How long does it take to sell an apartment in New York? That depends on a number of factors, including the market dynamics and the type of apartment you are selling. In some markets, buyers are trying to close as early as possible, while in others, apartments may sit on the apartment for several weeks before finding the right buyer.
The exact time duration may differ, but the common slices of timeline in NYC apartment sales are:
- Coordinating with potential buyers and choosing the right one. It can take anywhere from a couple of weeks to months, based on how slow or fast the market is.
- Finding the right New York City broker/listing agent and listing your apartment on the market. It can take anywhere between a single week to several, based on how extensive your research is and how long the listing process takes.
- Once you accept an offer from the buyer, the other relevant entities get involved. In condos, the board only has the power to refuse a buyer if they can make a comparable offer (right of first refusal). However, in the co-op, the board will vet your buyer. It can take around two to four weeks in many cases for the board to either accept or reject a buyer. If they do, you have to start from square one to find a new buyer.
- If you are selling a condo or the co-op approves of the buyer, you can get the closing process started. It may include negotiating repairs or leaving in the money for escrow, final walk throughs and any other financial negotiations that can take place.
- Then, the onus is on the buyer. If they are paying all cash, they can transfer the money in a few days. If they are getting a mortgage, the process may take longer and would involve additional steps, including an evaluation.
The due-diligence is another factor that comes before the closing but it might be less time consuming in apartments than stand-alone homes. All told it can take somewhere between two and six months from listing to closing.
