New York City Condos Buying and Selling Tips
If you are thinking about buying or selling New York City condos or houses, there are a few things that you should know. For one, there are buzz words that you should look out for in your search. Most people are not very familiar with the fact that using language that tells how serious you are to sell can hurt the amount of time it takes. Listings talking about the seller "moving" sell for 1% less and if a seller is "motivated" the condo or house will sell for 8% less, on average. Condo or houses that are described as "beautiful" sell 15% faster and for 5% more money while condo or houses dubbed "good-value" sold for 5% less than average.
Also some word-play that people use is just insignificant. Being dubbed a "must-see" has no impact on the time a condo or house sells. Listings praising the "landscaping" sell 20% faster and condo or houses in "move in condition" are sold 12% faster. Some words can even be detrimental. What this all means is when making a listing, make sure the language used is well-written, minimizes blemishes, and eloquently describes the positive aspects of the condo or house. In the current market where condo or houses sit seemingly for ages waiting for a buyer, people are looking for anything to help them sell their condo or house faster.
Everyone is looking for that extra something to help them sell faster. Case studies have shown that utilizing the right copy, on average can help you sell your condo or house much faster in New York City. Buyers are much more likely to be attracted to style over substance. Creating listings or advertisements utilizing words that trump up the elegance of the condo or house or general attractiveness will prime your condo or house to sell faster than a listing pushing the condo or house's price and value. If you are getting a condo or condo or house, it is also a good idea to review the Association's Financials of the Association and in particular, the balance in the Reserves fund. This will give you an indication of whether the association fees have been kept at levels that create a slow build-up of reserve funds to cover replacing the roof, periodic work on the tennis courts or pools, or repaving the parking lot.
Ask the property manager what the delinquency rate is on condo fees. If many people are not paying their association fees in a timely fashion, something may be amiss and you want to know what that "something" is before you buy into that condo association. It will give you some clues to what may be wrong with either the physical construction or any behavioral issues among the residents. Even if there are no issues or concerns, a review of the minutes will reveal the sorts of projects under way at the complex. "Who's Watching the Store ?" You need to be wary of a condo association without a "professional" property manager. Although many condos are run very well by residents, themselves, such an arrangement can lead to more hassles for owners.
Condos managed by the residents, themselves, are subject to all the foibles of businesses being run by "amateurs." Several condo associations have abbreviated versions of their rules that will tell you, in summary fashion, things like whether or not you are allowed to have pets and how many? What restrictions, if any, are placed on pets and pet-owners? You may not have a dog, but you may not appreciate it if your next-door neighbor has three dogs that bark day and night and you have no recourse.
