Table of Contents

29 min read Oct 04, 2022

Selling A House In New York State: Here’s What You NEED To Know!

✍️ Editor’s Note: Houzeo is America’s most advanced home selling website. Houzeo covers all major New York State MLS’ to give you maximum exposure when selling a house in New York State for the lowest flat fee.

>> SAVE: New Yorkers have listed more than $280 million worth of properties on Houzeo.com so far. Start your free listing now!

Selling a House in New York State

Real estate prices in New York State have increased by 6.5% in the last year. Thus, now is the best time to sell your house. Here is a comprehensive guide for selling a house in the state of New York.

1. Best Time For Selling A House In New York State

Selling your house at the right time can fetch you the best possible price. In New York State, March and April are considered to be the best months for listing properties, although it varies across counties. For instance, in New York City, by selling your home in September you can get up to 9.74% more than the annual average selling price.

2. Price Your Home Competitively

As a seller, pricing your property right is important. It is also important to keep in mind that the price you list your home at determines the popularity of your listing and brings in foot traffic. The list price itself doesn’t determine what your sale price is.

REMEMBER! The purpose of the LIST PRICE is to ATTRACT BUYERS to your listing. It’s not your SALE PRICE!!!

What happens if you under-price or over-price your listing?

If you price it too lowIt is most likely that you will get multiple offers. You’ll likely go for “Highest & Best Offer” or counter the best offers to finalize the sale price with the buyer. And you will sell at market price
If you price it too highYou will get little traffic. It’ll make you drop the price, and you will sell at the market price

Real estate agents in New York create what’s called a Comparative Market Analysis (CMA) to determine what’s an ideal listing price for a property. If you are opting for “for sale by owner” (FSBO) then you can easily create your CMA with Zillow and Redfin and understand how to sell a home by owner in New York or any other state works.

» More: How to Price Your Home For Sale in 6 Steps

3. Options For Selling A House New York State

You have various pathways when it comes to selling your home in New York State. Selecting the right one at the right time can help you save thousands of dollars.

Option 1: Sell Your Home For Sale By Owner

One of the ways to bypass 5-6% of Realtor commission in the state of New York is to sell your house For Sale By Owner (FSBO). It is a DIY pathway under which no Realtor or listing agent is involved. Sellers have maximum control over the entire process and thus they have to handle all the proceedings.

The idea of selling your home in New York State purely FSBO has its drawbacks. Though you save up on the commission money, you will have to handle everything – listing, marketing, negotiations, closings, etc. – on your own.

» Best FSBO SitesCheck out the best For Sale By Owner websites in 2022!

🚩 Key Downsides of Selling Your Home For Sale By Owner:

  • No MLS Exposure: MLS is the most important tool an agent has. Selling FSBO means limited exposure, so there will be less competition for your property. That will likely reduce the selling price. One study found that homes on the MLS sold for 17% more than homes not on the MLS.
  • No Help If You Need It: If you need help with paperwork, inspections, negotiations, or closing, you’re on your own as a For Sale By Owner.

Option 2: List With A Traditional Full-Service Agent

You can always hire a full-service agent to help you sell your home. From listing to closing, the agent will help you with everything. But of course, you’ll be paying a full 2.5% to 3% listing agent commission. And even if you find an unrepresented buyer, you’re still on the hook for the full commission.

🚩 Key Downsides of Listing With a Traditional Full-Service Agent:

  • Hefty Commissions Will Cost You Thousands: Realtor commissions in New York are 5% to 6%. That’s thousands of dollars of fees in commissions.
  • Limited Control Over Your Sale: Everything will go through an agent. That reduces the risk that you will do something wrong, but will also limit the control you have over your transaction. For almost everything, including if a counteroffer was submitted, the status of your closing, and how many showings you’ve had, you’ll have to reach out to your agent.
  • Slow & Manual Process: Agents do things manually. A simple price change is several steps – the agent has to talk to you over the phone, create a price amendment, get you to sign it, then they sign it, and only then can they update the price on the MLS.

Best Option: For Sale By Owner with a Flat Fee MLS Listing

The average Realtor commission in New York State is around 5 to 6%. Listing with a high-tech website like Houzeo.com saves you much of the listing agent commission. In addition, it gets you maximum exposure to the MLS and helps whenever you need it.

✅ A Flat Fee MLS Listing Service Combines the Best of Both Worlds:

  • Save Thousands in Commission: Instead of paying a 2.5% to 3% listing agent commission, you just pay a $300 listing fee.
  • Maximum Exposure: You get full exposure to the MLS, Zillow, Realtor.com, Redfin and hundreds of other websites.
  • Help When You Need It: Services like Houzeo.com offer “Contract to Close Coaching Package”. So if you need help during the transaction at any time, a licensed broker is there to help you sell!
  • Full Control Over Your Sale: You retain full control over when to sell and who to sell. Houzeo captures all leads and displays them on your dashboard. All offers and showings are summarized online, along with the buyer or their agent’s contact info. It doesn’t get easier.
  • Fast Listing & Changes: Houzeo is 100% online, and allows you to request changes instantly. Contracts are auto-generated, and turn-around times are fast!
  • A-la-carte Options: Need a yard sign, ShowingTime, or lockbox? You can purchase them easily from your Houzeo dashboard!

Best Flat Fee MLS Listing Company In New York State

🔥 BEST FLAT FEE MLS LISTING SERVICE

Houzeo.com

Houzeo Logo
  • Listing Fee: $349
  • Available nationwide
  • 4.75 Stars 4.9/5 (3,280 reviews)

Houzeo, an online real estate tech company, provides an unbeatable combination of maximum savings, cutting-edge technology, and 5-star customer support.

💰 Save Thousands on Commission: Houzeo’s plans are typically a small flat fee. This will save you thousands. If your buyer is unrepresented, you save the buyer agent commission as well.

📣 Maximum Exposure: Listings get syndicated to the MLS, Zillow, Realtor.com, Redfin, Trulia, and hundreds of other websites. Houzeo also has nifty social media sharing tools. No other platform gives you this much exposure.

Fast Listing & Changes: Houzeo is 100% online. Listing is easy and changes are fast. So you can focus on what is most important – your sale.

⭐ 5-Star Customer Support: Home sellers across America have rated Houzeo 4.9 out of 5 stars on major review sites like Google and Trustpilot. There is comfort in the fact that when you call, there is a live person picking up the phone on the other line.

📱 Cutting-edge Technology: Houzeo is the most powerful real estate website. Its advanced features include:

  • IntelliList Listing Management System: Lets you manage your listing 100% online.
  • Houzeo Showings: Manage showing appointments online.
  • Houzeo Offers: All offers are summarized online. You can view and compare offers, or counter an offer. In a multiple-offer situation, you can also call for highest and best offers.
  • Buyer Search: Buyers can contact you directly on Houzeo.com instead of going through a real estate agent.
  • Houzeo Settlement Agent Platform: Guides you to your closing.

👉 Our Take: Houzeo.com is our top pick because it delivers an unbeatable combination of savings, tech features, and service of any flat fee MLS listing service website we’ve reviewed.

» Houzeo Reviews: Houzeo is 100% online. You can finish the listing formalities in less than 60 mins.

  • Nationwide coverage
  • Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other sites
  • Quick listing (within a day with concierge)
  • Savings on commissions
  • 100% online – easy listing, fast changes, online showings, and online offers
  • Mobile app availability

Houzeo has a 4.9 out of 5 rating on Google & Trustpilot.

Houzeo is available nationwide.

» More: Best Flat Fee MLS Companies In New York

Option 3: Other Discount Real Estate Brokers

Apart from Flat Fee MLS Listing Companies, there are three other types of discount real estate brokers you can choose from.

Flat Rate Brokers

A Flat Rate is a fixed amount the seller pays the broker. Flat rate brokers are predominantly full-service brokers. They handle everything from listing to closing. These fees are fixed and do not change as per the services or the selling price of your home.

A flat rate is perfect for homes priced on the higher end. Let’s say your house is valued at $600,000 and you pick a flat-rate pricing model of $3500 listing fee. If you opt for the traditional agent route, you would have to pay a Realtor commission of around $36,000. 

Apart from the buyer agent commission, you will also be responsible for concessions, escrow fees, and warranties. 

Our Top Flat Rate Broker Pick

*We could not find any other reputable flat rate Realtor in New York State.

Low Commission Real Estate Agents

Low commission Realtors in New York or agents are discount brokers who work on a lower commission rather than the traditional 5-6% commission.

With the rise of the flat fee model and commission-based models, real estate commissions have been falling gradually. This makes low commission discount brokers more relevant to sellers nationwide.

For example, some of them offer full-service packages at 1 or 2% brokerage. This covers everything from listing to closing.

Our Top Low Commission Real Estate Agent Pick

BEST LOW COMMISSION REAL ESTATE AGENT IN NEW YORK STATE

Hauseit

Hauseit Low commission Realtor
  • 1% Commission for Full Service
  • List within 48 hours
  • Limited Coverage in NYS

Hauseit is a New York-based company that gives you full service that a normal agent would at 1% commission. They allow free changes to your listing anytime and also push out your listing to various other real estate websites like Zillow, Trulia, Redfin, Realtor.com, etc. 

1% Full-Service option is available in New York City, Long Island, and Hudson Valley areas. They allow you free changes to your listings anytime and also push out your listing to various other real estate websites like Zillow, Trulia, Redfin, Realtor.com, and much more. Since they are a locally based company, they cover major local MLSs like MLS Long Island aka OneKey MLS-NY, Hudson Valley MLS, New York City MLS.

Hauseit offers all the services given by a traditional broker, which includes price evaluation, listing strategy, professional photography, private showings, open houses, and more, for a low commission of only 1% of the selling price.  

»SAVE: 9 Best Low Commission Real Estate Agents & Companies

Pros

  • Full Service for low commission
  • Buyer leads go through the listing broker’s main office (the buyer doesn’t know you’re saving on commission, which could lead to lower offers)

Cons

  • No built-in pricing support or home valuation report
  • Full Service not available throughout New York State

Hauseit has a 5 out of 5 rating (39 total reviews) on popular website Yelp.

Locally based in New York.

Low commission full service agent available only in New York City, Long Island, and Hudson Valley areas.

Virtual Full-Service Brokers

A virtual full-service broker does everything a traditional broker would do i.e. listing, marketing, pricing, negotiating, etc. The only difference is that a virtual full-service broker would do all of these online i.e. virtually.

Because of their cloud-based presence, they have many advantages. Such as lesser fees, discounted commissions, and much better management and marketing support. Many MLS listing companies like Houzeo, also provide full-service options that are 100% online.

Our Top Virtual Full-Service Company Pick

Houzeo is the best virtual full-service provider in New York State that offers the following services to home sellers:

  • Online showings through Houzeo Showings
  • Mobile Application
  • Fast changes to your MLS listing
  • Listing syndicates to hundreds of other real estate websites in New York, and a lot more

*We could not find any other reputable virtual full-service company in New York State.

👉 Explore: Houzeo Reviews: Home Selling made easier with Houzeo.com!

What If I Want To Sell My House Fast In New York State?

Due to certain reasons, your may want to sell your house fast in New York or any other state. Here’s what you can do in such cases:

Sell Your House As IsSelling a house as is in New York State can help you save hundreds of dollars by bypassing the repairs. This also ensures that your house is sold fast.

» More: Selling A Home As Is: A Step-By-Step Guide For Sellers
Sell Your House For CashIf you want to sell your house fast in New York then selling them to cash companies can be a very good option. They can offer you cash right away and ensure your house is sold quickly. There are various types of cash companies that can ensure that the deal is closed instantly.

» More: Reviews of 13 Best Cash Companies
Offer Your House To A FlipperFlippers in real estate are buyers that buy a property in its existing condition, repair it, and sell it at a higher price. Selling your house to a flipper will help you save time and dollars.

» More: How to Flip a House: An Introductory Guide For Beginners

» How to Sell My House Fast New York: Discover Best Ways to Sell Your NY House Quickly

    ✍️ Pro Tip: Consider selling your New York home to an iBuyer

    iBuyers are companies that will buy your home for cash outright. They use technology to make an instant offer. This gives them an edge over the traditional cash companies. The price is decided with the help of their proprietary algorithm, recent real estate data, and their in-house experts. An iBuyer can offer and close the deal within 24 hours.

    »Explore: iBuyers Reviews: Selling Your House for Cash in 2022

4. Prepare and Market Your House For Sale in New York State

A clean and well-prepared home combined with the correct marketing strategy can help you attract a large number of buyers.

Get My House Ready

Whether it is New York or any other state, you need to take care of certain things if you are thinking of selling your home without a Realtor. Here is what you need to do:

Declutter & DepersonalizeMake sure you eliminate anything that may bring a feeling of personalization from your perspective i.e. you need to make the buyers imagine as if it is their home. This means removing your personal belongings, etc. before the showing.
Make RepairsIf your home requires any necessary repairs, make sure it is done before you start the process of selling. This may help later when the inspection is done.
Repaint NeutralYou can attract a higher number of customers when you paint your home with neutral colors.
Improve Curb AppealGo for clear landscape, fresh flowers, or exquisite paintings because the first impression is everything!
Implement stagingHire a professional who can help you with setting up your home like arranging furniture to make the home look spacious and tidy. The staging average in New York is $845 – $3,175.

Ways To Market My Home in New York State

Almost 95% of home buyers search and review homes online. So, being online is the #1 priority for the sellers. A good online marketing strategy can make a difference in getting your house sold.

Here’s what you need to do if you are in for selling a home in New York State by the owner or any other state:

#Marketing TacticsDescription
1.List on the MLSHomes listed on the MLS sell faster and for 17% more. This doesn’t mean you need to hire a listing agent and pay that extra commission. You can work with discount real estate brokers to get MLS access. A Flat Fee MLS Company like Houzeo can be a very good option to list your home in New York.

Houzeo will help you save the hefty Realtor commission and get your property maximum exposure. All of this, just for a small flat fee!

✍️ Pro Tip: Research the best For Sale By Owner websites to sell your house by owner
2.Get a Yard SignOpting for a yard sign can be a good investment when selling a house in New York State. It can help in attracting buyers from the neighborhood. On a crowded street, an attractive yard sign can drive attention from potential buyers.

Houzeo’s yard sign can help you in this. Houzeo custom yard sign comes FREE with a selfie and it is available for $49 only!

✍️ Pro Tip: If you secure a buyer from a yard sign, chances are you’ll save on the buyer agent commission as well. In a nutshell, it is worth the $49 investment.

» For Sale By Owner Yard Signs: Check out the 7 best FSBO Yard Signs!
3.Share Your Listing on Social MediaShare your property listing on social media. This will include your contact info apart from the listing details. If you share your listing on Zillow or Redfin, all the leads your listing generates will be sold to buyer agents who’ll demand a competitive buyer agent commission. Houzeo, on the other hand, doesn’t sell your information or leads. All buyer leads see your contact info, so you might save on the buyer agent commission.

✍️ Pro Tip: If you secure a buyer from social sharing, chances are you’ll save on the buyer agent commission as well.
4Hire a professional photographerAs a seller, you can hire a professional photographer to create a portfolio of your house. Professional pictures can greatly impact the selling process by attracting more buyers.

Photographers charge on an hourly basis. For example, in New York City, you would have to pay around $559 for a two-hour real estate photo shoot. Whereas, you would have to shell out about $474 in Buffalo for the same duration.

✍️ Pro Tip: Professional photographer can collate a portfolio that otherwise may not be possible if you are taking up the job.

» More: Create Your Best Listing Photos
5Run adsWhen selling a house in New York State, running ads on print and social media can help you attract more buyers.

✍️ Pro Tip: Try to cover as many social media channels as possible to initiate ads for your listing.

With Houzeo, you can market your property to a large audience as it gets listed on the MLS and other real estate websites.

» More: Creative Ways To Market Your House For Sale

5. Manage Showings And Negotiations

Once you have prepared your house for sale in New York State, showing it to buyers is the next step.

How To Manage Showings When Selling A House In New York State?

Once your property is ready for showings, it is critical to manage the showings effectively. You can either opt for online showing tools or host an open house.

Online Showing Tools

Online showing tools provide home buyers and their agents with a frictionless way to request and schedule showings.

Houzeo Showings, a cutting-edge solution by Houzeo, helps buyers and buyer agents to choose a particular showing slot as stated by the seller. The tool also provides features like rescheduling, updating, canceling, requesting, and more.

#FeatureDescription
1.Home Sellers Can Set Their Showing CalendarBuyers and buyer agents should only be shown times when the property is available for showing. This saves time for all the concerned parties.
2.Buyers & Buyer Agents Can Request & Reschedule ShowingsMake sure that buyers and buyer agents can request showings at available times. In addition, they should be able to reschedule and cancel on an ad-hoc basis.
3.Buyers & Buyer Agents Can Provide Feedback on the ListingFeedback from buyers and buyer agents is critical for home sellers because it allows them to assess their property (priced too high, the backyard needs fencing, rooms need whitewashing, and more). Where the feedback is actionable, small remedies can go a long way in improving showings and attracting top dollar for your property.

🗓️ Houzeo Showings has all the required features and is available on the Houzeo mobile app!

Introducing the Houzeo Mobile App!

  • View your listing
  • Review and compare offers
  • Manage your showings online
  • Counter an offer
  • NEW! Buyers can now search your property and save it in “Favorites”

Start Your FREE Listing NOW!

Hosting Open Houses

If your house is located in a lively seller’s market like New York City or Buffalo, then more buyers would be interested in buying them. In such cases hosting an open house would be more feasible.

    ✍️ Pro Tip: You might attract unrepresented buyers, saving you the entire buyer agent commission.

Here are a few things to keep in mind when hosting an open house in New York State:

Ensure Your House Is ReadyBuyers would not want to see a house with a leaky roof or broken doorknobs. Thus make sure you have fixed all the defects and made all the necessary repairs beforehand.
Choose A Correct TimePeople are busy on weekdays. Thus hosting an open house on weekends, preferably a Sunday, would be best. Also, you need to take care of the time of day. Usually, afternoons are the ideal choice.
Post Open House OnlineAs per the National Association of Realtors, 93% of buyers rely on the internet for their home searches. Thus, posting online will make potential buyers aware of the open house. You can also list your open house on the local MLS, real estate websites like Zillow & Trulia, Facebook, etc.
Give Visitors Their SpaceDuring the open house, you might want to stay away from the property. This would give them the desired space to explore at their convenience. Also, it will help them in visualizing their future in the house.
Get Your Neighbors InvolvedYou can invite your neighbors to the open house. Even if they may not be interested in purchasing your New York home, they would spread the word.

How To Negotiate Offers When Selling A Home In New York State?

Counteroffers and requesting the highest & the best offer are the two tools of negotiations when selling a house in New York or any other state.

Most brokers or brokerage companies will give you complex forms to counter an offer, or to request the highest & best one. Houzeo has digitized these, so, you can counter or ask for the highest & best with just a few clicks!

#Advanced TacticWhen to UseHow to Use
1.Counter an OfferSingle or Multiple Offer SituationYour best offer is not just the highest one but is also competitive across several parameters: deposit, financing, inspection contingency, closing timeline, etc. When you want to counter an offer, you can request any of the mentioned parameters updated as per your preferences.

▶️ Learn more: How to counter an offer on Houzeo
2.Request Highest & Best OffersMultiple Offer SituationIf you have multiple offers and a timeline by which you’d like to pick an offer, you can call for Highest & Best offer from all the interested parties.

▶️ Learn more: How to request Highest & Best offer on Houzeo

Also, negotiating offers means focusing on other factors like contingencies, concessions, responsibility, and more.

6. Documents Needed For Selling A House In New York State

A lot of paperwork is needed to sell a house in New York. Though your Realtor takes care of all the paperwork on your behalf, you need to be aware of them.

Seller Disclosures To Sell A Property In New York

In New York, a seller needs to disclose any information in writing that may affect the buyer’s desire to purchase the property. Failing to do so may attract penalties for the home sellers. Also, the disclosure should happen in the early stages of the purchase. In a way, the disclosure laws are pretty strict in New York.

As a rule, a buyer can terminate the purchase deal if the owner is not able to furnish the disclosure before signing the purchase agreement.

Here is a list of seller disclosures you need when selling real estate in New York State:

Property Condition Disclosure Statement (PCDS)A Property Condition Disclosure Statement is a document prescribed by PCDA, containing 48 questions that a seller needs to answer. These are divided into 4 categories:

1. Details of the property regarding title owner/s, lien holders, easements, title claims, etc.
2. Environmental Factors such as the history of radon testing, exposure to toxic substances, as well as presence of fuel storage tanks, asbestos, lead plumbing, etc.
3. Structural Damages that may be caused due to fuels like methane & petroleum, water, fire, pests, etc.
4. Mechanical System related to the water, drainage, electric service provider, plumbing, security, smoke detector, HVAC, etc.

Sellers can also opt out of this by paying the statutory fee of $500 to the buyer.
Lead-Based Paint HazardFor homes built before 1978, the seller needs to disclose any hazards related to lead-based paint in the house.
Flood Zone StatementA buyer’s lender may require the concerned property’s flood risk report before providing the loan. This could be important in mortgages that are backed by the federal government.

Mandatory Documents For New York State Real Estate Transactions

Review these documents at length and understand their provisions. Here are some key documents you’ll likely need when selling a house in New York State:

The HUD-1 or Closing DisclosureWhen homes are purchased with a mortgage, summarizing the detailed costs in the Closing Disclosure is necessary.

If your sale is all cash, you may get the HUD-1, which is less common. These documents detail amounts you’re charged for, your loan payoffs if any, and the net proceeds you will take to the bank. Depending upon how much equity you have in the property, you may need to bring a check (or send a wire) on the closing date.
Purchase AgreementIt is a Standard Form of Real Estate contract that details the terms of transactions to which buyers and sellers agree. It contains aspects such as sale price, financing contingencies, property description, etc.
Statement of Closing CostsThis statement summarizes all the expenses involved in the transaction. The document is not complicated and can easily be taken care of.
The DeedThis document enables the legal transfer of title from the seller to the buyer. Read this document carefully, verifying all details including the legal description of the property, the deed book, the deed book page, and the Property Identification Number (PIN), if any.
Certificate of TitleIt allows you to state that you have the right to sell the property.

Possible Additional Documents

The below table showcases some more documents that may require in selling your home in New York State:

Bill of SaleInformation about the seller and the buyer with the selling price. This is important as part of the process of selling a house in New York State because it contains all the base information about the property.
Loan PayoffIn the case of a mortgage, you need to provide proper documentation if the disbursement of the loan amount has been completed. Else, you need to provide how much you still owe.
HOA formsIf the house is part of HOA, the seller needs to give the buyer all the documentation on restrictions, fees, financials, and more.
Survey papersThe documentation defines the location and the dimensions of the property. This is important while selling a house in New York State.
Home InspectionContains all the details about the inspection of the property.
Repairing ProofWhile selling a house in New York State, if the seller has made repairs to the property before the sale, he/she needs to furnish the relevant documentation.
Home WarrantyContains all the coverage of the property, time span, and cost.
Closing DisclosureProof that the seller agreed to buyer concessions. The disclosure is provided to the lender.
Power of AttorneyIf the property is inherited, then the seller needs to furnish the details of the history and how the property was passed onto him/her.
Title AffidavitsA notarized document that verifies that a seller is the owner of the house, there are no liens, and that there is no simultaneous purchase deal.
Correction AgreementIn case there are any errors in the documentation, you may be required to correct those errors.
Health Department Approval (septic)Sellers must get the approval of the New York Health Department for the septic system of their homes. These rules vary from county to county, so contact the local authorities accordingly.

Bring TWO Forms of Official ID

There will likely be a licensed notary involved in the closing process who’ll require you to swear on your identity. You would be required to furnish identity proof (like passport, driving license, or any other authorized document) during the process. However, the closing process might also require you to produce secondary identity proof.

7. Closing On Your New York State Home

The closing process in the state of New York State is handled by an attorney. Your attorney usually handles the legalities and needs to be present during the closing. But you still need to be prepared for a few things during closing.

Take Care of Title, Appraisal And Inspection

TitleWhile selling real estate in New York State, a title company prepares a “Preliminary Title Report” to identify the rightful owner of the property, also known as a title search.

Title insurance is provided to the buyer. This report is important for the lender to give a loan to the buyer.

In New York State, the seller pays for title search while the buyer pays for the title insurance.
AppraisalA money/mortgage lender typically goes for a home appraisal to identify what is the appropriate value of a particular property. Based on the outcome by licensed appraisal agents, the lender decides the amount that should be part of the mortgage.

This is crucial while selling a house with or without a Realtor in New York State (or any other state) as it keeps the buyer protected from unwanted sale prices.

The average cost for carrying out an appraisal of your property is $320-$425 in New York, depending on the size of your home. In New York City, appraisals can cost well over $1000!
InspectionInspection is also part of the process where licensed individuals scan the property for any issues. If there are defects, re-negotiations might take place between the seller and the buyer. The inspection includes everything from property worth, neighborhood, parking space, and more.

Average inspection costs in New York State generally depend on the area of the property, as well as its location. For instance, the inspection costs in New York City for homes with less than 2,000 sq. ft. costs $350, while it can cost $800 for a property bigger than 4,000 sq. ft.

Overall Cost Of Selling A House In New York State

It should be noted that Realtor commission and sale price are not the only two things that are involved from a real estate transaction perspective. In New York State, there are multiple other fees involved while selling a house that should be known to a seller and is crucial for a sale. Here’s a list to get you started:

The list will also help the seller in getting an answer to the question – how much are typical closing costs in New York State?

Transfer taxTransfer tax is one of the few taxes to be paid while selling a house in New York State. This is crucial for a real estate transaction when the title of a house is changed. On average, the tax stands at $2 for each $500 of the total sale price. An additional tax of 1% is levied for properties where the consideration exceeds $1 million.

📝 Note: The seller pays the transfer tax in New York State. The buyer only pays the tax if it is explicitly mentioned in the contract between the buyer and the seller.
Attorney FeesAttorneys are the closing agent when selling a house in the state of New York. It can range anywhere between $1500-$3,000.
Title InsuranceTitle insurance protects the buyer in case an important chain of title ownership is missed by the attorney that could cause issues later. The premium can be paid by either seller or buyer based on the negotiations.

In New York State, Title insurance is optional and is generally the buyer’s liability.
Home warrantyA seller may go for a home warranty if some components of the home (water heater, air conditioner, fans, etc.) require attention. This will benefit buyers in case a component of the home breaks down later.
Home Inspection FeesA survey of the property is generally carried out before the purchase deal. It includes all the features related to the property.
Survey FeesA survey of the property is generally carried out before the purchase deal. It includes all the features related to the property.
County Recording FeesIt is the amount charged by respective counties to register the sale of your house. The amount varies from county to county in New York state. It generally varies between $30 to $100.
Other CostsApart from the stated costs, multiple other costs are involved to sell a home in the state of New York. These can be fees related to the courier, pest inspection, estoppel fees, and any other as imposed by the city/county. Apart from these, there can be fees to prep your home, relocation fees, and more.

» Seller Closing Costs in New York State: Know the Exact Estimates

Who Pays Closing Costs In New York State?

Various closing costs are involved when selling a house in New York State. Most of them are customarily paid by sellers whereas a few of them can be negotiated.

Closing CostsResponsibility
Realtor CommissionSellers have to pay 5-6% Realtor commission
Transfer TaxSeller pays the transfer tax
Title SearchSellers pay the title search fees
Survey FeesNegotiable between buyer and the seller
Attorney FeesBuyer and seller pay for their own attorney
Home Warranty FeeSellers pay the home warranty fee
Home Inspection FeeBuyers usually pay for a home inspection
Appraisal FeeBuyer pays for the appraisal
Other CostsNegotiable between the seller and buyer

Who handles The Closing Process In New York State?

The New York real estate closing process is handled by attorneys. Usually, buyers and sellers get their individual attorneys to guide them through the sale process.

Likewise, the presence of attorneys is also required at the time of closing in New York State.

How Much Are Closing Costs In New York State?

The amount of money you will spend on closings while selling a house in New York State depends on a lot of factors such as Realtors commissions, fees & taxes, mortgage payoff, etc.

You can calculate your closing costs using Houzeo’s Advanced Closing Cost Calculator. The calculations are based on the latest prices and it gives you a very detailed estimate of all the costs involved in the transaction.

» More: Still wondering how to sell a house by an owner in New York? List it on MLS FSBO

Final Word

Selling a house in New York State is a complicated process, thus usually requires sellers to hire a Realtor. But due to the hefty Realtor commission sellers are moving away from the traditional full-service pathway.

Many sellers are also opting for FSBO or DIY route. It does save a lot of dollars but limits exposure and increases sellers’ responsibilities many folds. So the next best choice is discount real estate brokers.

Among these brokers, Flat Fee MLS Listing Companies are the best choice. Flat Fee MLS Service Companies like Houzeo allow sellers to control the selling process without compromising on the exposure. All of these at a small listing fee!

With Houzeo, you have the option to list your property as an owner and enable a smooth closing process. You do not have to worry about complex processes as the platform is 100% online. It will help in listing your property on the MLS at a flat rate and take care of other tasks that otherwise would require manual intervention. Another big point is that due to platforms like Houzeo, the real estate agent commissions are declining. This is because of the Flat Fee MLS structure that companies are providing.

Check out some of the Houzeo reviews and how it has helped customers around the US.

Houzeo Reviews

Real People, Real Stories

Start Your FREE Listing NOW!

Frequently Asked Questions

What's FSBO?

FSBO, or For Sale By Owner, as the name suggests, is a term used for selling of house by the owner himself and without any help from agent.

Is MLS needed to sell For Sale By Owner?

Absolutely! MLS is by far the most important tool a real estate agent can provide you. The US Department of Justice says that home sellers can save $6,200 on the sale of median-priced homes by choosing innovative services like MLS-only packages offered by brokers on Houzeo. If your home is more expensive – it’s much much more than that!

What do you need to do to sell your house in New York State?

You need to do the following for selling a house in New York State:
(1) Identify the best time to sell your home in New York State
(2) Price your home competitively
(3) Choose a suitable way to sell your house in New York State
(4) Prepare and market your house
(5) Handle showings and offers
(6) Take care of the paperwork involved in the process of selling
(7) Close on your New York State home

Can you sell a house in New York State without a Realtor?

Houzeo's Flat Fee MLS Services are the best available in the state of New York State. Houzeo ensures that your house gets listed in less than 48 hours on the local New York State MLS' as well as on the major listing websites like Zillow and Trulia.

Do you need a real estate attorney to sell a house in New York State?

Yes, closings in New York State are handled by attorneys. Having an attorney at closing is a requirement while selling a house in New York State.

What are closing costs in New York State for sellers?

Closing costs in New York State depend on a lot of factors such as sale price, mortgage (if any), etc. You can use Houzeo's Advanced Closing Cost Calculator to calculate your closing costs accurately.

What do you have to disclose when selling a house in New York State?

There are 3 essential disclosures necessary while selling a house in New York State-
1) Property Condition Disclosure Statement (PCDS)
2) Lead Paint Disclosure
3) Flood Zone Statement

Who pays the real estate transfer tax in New York State?

The seller pays for real estate transfer tax in New York State.

Do sellers pay for the closing costs in New York?

Yes, seller closing costs in New York State can go up to 8-10% of the total selling price of the house, which includes the agent's commission, transfer tax, and attorney fees.

Related: new york real estate, real estate in new york, real estate prices in new york city, new york state real estate, process of selling a house in NY, new york real estate for sale, house in new york, NY transfer tax, new york state home sales, new york real estate closing process, selling a house as is in NY, taxes on selling a house in new york, new york property disclosure form, sell my house fast new york, seller closing costs in new york state, new york state seller disclosure form, new york state tax on selling a house, nys closing costs for sellers, houses for sale in new york

New York Real Estate Sellers Guide

Save $20

On Silver & up plans

Use Coupon Code:

Copied
Need help? Call us on
(844) 448-0110