Updated October 31, 2019
If you need to sell your house fast in New York State, your best options are:
- Selling to a cash buyer / flipper (think We Buy Ugly Houses, etc.)
- Listing with a top local real estate agent
Importantly, each of these choices comes with its own advantages and drawbacks.
New York cash buyers offer unmatched speed and convenience, but you'll likely take a hit on price — expect to net between 30% to 50% below your home's fair market value.
Listing with a top realtor won't get you an “instant” offer, but the best NY agents will price and market your home aggressively to help you sell quickly and for a good price — often at or above market value.
Try to interview at least two to three highly rated in your area agents to see if they can't help you sell within your required timeframe.
The key takeaway is that it's definitely worth exploring all of your options before you make a final decision. Your home is too valuable not to.
Read on to learn more about how to sell a house fast in New York State: get an overview of the current market conditions across the Empire State, find out what local buyers are looking for, and evaluate your top options for selling fast.
New York State Housing Market Forecast for 2019 — and Beyond
New York City, with its exorbitant rents and unaffordable housing market, skews all statistics for the state overall. Zillow says that the median home value in New York State was $294,200, with the median listing price of $411,000 in 2018. Median home values rose 5.2% in 2018 and are expected to rise 3.0% in 2019.
In New York City, the median price of listed homes is $790,000, whereas in Rochester it's $79,000, and Albany comes between them at $167,200. While the state in total has recovered from the economic downtown of 2008, the recovery has not been even across all areas.
The unemployment rate in New York was 3.9% in January of 2019, relatively flat year over year. New York State real median household income is$64,894, which is above 6% growth over the past three years. In New York City, it's $75,368, and has grown by over 8%. A low unemployment rate overall, and growth in wages, increases the demand in the housing market.
3 Key Factors That Help New York State Homes Sell Faster
Selling points for homes in New York State are vastly different depending on if you live in the city or in Rochester. A river view or a view of the ocean? Access to the subway or access to the commuter rail? Here are some generic tips to sell a house in New York faster, but you'll want to talk to your local realtor, too.
1. Location Matters. It sounds obvious, but if your home is in NYC versus Albany, you'll make more money on the sale. But you'll also be appealing to a different type of buyer. Young professional versus young family. Consider this when staging and marketing your home.
2. Consider offering a cash discount. If you live in NYC, the financial epicenter of the country, there will be legitimate buyers who can pay cash. A Wall Street executive who just got his yearly bonus, for example. Consider offering a discount to buyers who can pay cash to help your home sell faster.
3. Find a Realtor who Will Market your Property. It's not enough to hire a realtor who takes a few photos and puts your house up on the MLS. In New York City, high prices have cooled demand. Other cities in New York have more active markets but more housing stock. You need a realtor who will market your property.
Steer Clear of “We Buy Houses for Cash” Companies
Parts of the state, hit hard by the recession, are dotted with older homes in disrepair. Billboards have sprouted up offering to buy these homes “as-is” and for cash. But don't be fooled, these aren't charities.
These companies take advantage of desperate sellers. They claim to offer a fair price but will build discounts into that price to buy low and sell high. They could cost you up to 50% of your home's equity, not just in the low price that they offer but in the high percentage commissions and fees.
You won't save money selling to a “We Buy Houses for Cash” company. You'd save more working with a flat fee or discount realtor. While legal, Clever considers companies who work as dual agents, representing both the buyer and seller, to be unethical. Since they're representing both sides of the equation, they won't be looking out for the seller's best interests.
Before you talk to them, talk to Clever to get the low-down on your local market's conditions and an estimate of your home's worth.
Benefits of Partnering with a Local New York State Real Estate Agent
It's always best to work with an experienced, local agent if you want to sell your home quickly. They'll tap into a broad network of other agents to find buyers looking for a home just like yours. Their familiarity with your local market informs their advertising efforts, their recommendations on listing price, and how they sell.
Clever recruits your market's top agents to join our network. These agents have sales and commission numbers that prove they are experts at selling homes quickly for the best prices. Clever Partner Agents appreciate that our network delivers sellers to them, so they agree to our flat fee or discount pricing structure.
You benefit, too, by saving money on commissions and fees but still receiving full service. Clever Real Estate charges sellers a flat fee of $3,000 per house, or 1% of the selling price if their home is worth more than $350,000. Want to sell your New York State home quickly? Contact us and we'll connect you with a Clever Partner Agent today. Just like the city that never sleeps, our agents don't rest until they've found you the best offer.