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How to Sell

A New York City Apartment

As brokers are fond of saying (at least, after the listing agreement is signed), your apartment is only worth what someone else is willing to pay for it.

Accordingly, the best way to estimate market value is to put your apartment on the market and see how much buyers offer for it.  The problem with this approach is the almost universal tendency to overestimate the value of one's apartment...and then let it linger without appropriate, quick price cuts until it gets stale and ultimately fetches less than it would have if priced correctly.

To estimate market value as correctly as you can before listing your place, find a recent sale in your building and line (look up your building's sales history on and then adjust for variables like views, floor, condition, etc.    There are lots, and lots, and lots of approaches—and mountains of guesswork--when it comes to comparing sales. This article delineates some of the nuances and variables.

It may also be helpful to attend open houses of comparable apartments in the neighborhood to see how yours stacks up, so you can make the appropriate price adjustments.