What Does It Actually Cost to Sell in NYC?

Most sellers are shocked when they see the closing costs. Between agent commissions, NYC transfer taxes, attorney fees, and mortgage payoffs, the average NYC seller pays 8-10% of their sale price in costs. On a $600,000 home, that’s $48,000 to $60,000.

But here’s the good news: when you know the numbers ahead of time, you can plan for them and in some cases, reduce them. Use the calculator below to see your personalized breakdown.

5 Things Every NYC Seller Needs to Know

1. NYC Transfer Tax Is Not Optional

New York City charges a transfer tax on every sale. For residential properties under $500K, it’s 1%. Over $500K, it’s 1.425%. On top of that, New York State charges an additional 0.4% and if your sale is $1M+, there’s a “mansion tax” surcharge the buyer pays, but sellers over $1M pay an additional 0.25% state transfer tax.

2. You’re Probably Paying Both Agents

In most NYC transactions, the seller pays the commission for both the listing agent and the buyer’s agent. This is typically 5-6% of the sale price, split between both sides. On a $600K home, that’s $30,000-$36,000.

3. Attorney Fees Are Required in NY

Unlike many states, New York requires a real estate attorney for both the buyer and seller side. Expect to pay $2,000-$3,500 for a good real estate attorney. This is non-negotiable and worth every penny.

4. Co-op Sellers Have Extra Costs

If you’re selling a co-op, you’ll likely face a flip tax (typically 1-3% of the sale price) charged by your building. Some buildings also charge move-out fees and administrative costs. Always check your co-op’s policies before listing.

5. Timing Matters More Than You Think

The NYC market has seasonal patterns. Spring (March-May) typically sees the most buyer activity and higher prices. Listing in January or November often means fewer competing offers. Joseph can help you time your sale for maximum return.

Seller’s Prep Checklist

Before listing your home, make sure you’ve covered these essentials:

• Get a pre-listing home inspection to identify issues before buyers do
• Declutter and depersonalize every room (less is more)
• Make minor repairs: fix leaky faucets, touch up paint, replace broken fixtures
• Deep clean everything, including carpets, windows, and grout
• Stage key rooms (living room, kitchen, master bedroom)
• Gather all documents: survey, CO, tax records, renovation permits
• Review your mortgage payoff amount with your lender
• Interview 2-3 listing agents and compare their marketing plans