Getting ready to put your place on the market? Even in a strong seller's market like this one, property values (as well as buyers' preferences) are constantly in flux, and finding the right listing price for your place will take some research.
Fortunately, technology is making this once-laborious research process much faster and, actually, pretty enjoyable.
That's where AddressReport comes in. Enter your address into the site and AddressReport generates a free report revealing detailed property and neighborhood data in a beautiful, easy-to-digest format. It will also show how your property compares to other properties in the New York City market overall when it comes to value, convenience, and a host of other quality of life factors.
And the report isn't just there to inform you—the data revealed can help your broker craft the best sales strategy when you're ready to hit the market. With this in mind, AddressReport has partnered with real estate brokerage Engel & Völkers NYC to set potential apartment sellers up with useful data and a knowledgeable broker all at once.
“We offer the story behind the numbers,” says Stuart Siegel, the president and CEO of Engel & Völkers NYC. “AddressReport will give you the data points, and our job is to tailor and contextualize them.” As Siegel points out, the data refers to what's happened in the past of any given property and neighborhood. A broker can use those numbers along with the current and anticipated dynamics in the market to assess your listing’s potential right now as well as in the near future.
Here are three ways to combine AddressReport’s free reports with the advice of a knowledgeable broker to find out how much your NYC apartment is worth:
1. Check Nearby Property Stats
AddressReport offers stats on the median household income of the area, the percentage of renters and buyers, and recent sales nearby. Seeing what other, comparable properties exist and are selling for in your area (especially your building) will give you a sense of the appropriate price range.
From there, a broker’s sources and expertise come in. “Our sales advisors will look at the details of each sold apartment as well as similar properties on the market and the profile of current demand,” says Engel & Völkers' Siegel. For example, a nearby apartment may have had a higher selling point because it is an unusually spacious two bedroom within a school district that is experiencing an influx of young families, or it may have a better view or more light. Your broker can also tell you how long similar properties in your area have been on the market and whether they have had price reductions or multiple offers.
2. Understand Your Neighborhood's Selling Points
Quality of life issues are crucial when it comes to marketing your property, so you can figure out which features to play up to buyers—and which you should be prepared to field questions about. AddressReport provides all sorts of data in that regard: crime, demographics, info on school districts, nearby businesses, even real-time air quality and the number of street trees.
This information is a great starting point to assess your neighborhood and how it stacks up against others that the buyers you are targeting may explore. Sales advisors at Engel & Völkers will be able to tell you how your neighborhood amenities can be translated into value, and how they’re best marketed to prospective purchasers. You're in a neighborhood with tons of greenery? That's a premium, just as a renowned restaurant on the corner could be. The school district your property is zoned for will also affect your property value significantly—AddressReport provides school ratings, student enrollment numbers, and the closest elementary, middle and high schools.
3. Factor in Future Improvements
The data can't predict the future, of course, but together with the insights provided by a licensed real estate broker it can certainly help. For example, AddressReport offers construction data regarding demolitions and new buildings within five blocks of your property. An informed real estate sales advisor will know what kind of construction is coming. If it's a swanky new condo development, chances are that it'll be good for your property value.
Transportation, too, is a determining factor in your apartment's worth. AddressReport tells you about subway access within five blocks, taxi stats, nearby CitiBike stations, and commuting times. A broker can complement that info with transportation upgrades planned for the future—the arrival of the Second Avenue subway, for example, or the nearby expansion of CitiBike stations.
To obtain the current report for your address, head over to AddressReport.
Also from AddressReport:
5 myths about buying or renting in NYC
5 red flags that could slash your apartment's selling price
10 quality of life factors to check before buying a NYC apartment
Enter any building address and AddressReport will generate a free, on-demand "background check" revealing the unbiased truth about that co-op, condo or apartment building and its neighborhood.
