The American people are on the move. One interesting trend is that many people are moving out of the city. Last year, an estimated 3.57 million left New York City. Considering the people moving in, the net loss to the city was 70,000 residents.
Many of those people leaving New York City are moving to the nearby suburbs. There are many benefits to living in the suburbs rather than a densely populated urban setting. The suburbs are appealing due to more space and increased purchasing power.
Own in NYC and interested in moving to the suburbs? Now could be the time to pull the trigger on your big move. Read on for six question to ask your real estate agent which will help you successfully move to the suburbs.
1. Is It a Seller’s Market?
Market conditions favor the seller in recent months. This is due to the fact that there are a record-low number of houses on the market. Compared to last year, inventory is down 40%. When a new listing hits the market, buyer demand is strong. The majority of sellers are receiving multiple offers within days of listing it. In some cases, the end result is a bidding war that results in the seller receiving more than their original asking price.
In spite of the favorable conditions, many homeowners fear putting their home on the market. They are worried about how fast it will sell and where they will go once it is sold. This has further contributed to the inventory shortage.
2. How Fast Will I Sell?
In the current conditions, homes on the market are selling quickly. In Connecticut, the average days on market for March 2021 was 59 days, down 31% since March 2020. In Westchester County, NY the average days on market for March 2021 was 70 days, down 27.1% since March 2020.
It is increasingly common to receive multiple offers within the first week. Some sellers are accepting offers on the first day that they list it.
However, how quickly you sell depends on a number of different factors. At the top of the list is always a competitive list price. Even with elevated prices in the suburbs, an excessive asking price is going to extend the home’s listing time.
3. What is a Good Pricing Strategy
There is a big debate in the real estate industry about pricing. With buyer demand so strong, should you price the home for more than its value?
A fairly priced home is likely to draw stronger interest and prompt more buyers to make competitive offers. But there is no one-size-fits-all answer to the question of pricing. The pricing decision needs to be tailored to each seller’s needs and the specific property and location. With Compass, our curated pricing strategy will help you understand your home’s sale potential in today's market and help demystify the current real estate landscape.
4. What is the Real Estate Agent's Commission
It is important that real estate agents are transparent with how they earn money on your sale. When listing a property, their earnings come as a percentage of your sale price.
In New York and Connecticut, the standard real estate commission on a house sale is 5%. The commission is typically split evenly between the buyer’s and seller’s agent.
While you might think you can save money by listing the home by yourself, a real estate agent brings expertise and experience to price your home correctly and market it to its full potential, giving you a greater chance at getting asking price for your home.
5. Where Should I Move?
If you are looking to leave NYC, there are many great options in Westchester County, New York and Fairfield County, Connecticut. A real estate agent can help you find a community that is suitable for your needs and personality.
If you have a family, an agent can assist you in finding a home in your desired school district. For young professionals, an agent can recommend lively neighborhoods to explore. Many NYC workers are working remotely but still need to travel into the city on a weekly or monthly basis. An agent can help you find NYC suburbs with access to public transportation into the city.
6. How Busy Are You?
This is a critical question to ask your real estate agent. In this blazing hot real estate market, buyers need to act quickly and a real estate agent needs to be ready for showings at a moment’s notice. When you fall in love with a house, it is imperative to get offers in quickly.
It is important that your real estate agent is not juggling too many clients. When there is another commitment, your agent should have a backup plan to meet your needs simultaneously.
What Questions to Ask Your Real Estate Agent?
This is an unprecedented time in real estate. Inventory and interest rates are near record-lows. On the flip side, homes in the suburbs are flying off the market, many over asking price.
The questions on this list should give you a good starting point for selecting a real estate agent. If you would like to discuss these questions or any others, contact us today.
We're not your typical real estate agents.As former city dwellers, we appreciate the qualities that make city lifestyle so unique, from the convenience of walking to your favorite restaurant or corner store to the vast and diverse cultural and entertainment activities. But we’ve also experienced the challenges and frustrations that are motivating you to seek change. During our transition from the city to the suburbs, we had the same thoughts, concerns and questions, prompting us to create a better way to navigate the suburban home search process for others.
The Ursini Team is a team of real estate brokers affiliated with Compass. Compass is a licensed real estate broker and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
Fair Housing Laws We are committed to upholding the principles of all applicable Fair Housing laws.