If you’re lucky enough to own a mansion in New York State, we have some good news and some bad news for you.
First, the good news: You own a mansion! That must feel great. Congratulations!
Now the bad news: New York State is increasing both the transfer tax and the mansion tax when these multi-million dollar properties are being sold.
Now more good news: Currently, these tax increases are only taking place in cities where the population exceeds one million people. In other words, it’s only impacting the five boroughs of New York City. In case you’re wondering, the population of cities like Buffalo, Rochester and Syracuse are all well under 300,000.
Now more bad news: That could always change to include more cities with smaller populations. The state is in debt and needs more revenue streams.
Our advice: Enjoy your mansion. But if you’re thinking of selling, please give The Olear Team a call today!
In part two of our video series “How to Get Your House Ready to Sell,” James Conley talk about Absorption Rate.
Absorption Rate – Don’t get left wet
- What is an absorption rate?
- When is a market fair between buyers and sellers?
- How does this affect my sales price?
- How does this affect how long it takes to sell my house?
- Pricing Strategy – should you price your home realistically, or is it okay to be more aggressive?
- When should I find out about the absorption rate for my home?
One of the many conversation we have with out clients is “How to get your House Ready to Sell.” In part of one of this series, we talk about the best one thing to do to get your house ready to sell.
In the video Michael Olear discusses the one thing he tells most sellers to do when he discusses how to get your house ready to sell. In WNY most people use their side door or rear door to enter or leave their house. However, most homes we’re built with front entry in mind and this is the best method of entry when selling a house.
Old metro newspapers laying around, spider webs, holidays lights, dirt and worn out paint are all detriments. Be sure to freshen up / paint the door, trim and clean up as well.
A buyers first impression begins here, so it’s critical to start off on a positive note. NAR cost vs benefit study identifies the front entry as always returning over 100% of investment.
Watch part 1 of our video series with Michael Olear below: