Prefer a printed copy? Download the NYC Home Seller's Guide (PDF), or run your own numbers with the NYC Real Estate Calculator.

 

Before You Start: Prepare Your Home for Sale

 

Are you ready to sell your home? With the right preparation and guidance, you can maximize your property's value and keep the process smooth from the first showing to the closing table. First impressions matter, and the work you do before listing is often the highest-return work of the entire sale.

 

Assess Your Home's Condition

Walk through your home the way a buyer would. Consider a pre-listing inspection to identify issues that might worry buyers or appear in their inspection report, and address them on your terms. Gather records on the age and service history of major components such as HVAC, the water heater, appliances and windows.

 

Repair and Upgrade Strategically

Focus on improvements buyers notice and pay for: fresh paint in neutral tones, refinished floors, updated lighting, repaired fixtures and a deep clean. Avoid major renovations right before a sale unless the numbers clearly support them. I will help you decide which items are worth doing and which are better reflected in price.

 

Organize Your Documents

Buyers and their attorneys will ask for documents early, and having them ready builds confidence and saves time. Prepare:

 

• Your deed (condo or house) or stock certificate and proprietary lease (co-op)

• Recent common charge or maintenance statements and real estate tax bills

• Records of renovations, alteration agreements and any permits, open or closed

• Building information: house rules, recent financial statements, and any known assessments or capital projects

• For co-ops: flip tax details, sublet policy, and board package requirements for the buyer

• Your current mortgage lender and loan number for the payoff letter

 

Declutter and Stage

Remove personal items and extra furniture so each room has a clear purpose and buyers can picture themselves living there. Professional staging, whether full or partial, often shortens time on market and supports a stronger price. Through Compass Concierge, eligible sellers can have the upfront cost of services such as staging, painting, flooring and cosmetic repairs fronted, with no fees or interest, and repay it at closing (terms and eligibility apply).

 

 

Step 1: Build Your Team

 

Selling property in New York requires coordination among experienced professionals who will guide you through pricing, marketing, negotiation and closing. The two key members of your team are your real estate agent and your attorney, supported by your accountant on the tax side.

 

1.1 Choose a Real Estate Agent

Your agent is your strategist, advisor and negotiator from the first pricing discussion through closing. An experienced agent analyzes comparable sales, builds a pricing and launch strategy, coordinates professional marketing, manages showings, qualifies buyers, and negotiates the terms that protect your result. The right agent changes how your home is positioned in the market and, ultimately, what you net.

 

1.2 Choose an Attorney

New York sellers retain an attorney to prepare and negotiate the contract of sale and represent them at closing. Your attorney will:

 

• Draft and negotiate the contract of sale

• Hold the buyer's contract deposit in escrow

• Coordinate with the buyer's attorney and manage deadlines

• Resolve title or lien issues and order your mortgage payoff

• Prepare transfer tax forms and closing documents

• Represent you at the closing

 

I am glad to recommend experienced NYC real estate attorneys.

 

1.3 Speak With Your Accountant

Before you list, ask your CPA to estimate any capital gains tax, especially if the property was ever rented, if you are not a New York State resident, or if you are not a U.S. person. Knowing your after-tax number shapes your pricing and timing decisions.

 

 

Step 2: Price Your Home

 

Pricing is the single most important decision in your sale. A well-priced home attracts the most qualified buyers early, when interest is highest. An overpriced home sits, collects days on market, and often sells for less after one or more visible price reductions.

 

2.1 Comparative Market Analysis

I prepare a detailed Comparative Market Analysis (CMA) comparing your home with recent sales and active listings in your building and neighborhood, adjusted for size, floor, light, view, layout, condition, outdoor space and building amenities. For co-ops and condos, I also review the building's sales history, price per square foot trends and monthly carrying costs, since buyers compare total monthly cost, not just price.

 

2.2 Validate the Price Before the Full Launch

Pricing is not only a matter of past sales; it also depends on how today's buyers respond to your home. With Compass's three-phased approach (described in Step 3), we can introduce your home privately and gather real buyer and agent feedback before it is fully launched, refining price and positioning without accumulating public days on market or visible price changes.

 

2.3 Price Around Buyer Thresholds

Buyers search in price brackets, so a home priced at $1,995,000 appears in searches capped at $2,000,000 while a home at $2,050,000 does not. In New York, the buyer's mansion tax also steps up at $1M, $2M, $3M, $5M and above, and the rate applies to the full price. On a $2,000,000 sale the buyer pays $25,000 in mansion tax; at $1,995,000 it is $19,950. Pricing just below a threshold can widen your buyer pool and soften negotiations.

 

2.4 Read the Market

In a seller's market, where demand exceeds supply, you may be able to price more assertively. In a buyer's market, pricing must be sharper to stand out. I track absorption, days on market, list-to-sale ratios and contract activity in your segment so your price reflects the market you are actually selling in.

 

 

Step 3: The Compass Three-Phased Marketing Strategy

 

Instead of launching everywhere at once, Compass's three-phased marketing strategy introduces your home in stages. Each phase builds demand and produces information we use in the next, so your home reaches the broadest market priced and positioned with confidence.

 

Compass Private Exclusive

Your home is shared privately with Compass agents and their buyers before it appears on public websites. This is a quiet test of price and positioning that generates early interest and feedback.

 

• Gather pricing feedback without public days on market or price-change history

• Reach serious buyers already working with Compass agents

• Ideal for sellers who value privacy, discretion or flexible timing

• Some buyers will pay a premium for certainty and early access

 

Compass Coming Soon

Your home goes public on Compass.com as a Coming Soon listing, visible to all agents and buyers, before it launches on third-party portals. In New York City, Coming Soon listings are also shared with the REBNY Residential Listing Service.

 

• Build anticipation and collect engagement data (views, saves and inquiries)

• Days on market do not accrue during this phase

• Fine-tune pricing and presentation using real buyer response

 

Full Market Launch

Your home launches across the REBNY RLS, StreetEasy and all major syndication sites with pricing and positioning already validated by Phases 1 and 2, giving it stronger momentum from day one.

 

• Maximum exposure to every buyer and agent in the market

• Open houses, private showings and targeted digital campaigns

• Days on market begin, with your price already tested

 

Is Every Phase Right for Every Home?

Not always. Some homes benefit from a longer private period; others should move to a full launch quickly. Every seller decides, in writing, how their home is marketed, and the strategy is tailored to your goals, timing and the market. Pre-marketing is subject to REBNY and brokerage rules, which I will review with you.

 

 

Step 4: Present Your Home at Its Best

 

4.1 Professional Photography, Floor Plans and Video

Most buyers decide whether to visit from the photos and floor plan. Your listing receives professional photography, an accurate floor plan and, where it adds value, video and virtual tours. I will coordinate timing for the best natural light and schedule any staging or touch-ups beforehand.

 

4.2 A Compelling Listing

The listing description should communicate what makes your home and building different (layout, light, outdoor space, renovations, amenities and neighborhood) in clear, accurate language. Strong presentation and precise positioning help your home stand out against competing listings.

 

4.3 Targeted Marketing

Beyond the listing portals, your home is promoted through the Compass agent network, targeted digital and social campaigns, email marketing to active buyers and agents, and print materials where appropriate.

 

4.4 Open Houses and Showings

Open houses and private showings allow buyers to experience the home in person. Keep the home clean, bright and staged throughout the marketing period. I qualify buyers before private showings and share feedback with you after each one.

 

 

Step 5: Receive and Negotiate Offers

 

5.1 Evaluate Offers

Price is only one part of an offer. I compare each offer's financing and down payment, contingencies, proposed closing date, the buyer's REBNY Financial Statement and proof of funds and, for co-ops, how likely the buyer is to pass the board.

 

5.2 Negotiate Terms

Through counteroffers and, when there is strong interest, a best-and-final round, I work to secure the strongest combination of price and terms. My goal is the best offer that will actually close.

 

5.3 Accept an Offer

The highest offer is not always the best offer. A slightly lower offer with a larger down payment, no financing contingency and a buyer who clearly qualifies for the board can be the safer path to closing. In New York, an accepted offer is not binding until both parties sign the contract, so we keep momentum until it is fully executed.

 

 

Step 6: From Contract to Closing

 

6.1 Contract and Deposit

Your attorney drafts the contract and sends it to the buyer's attorney, who reviews it with the building's documents and the buyer's inspection results. The buyer signs and wires a deposit, typically 10% of the price, to your attorney's escrow account. You countersign, and the contract is fully executed.

 

6.2 Buyer's Financing, Appraisal and Board Package

If the buyer is financing, their lender orders an appraisal. I support the appraiser with comparable sales and a list of improvements. For condos and co-ops, the buyer submits a board package; for co-ops, the board interviews the buyer before approving the sale. I stay in contact with the managing agent so the review moves on schedule.

 

6.3 Title, Lien Search and Payoff

The buyer's attorney orders a title search (condos and houses) or lien search (co-ops). Your attorney orders your mortgage payoff letter and resolves anything that needs to be cleared before closing.

 

6.4 Final Walk-Through

Shortly before closing, the buyer walks through the home to confirm it is in the agreed condition, broom clean, with any included appliances and fixtures in working order.

 

6.5 Closing

At closing you sign the deed or co-op transfer documents, the buyer's funds are disbursed, your mortgage is paid off, transfer taxes and closing costs are paid, and the net proceeds are wired to you.

 

 

Bonus Tips for Sellers

 

• Understand the market: stay informed on interest rates, inventory and buyer behavior in your segment

• Be flexible with showings: the more accessible the home, the more buyers see it

• Stay objective: selling a home is personal; rely on data and on your agent to keep negotiations professional

• Plan your move early: coordinate your closing date, move-out and next purchase so timing works in your favor

• Coordinate a buy and a sale: if you are also buying, we can sequence both transactions and discuss bridge options with your lender

 

 

Seller Closing Costs

 

In New York City, sellers pay the brokerage commission and the NYC and NYS transfer taxes, along with legal and building-related fees. Use the tables below as a guide; your attorney will confirm the final figures.

 

Typical Seller Costs

• Brokerage commission: As agreed in your listing agreement

• Your attorney: $2,500 to $5,000+

• NYC transfer tax (residential, 1 to 3 family, condo, co-op): 1.00% up to $500,000; 1.425% above $500,000

• NYS transfer tax: 0.40%; 0.65% for residential sales of $3M or more

• Co-op flip tax (if any): Set by the building; often 1% to 3% of the price

• Managing agent or transfer agent fees: $500 to $1,500

• Mortgage payoff, bank & recording fees: $300 to $1,000

• Move-out deposit: $500 to $1,500, usually refundable

• Prep, staging and repairs (optional): Varies; Compass Concierge may front eligible costs

 

Additional Items for Some Sellers

• Foreign sellers (FIRPTA): 15% of the price withheld at closing unless reduced by an IRS certificate

• NYS nonresident sellers: Estimated income tax on the gain, paid at closing (Form IT-2663)

• Multifamily (4+ units) and mixed-use: NYC transfer tax 2.625% above $500,000; NYS 0.65% at $2M or more

• Common charge, maintenance & tax adjustments: Prorated at closing

 

Tax rates reflect current New York State and New York City schedules and may change. Confirm with your attorney and CPA.

 

Example: Net Proceeds

Illustrative figures calculated with the same formulas used in my online calculator. Assumes a 5% total brokerage commission.

 

Condo at $1,500,000

• Sale price: $1,500,000

• Brokerage commission (5%): $75,000

• NYC transfer tax (1.425%): $21,375

• NYS transfer tax (0.40%): $6,000

• Co-op flip tax (2%): Not applicable

• Attorney, building & payoff fees: $5,500

• Prep & staging: $5,000

• Total costs of sale: $112,875 (7.5%)

• Mortgage payoff: $600,000

• Estimated net proceeds: $787,125

 

Co-op at $1,200,000

• Sale price: $1,200,000

• Brokerage commission (5%): $60,000

• NYC transfer tax (1.425%): $17,100

• NYS transfer tax (0.40%): $4,800

• Co-op flip tax (2%): $24,000

• Attorney, building & payoff fees: $5,750

• Prep & staging: $3,000

• Total costs of sale: $114,650 (9.6%)

• Mortgage payoff: $400,000

• Estimated net proceeds: $685,350

 

Before income taxes. A co-op flip tax can make a meaningful difference to your net, so confirm your building's policy before setting your price.

 

 

Taxes to Review With Your CPA

 

• Primary residence exclusion: if you owned and lived in the home for at least two of the last five years, up to $250,000 of gain ($500,000 for married couples filing jointly) may be excluded from federal income tax

• Rental or investment property: gains may be taxed at capital gains rates, and depreciation taken over the years may be recaptured; a 1031 exchange may defer the tax if you reinvest in another investment property

• New York State and City: gains are generally also subject to state and, for NYC residents, city income tax

• Nonresidents and foreign sellers: estimated taxes and withholding may be collected at closing, so plan ahead to avoid surprises

 

Estimate Your Net Proceeds

Open my NYC Real Estate Calculator. Enter your sale price, property type, commission, flip tax and mortgage payoff to see an itemized estimate of your costs of sale, including NYC and NYS transfer taxes, and what you can expect to net. Open the NYC Real Estate Calculator