You know the conversation.  You’re standing around at a cocktail party in your neighborhood when someone says, “Did you hear that the Mortensen’s are asking $550,000 for their co-op?” or someone else comments, “Yeah, I even saw a $575 in the next block.”  But before you start seeing dollar signs behind your eyes every time you close them, understand that if you’re a home owner getting ready to sell, the only story you want told about your listing is, “Did you hear that  place went in three days?  The agent didn’t even have time to get the ‘For Sale’ sign up!” And this is never truer than when you’ve already had the offer on your next place accepted and the closing date has been set.  This is not an instruction manual on “How to get a bridge loan.”  This is the instruction manual for pricing your property right the first time so you never need one.

Pricing your home correctly for a quick sale is not an art, it’s a science. And while some psychology will be in play here, pricing your home correctly is primarily about strategy, not emotion.  So, ready to roll your sleeves up and get started?  Welcome to Sellers Boot Camp!

An agent who really knows your hood–and a few others as well– might just have your dream apartment already in inventory. Give him or her an email address to send you listings that match your wish list.  A good real estate agent can partner with you to look at all angles of where you want to go with your real estate and can also talk to you about market timing, mortgages and even the occasional steal.  The recent market corrections may have put a lot of previously untouchable properties into your league.  And, since we already know you have a renovation plan, you might want to also ask if there’s a property out there that would require renovation, but put you into a much more desirable situation.  After all, you’ve already established that renovation budget, but what you may not have thought about is what that same budget, or one substantially lower, could do to put you into the home of your dreams right now.

When your real estate agent comes to your home to perform the CMA, look at the meeting as an opportunity to explore the questions you have.  Share what you’re trying to get out of your renovation plans and ask him or her what they think. Be sure to ask your agent to, what value they think your renovation will add to your apartment’s value. It may surprise you to learn that while some renovations, like a new bath or kitchen add substantial value, others, like adding or subtracting walls may not and may even lower value of your current residence. Thinking of adding a three hundred bottle wine cave? An alcoholic buyer may see that as the first thing he needs to remove. You get the picture.

A CMA depends on a true “apple to apples” comparison (or “comp”) of similar properties in your neighborhood.  You already know that an apartment with two bathrooms is not a “true comp” for one with only one bath.  That’s the obvious stuff. But that agent you’re fond of in SoHo for example, might have an apartment that was built by the same builder as yours and which is identical in every aspect, so when she puts the same price on your place as the one she has in SoHo that’s fine, right?  Wrong. Dead wrong. For example, her “identical” apartment in Soho might be across the street from a building already slated for demolition with a 40 story high rise about to obstruct its river views, while the building you’re in now is across the street from a building protected by Historic Preservation so your views are secure. So, right away, she’s comparing apples to oranges, even if the apartments themselves are identical.  Market prices throughout the city are also reported by neighborhood, so, once again, a one bedroom in Soho or Murray Hill is not the same price-wise as one in Turtle Bay or Morningside Heights and you do not want to be the one to pay the price for an error like that.  So, to avoid costly mistakes, first be sure that your hire an agent who knows your hood.

Knowing how to evaluate your precise real estate position is also a job for pros, so now is the time to call in a real estate agent to have a thorough CMA (Comparative Market Analysis) performed on your existing property so you know where you stand if you do decide to sell.  But before you call the agent you’ve been with since she rented you that cute studio in SoHo after college, consider what you need in any real estate agent you work with now.  Loyalty is great, but as any New Yorker knows, prices and an entire host of other variables, vary considerably from neighborhood to neighborhood  when it comes to choosing the right agent now.  First and foremost, you want a real estate agent with proven expertise in property valuation to perform your CMA.  One of the cardinal rules for Real Estate agents is, “Know your neighborhood.” Cold. Backwards, forwards, inside out.  This is a critical requirement when choosing an agent to perform your CMA.  You want an agent who can bring the buyers if you do ultimately decide to sell and you also want an agent who can readily show your property and not have to schlep up from the Lower East Side to do it.