How long does it take to sell an apartment in New York City?

On average, it can take anywhere from two to six months to sell an apartment in NYC. The main stages of selling an apartment in NYC include:

• Marketing the apartment
• Negotiating a contract
• Applying for a mortgage (if the buyer is financing)
• Submitting a co-op board application (if you are selling a co-op): http://www.hauseit.com/nyc-coop-board-package-purchase-application/

How long does it take to sell an apartment in NYC: http://www.hauseit.com/how-to-sell-an-apartment-in-nyc/

Due to the traditional six percent broker fee, selling an apartment in NYC is expensive in addition to being time consuming. Fortunately, as a seller you have a number of options for reducing or fully eliminating the traditional New York City real estate commission, including:

• Listing For Sale by Owner using Hauseit’s NYC Flat Fee RLS Package: http://www.hauseit.com/fsbo-nyc/

• Listing with a Full-Service, REBNY member Listing Agent via Hauseit for just 1% Commission: http://www.hauseit.com/agent-managed-listing/

The overall time it takes to sell an apartment in NYC depends on a number of factors, including:

Condo vs. Co-op

It usually takes one to two months longer to sell a co-op in NYC compared to selling a condo because co-ops require buyers to submit a rigorous board application process and undergo an interview.

Co-op ‘sponsor units’ and condos do not have the same application process, nor is there any credible threat of the buyer being rejected for these types of purchases.

Condo vs. Coop Pros Cons: http://www.hauseit.com/co-op-vs-condo-nyc/

Cash vs. financed deals

Financed deals usually take 60-90 days to close after signing a contract compared to as little as 30 days for an all-cash sale. Non-contingent and/or all-cash deals are preferred by sellers because there is little to no risk that the deal won’t go through.

New construction, sponsor sale or private resale

If a new construction building does not have its Certificate of Occupancy yet, it will take slightly longer to close on a new construction unit compared to a traditional private or sponsor resale of existing construction.

Learn More about How to Sell an Apartment in NYC: http://www.hauseit.com/blog/