Home values and sales increase for NYC

Recent data from the Real Estate Board of New York found the average sales price of a New York City home increased 8 percent in the third quarter of 2011 compared to the same time in 2010, with Brooklyn experienced an 8 percent jump, Manhattan prices grew 5 percent and the Bronx reported a less than one percent gain in the last year.

In addition, the number of residential sales citywide increased 4 percent over the past 12 months, with Manhattan neighborhoods showing the highest sales activity as the Upper East Side had 723 sales and the Upper West Side sold 647 homes. The average sales price of a condominium in Chelsea/Flatiron in the third quarter increased 16 percent compared to the second quarter of 2011, as well as 16 percent above the third quarter last year.

Brendon DeSimone from Zillow.com identified different ways homeowners looking to sell their properties can effectively price theirs homes to increase their odds of selling. DeSimone recommends sellers price their homes on the lower end to stimulate more interest from numerous buyers to create a herd mentality. The popularity of the property will increased its perceived value to buyers.

Sellers should also avoid being creative with their asking price. DeSimone said that when a seller prices a home with an oddly specific figure it calls negative attention to the property that can make buyers cautious of proceeding with the sale. The less buyers have to think about the individual seller the more likely they will be to imagine themselves in the home. DeSimone even recommends homeowners remove personal decorations from the home when showing a property in order to showcase the house, not the seller. 

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