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Irreverent Real Estate: Should You Sell Your Apartment or House Now?

Irreverent Real Estate: Separating the sense from the nonsense in real estate.

Dear Readers:

Apologies for the delay since the last post. The market is totally wacky right now and I honestly haven't had the time to write this blog. But I'm back with you and I have only one worthwhile message to share at this time. And that is: Sell your apartment.

And if you don't have a place to sell. Sell someone else's apartment. That's right, sneak in, steal the keys, and sell your neighbor's place. Why? Because by the time they get back from work and notice you are there--you will have ten offers all above the highest asking price of their wildest dreams, and instead of reporting you to the police--they'll give you a big kiss and buy you a new coffee grinder.

I'd sell my apartment. Seriously. I want to. The money right now is just that good (and we just bought our place too) but my kids would scream more than they do normally (teenagers) plus I'd have to pay for therapy for everyone--but otherwise, seriously, I'd do it.

But I understand, making the decision to sell is hard to do--so I am going to help you decide now (and you should decide quickly before interest rates rise) with a short list of good and bad reasons to hold on to your apartment or house. It should make it simple. And then you should call me if you decide you want to sell. 646-269-1072. And within a week you'll have a bank account full of money beyond your wildest dreams. (ok-that's slightly simplistic, but if you call I'll explain it--and it's not all THAT far off the mark).

Good reasons NOT to sell:

1.The apartment you currently live in is the perfect apartment for you and you have no plans in the future (or distant future) to ever move anywhere but that apartment. You never considering downsizing (or UPsizing to a less fancy neighborhood in Brooklyn for that matter ((bigger place, less money, slightly lower neighorhood household income)) and the interest rate on your place is fantastically low.

2.You are in one of the primo school districts (you know who you are) you absolutely HAVE to stay there--meaning that your child has not started school yet or they have a sibling who has not-- and you are concerned they might not get a variance.

Good reasons to sell:

1. You have EVER considered leaving the city. Now is the time. I love New York--but if I had even a slight crush on someone on the West Coast, or a job that made sense anywhere else--and a NYC apartment to sell...I'd be selling it.

2. You need money more than you need every single square foot of your apartment or house. Willing to give up a few feet? You will not end up homeless. Each of those feet is worth about a thousand dollars. Look around your house-count the feet you can live without and decide if you feel like selling.

3. You want to. Sometimes you just want to get out...if you are feeling restless..right now, that's a good enough reason given the profit you stand to make. Houses and apartments aren't people. They are objects. You won't hurt your apartment's feelings.

4. You believe the only neighborhood in Brooklyn that you will enjoy living in is the one you are in now. Newsflash: Brooklyn is all awesome. Yes, yes, I know at one time awhile back Brooklyn was famous as being ridiculously dangerous. And then the parts that weren't dangerous were ridiculously insular and boring...that has all changed! (and very quickly too I might add), get out there (or come with me) explore the rest of Brooklyn..just one or two more subway stops can get you into a place that costs far less, can give you bigger space, more diversity, often better food, and an investment that is more likely to increase in value, and yes, in all of them you can still get a fancy drink, buy groceries, and order sushi.

5. You are emotionally attached to your house or apartment. Now this may sound very cold, but I promise you, for people who know me, I am quite the opposite of cold. But see-here's the thing--If you are in love with your house--what you are in love with is an inanimate object that does not love you back. That love is within you and so are all those memories-so if there are practical reasons to sell that might improve your real life (the one with people in it) and the thing holding you back is just sentimental apartment-love, buy a puppy, volunteer in a maternity ward, help a kid learn to read, and sell your place. You will love again. Does that sound terrible? I hope not. A lot of people are scared of moving, and after it's over, every single one of them is ok.

So there it is..once you figure out which side of that fence you are on-if you come up on the side of selling--give me a call and we'll talk about any concerns or questions you may have. Then we'll sell your place. For a whole lot of money.

Thanks for reading,

Alexandra Florio

The Corcoran Group

646-269-1072

 

 

 

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Jeffrey Zoldan February 17, 2013 at 03:47 PM
You forgot to mention one good reason why you might want to reconsider all of the positive reasons to sell, especially if you are not planning on leaving the Brooklyn/Manhattan area: it will cost you an arm AND a leg to purchase (or even rent!) another apartment or house to live in. It certainly is a sellers' market but conversely, the market is extremely unkind to buyers. From having to spend more for a space today than at any other time, to having to compete with many bidders for the same overpriced property, to losing the bid on the overpriced property to someone who is paying all cash, and then finally having to deal with the banks for a mortgage that is not always so easily forthcoming, there are definite downsides for sellers unless they intend to move far away, like to Ohio. And who really wants to live in Ohio anyway? Jeff Zoldan Brown Harris Stevens
Alexandra Florio February 17, 2013 at 06:05 PM
I hear that Jeffery.. Its good to hear from you..and while I wouldn't suggest that anyone sell now just to buy something more expensive around the corner in one of Brooklyn's blue chip neighborhoods- I certainly would recommend trading slightly down now even in the same neighborhood ( can save a bunch) or up to a neighborhood nearby that is on its way up (one subway stop can make all the difference) Or to the suburbs if that's your plan now or in the future. It's obviously all just in the math which as reputable agents, both of us, is part of what we do for people as well as warn them honestly when a sale might be a mistake. I personally dig Ohio. Thanks for reading this thing and keeping me honest. Fondly, Alexandra The Corcoran Group 6462691072
S. Ashburn February 25, 2013 at 07:46 PM
I grew up in Park Slope. My Dad and my sister are two people living in a four story brownstone...just the two of them and a dog on a prime block in the North Slope. I live in horse country right now where I am happy. No, he is not selling and probably never will. But he did sene me a link to this article. Alexandra, you did not mention the high cost of selling a house or apartment. The fees inolved in both buying and selling. So you might or might not save as much as you think.
Alexandra Florio February 26, 2013 at 03:51 AM
True enough! There are taxes for both buyer and seller as well as a commission for people like me and the company I work for... and you're right... these add up to real money. But it's all relative.. Those fees aren't going anywhere even if the market becomes less rewarding to sellers so I would say that's all the more reason to sell now if that's in your plan--before the market changes. Somehow the costs of selling feel better when there's more money left over afterwards. When I talk to customers about selling their place I get to know them quite well.... ask about their future plans and help honestly with the math so there are no surprises later on. My conscience would not allow me to have a customer put their house on the market unless they clearly understood what the outcome would be. I'm no shark. I'm more of a guppy- just with frighteningly good deal making ability! Thank you so much for your comment! Alexandra

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