

When you're selling your apartment, it's important to take buyer feedback into account. If prospective buyers are consistently pointing out the same areas of your space as being dated or in need of repair, it may be worth doing some larger renovations before continuing with your listing.

Of course, every situation is different, and you'll need to weigh the cost of renovations against the expected return on investment. If the math makes sense, you may maximize your outcome by spending on the renovations buyers will care about most.

Wait it out by renting it out

One of the most common questions sellers have is whether or not they should rent out their apartment if it isn’t selling. The answer isn’t always straightforward, as there are pros and cons to both renting and selling. 

If you’re still paying carry costs (like a mortgage, property taxes, etc.) on your apartment, then you might want to consider renting it out in the interim so that you can offset those costs.

However, if you don’t think you can stomach being a landlord or if you simply want to move on with your life, then selling might be the best option for you. Ultimately, the decision comes down to what makes the most financial sense for your situation.