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Is It The Perfect Time To Be A Cash Buyer In NYC?

Is it the perfect time to be a cash buyer in NYC? We think so, and we’ll explain below.

1. High-Interest Rates
Current world events have been causing significant economic damage to areas that typically produce many of the most popular goods. Material and labor shortages combined with the shortages of certain goods and increased demand for money are hiking up inflation and driving up interest rates. And this is all a vicious cycle, with continued lockdowns prompting a dramatic ascent in inflation rates, while interest rates are being increased in an attempt to soften the blow of inflation.

Additionally, the increase in interest rates is lowering property values. Home affordability for buyers moves further out of reach as mortgages skyrocket and prices lurch higher out of budget. Increased interest rates devalue properties because fewer buyers are eligible to make a purchase based on what they can afford, pushing owners to consider lowering prices for buyers.

Interest rates this summer are the highest they have been since 1994. New constructions have been largely delayed due to the climbing interest rates, with construction in April down by 3.5% since the same time last year.  Borrowers are being forced to pay over an additional $1,500 extra per month as a result, and homebuyers planning to finance are faced with the decision to consider more long-term loans, increasing the overall cost of the home’s transaction. These components pose real threats to typical homebuyers compared to cash buyers with more available resources during a time when the market is characterized by tremendous demand. Possessing the ability to seal the deal with cash in hand is a serious advantage for prospective buyers.
2. Sky-High Rents 
Economists are predicting that rents will continue rising across the real estate market for the next two to three years. Many renters sought new locations and solace in rent reductions due to Covid. Now with the U.S. recovering from the pandemic and the city attempting to transition into some semblance of what it was before, rents are going back up. Renters cannot compete, scrambling to try to accommodate the changes in pricing, while unemployment numbers rose simultaneously over the last two years, making circumstances even more challenging.
The average rent in Manhattan this summer rose to just over $5k per month, surpassing the almost $4k average only a year before, while median rental prices in the city landed around $4k in June. These increases have been significant to say the least, marking the first time average rent in Manhattan has exceeded $5k. In fact, NY1 reported in June that rental rates have hit a historic record high. The current market is not projected to get any less formidable, especially with a spike in rental activity commonly occurring toward the end of the summer months, likely keeping the pressure on rental rates.

The fact remains that only about 23% of New Yorkers can afford the current median rent. Residents must make a salary of $110,000 to afford the median asking rent of $2,750 for available apartments in the city. Renters are navigating perilous circumstances, generating an environment once again more advantageous for cash buyers who already have a bit of a leg up.

3. Low Inventory & High Motivations
Inventory in NYC has recently seen a significant decrease. In 2021, real estate experts recorded the lowest year of inventory in history, worsened by the number of buyers swarming on the market. Data for 2022 proposes that the current inventory on the market is a one-month supply, meaning that if no new homes are available, there will be no homes to buy after a one month period.

As people continue to lose their jobs and companies are affected by the remnants of Covid, more foreclosures have also been recorded. Property values are being adversely affected by the foreclosures as well, skewing comparable sales within the neighborhoods in which they occur. This is particularly important to note because even if a foreclosed property is not directly comparable, it still has the ability to depreciate an area or entire neighborhood due to proximity, further diminishing the supply of sellable inventory.

New contracts for Manhattan co-ops have fallen by over 200 since this time last year, and new listings for Manhattan co-ops have fallen as well, down by nearly 3% year over year. This is almost surely because sub-$500,000 listings fell 18.5% during the same period, accentuating the dramatic rise in prices.

Buyers have generally expressed a heightened sense of caution given the current circumstances, slowing down the housing market. But the slowing has actually created less competition for prospective buyers — motivating some buyers to act with urgency and motivating most sellers to get their properties off the table as soon as possible. Demand is projected to pick up in the early fall, and buyers are in prime territory to purchase before the end of the summer while the getting is still good.

4. Ideal Time For Investments
An investor’s main concern is maximizing their profits. The “buy low, sell high” mantra is often hailed in an attempt to buy when prices are lowest and sell when prices reach their peak. Following this motto, the ideal time to invest in the real estate market is when the market has slowed. Investing now while the housing market is low is a potential advantage for buyers to get ahead of competitors before the market picks back up.

Once the market begins to turn upward, it is also estimated that buyers will gain more confidence and be willing to get back in the game and begin purchasing properties with more vigor, resulting in a better payoff for those who were ahead of the curve.

Exterior view of old apartment buildings with fire escapes on 6th Street in the East Village neighborhood of New York City NYC
To sum it up, though ironic, the answer is yes — it is the perfect time to be a cash buyer in NYC. Buyers have the opportunity to invest in a slowing market due to high interest rates and low inventory and avoid some of the plight shared by renters. With the demand for real estate only growing as we head into the end of the summer, it is undeniably the perfect opportunity for cash buyers looking to purchase property in New York City.
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Important Factors to Shortlist a Real Estate Firm to Sell Tribeca Apartment at Best Rates

As much difficult is to rent a space or home equally the selling of any property takes a toll on a person. It will be absolutely wrong to say that finding a buyer and handing over the apartment with papers is easy. A strict no comes with the previous written statement. Before, even connecting with someone who is interested in your house there are a lot of things which need to take care of. Some even do not know about what are the checklist that needs to be tick prior to even meeting clients and showing the space.

There is no need to worry about the aforementioned statement as clearly it is not even expected from a person who does not belong to the real estate sector. Fortunately, to provide assistance regarding the same there are now many companies which are having professionals with the skill and equivalent qualifications to provide the support. Thus this simply makes it easy for somebody who wants to bur commercial property or even Sell Tribeca Apartment in neighbourhood regions of NY. All one needs to find the reputed firm, which has gained a reputation by providing the respective services.

For this, there are a few essential factors which undoubtedly help in shortlisting the most rated and reviewed company. The first thing to look for them is their authorization which is imperative and allows them to operate in the market. It will also eliminate a problem related to any party visits to different sites. Secondly, take note of their experience in the real estate sector. This gives advantages of connecting with numerous clients from their database that too which suits your need.

Lastly, do not ignore their fee as when you decide to Sell Tribeca Apartment or lease the home in the main city, they will also have their commission. Thus it is important to have clear details about profits, service charge and value of the property. If still confused with about them then here the preferred name recommendation for you that is Batra Group. Take note of all the aforementioned and get a positive response by comparing it with them. Their team will handle cost evaluation, a suggestion for slight infrastructure change, client visit and more for you.

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Reasons to Avail the Assistance from Reputed Real Estate Firm to Buy Condo

Have you ever been into the situation when you have bought an item at the price higher than its competitive rate and then regret it! Mostly would have related to the aforementioned statement. Clearly, if the loss of amount is a few bucks then it does not bother to anyone but when there is an investment of significant digits it takes the concern. Usually, the large sum of money is associated with some really important projects and one of those is property. Undoubtedly, the trend of buying, selling and renting of commercial and residential spaces are at peak.

As said above with the exponential increase in the same, the risk of losing and the profit of making right decision are also high. Therefore, it is advisable to take the assistance from professionals who have experience in the respective industry. While you are thinking of renting an apartment, selling flats or to Buy Condo in NYC then consider expert guidance too. Clearly, the major reason is their market knowledge and expertise in negotiating the rates for best deals. Apart from these, their expertise makes them a reliable source as they know about the value of the property by evaluating many features.

Moreover, their license and authorization from the approved body also allow them to access the locations available for sale. This benefits the client to visit the site without any interruption which helps in taking the decision to Buy Condo according to their expectations. Lastly, the crucial factor apart from the market rate is a time which plays a major role in investing in property. Undoubtedly, the assistance from a professional staff who values the time of their client will prove to be the best decision.

Henceforth, before taking the decision for the property it clearly shows the importance of availing services from the right team of experts. Thus, for this, you can trust on Batra Group who is a reputable name in NY. Visiting them give you one-stop boutique-style real estate experience for buying selling or renting the lavish yet affordable properties.

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Choose a Real Estate Boutique to Buy Coop In NYC At An Affordable Cost

Undeniably, everyone wishes to have a place to call home, and owing an apartment gives them this satisfaction. In fact, choosing an appropriate location also plays a great role in living life your dreams. For instance, if you have decided to buy the best home at the good prices, then you should consider approaching a trusted real estate service provider. For sure, you will get a chance to avail of various significant benefits. To reach them, you just need to do simple research on your own and you need is to take needful assistance from a professional agent.

At present, you can indeed find numerous real estate boutiques have been offering unparalleled residential, commercial, and consulting services for years. They primarily aim for satisfying all their valuable clients. And, thus, they offer true efforts from their end. However, in order to Buy Coop in NYC or nearby areas, you need to rely on a noted agency. Apparently, with their assistance, you can get your abode easily as they comprise a team of highly skilled and experienced professionals who will get your requirement in the priority. Besides, they use the latest technology during the process, and using their knowledge over the subject helps you reach out to more sellers.

Finally, if you are also thinking of how to Buy Coop in NYC then making a decision to approach a full-service real estate boutique can be great. Nevertheless, Batra Group is considered among genuine names in the market that you can trust. Believe it or not, here, you will get the impeccable services without spending a small fortune. They have world-class capabilities that can assist you to streamline the sales procedure. It’s no less than an icing on the cake for you. It simply means now no one can stop you from selling out your living place at the best price!

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Know What Makes Choosing Real Estate Agent a Smart Decision to Sell Apartment

Have you ever wondered why some sellers get a quick buyer for their property as compared to others despite having every positive aspect one seeks for! Usually, people associate this with high price rates or the interest of the client. Though, this might be one of the few reasons but clearly not the ultimate factor. There are many factors which come into the picture when someone put their house on the list of sale. Therefore, it is important to identify the crucial elements of the property so that without consuming much of the time of both parties the contract can be duly signed and closed.

While handling the same many time there might have come the situation, where it is going unmanageable. This usually happens due to limited knowledge and market experience. Henceforth, by taking a wise decision of availing the professional assistance will make it easy for anybody to Sell Apartment in NYC. The real estate firm and their agent offer services to buy, rent or lease every kind of properties. Their expertise in understanding the attitude of the buyer towards the facilities and requirements help them schedule the visit to only sites which have chances of getting finalized at once.

Apart from these, the evaluation of the right price and market competitive rates also benefits both parties. Moreover, they guide the sellers regarding the initial and least investment for improving the infrastructure which can help them to Sell Apartment in NYC. And, not only have this some of the reputed company also utilized the advanced technology for having an updated and useful database for acquiring clients for the party.

Though, these all can only be achieved when the best real estate company provides their support. Thus, in this situation relying on the Batra Group as they are the team of professionals who have gained a reputation among their clients. They have designed their sales and marketing to make the commercial and residential property buying and acquisition a lot easy than anyone thinks of.

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Know How Approaching to Professionals Make it Easy to Rent Apartment

Wouldn’t it be a good thing for anybody that they get the desired home in a city which seems like next to the impossible thing! Of course, it becomes a moment of contentment though, for this undeniably everyone knows that how much efforts have to put in it. Moreover, it demands the time and asks for shifting other equally essential priority down the list. However, sometimes this even fails to get a person a home which they want for themselves or family.

Thus, in this situation, the best option seems to be considering professional assistance. By reaching out to them for having options regarding the Rent Apartment in New York City the chances of finding a suitable place increases. The reason behind this is their technology drive accurately integrated database. Having more than thousands of sellers and owners list with their home features is rightly used to match with the tenant’s demand. This becomes advantageous not only for the one who is searching for the same but also for other parties.

Apart from these, their understanding regarding the restrain budgets also helps both seller and buyer to agree at the profitable deals. It is an imperative factor which a person who does not know much about the market fails to come at the conclusion resulting in loosing many desirable options. Therefore, it becomes imperative to approach the firm which has a team of professional with skills and experience in the respective industry to Rent Apartment in New York City.

Understanding the concern of availing the service and finding the reputed real estate company, we suggest here to reach Batra Group. They are known for offering commercial and residential client-specific assistance. As mentioned earlier they streamline the complete process by integrating the technology, market trend and client expectations. Apart from these, they have also gained the name in market due to their most competitive market rates. These features and their availability are making them the best professionals to reach either for selling, buying or renting the properties.

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A Breakdown of Buyer and Seller Closings Costs on NYC Apartments


Whether you’re selling your home or looking to buy property, closing costs are an important expense you need to budget for as they can take quite a bite out of your wallet. These costs cover bank, attorney, and building fees, as well as title insurance and mortgage taxes. While some closing costs are standard across the US, others are specific to New York City and to apartment types (ie., condos, co-ops, new construction, etc.). So break your calculator and factor in these required costs for closing your next real estate transaction in NYC:

What  you can expect to pay as a buyer in closings costs on NYC real estate properties.

Condo, co-ops and townhouses: For buyers, closing costs are usually between 2 and 3 percent of the total price of the property although these percentages can vary outside of these ranges. It’s always important to work with an experienced attorney to get your closing costs as low as possible. If the home is over $1 million, closing costs could jump between 3 and 4 percent. If the property is brand new, closing costs could rise as much as 5 percent. 

Bank fees: If you’re taking out a mortgage to help finance the purchase of your home, you may be expected to pay roughly $2,000 or $3,000 in bank fees. What’s included in your total bank fee is your bank’s attorney fees, the mortgage application and processing fee, bank loan origination fees, as well as fees for credit reports and verification of employment.

Attorney fees: While there are many low cost real estate attorneys out there, it’s advisable to work with a reputable attorney when going through with such a large purchase. Real estate attorneys who are willing to let you pay less than $2,500 may be ones to steer clear of. With so much at stake, it is in your best interest to ensure that you are legally well represented.

Mansion tax: This fee applies to all condos, co-ops and townhouses in NYC which have a total property price of $1 million or more. For condos, co-ops or townhouses which fall between $1 million to $1.999 million, the mansion tax will be about 1 percent of the total sale price. For homes with a sale price of $25 million or more, the mansion tax may increase up to 3.9 percent of the total sale price.

Title insurance: Title insurance protects you while buying a home in case there is an issue with your new home that you hadn’t uncovered before purchasing. If you’re taking a loan out to help finance the purchase of your home, title insurance will include both the lender’s policy and the owner’s policy. In NYC, co-op buyers don’t have to include title insurance in their closing cost fees because co-ops don’t possess physical titles.

NYC/NYS mortgage recording tax: This tax is based on the total amount of the mortgage for condos or townhouses. Rates for NYC mortgage tax will be about 2.05% of your loan amount for mortgages below $500,000, while mortgages over $500,000 with a residential home for 1-3 families or an individual condo home will have a rate of about 2.175%. All other mortgages exceeding $500,000 will have a mortgage tax rate of around 2.80%. 

Closing costs on new construction: As you can expect, closing costs for a newly constructed property are higher than for a second hand property. Closing costs for new construction will mainly consist of transfer taxes. Transfer taxes are usually paid for by sellers but newly constructed property is the exception. As a buyer of a new construction you’ll also be expected to pay the seller’s attorney fee (although you may be able to negotiate this beforehand), as well as the NYC state and NYC Real Property Transfer Tax filing fee. 

What you can expect as a seller in closing costs on common dwellings in NYC.

Sellers typically spend more in closing costs than buyers. A standard percentage you can expect to pay is around 8 to 10 percent of the total sale price, although this can vary depending on your specific situation. Real estate broker Jay Batra at Batra Group Real Estate recommends consulting with an experienced real estate attorney to help guide you through selling your home, as there are many factors that may come into play. Seller closing costs include:

Brokerage fees: Fees you pay to your broker are typically the lion’s share of your closing costs, at around 6 percent. Broker fees can really add up depending on the sale price of the property.

Transfer taxes: If your home’s total sale price is over $500,000, you can expect to pay state and city transfer taxes at a rate of 1.825 percent. If your home’s total sale price is under the $500,000 you can expect to pay a combined state and city transfer tax of 1.4 percent. Importantly, if your apartment or home’s total sale price is over $3 million, your city and state transfer taxes will increase by 0.25 percent.

Transfer fees (also called flip taxes): Specific to NYC, flip taxes apply to co-op apartments as well as condos, and are typically paid by the seller. Flip taxes can usually be negotiated depending on the market. You can expect to pay around 1 to 2 percent in flip taxes but can end up paying upwards of  3 to 5 percent in the total sale price when selling your co-op or condo in NYC.

Building fees: Fees you can expect to pay to the building you’ll be moving from include a move-out fee as well as a move-in fee for the next resident (which you will be refunded for later). Building fees are typically around $1,000 for the move-out free and another $1,000 for the refundable move-in fee.

Attorney fees: You can expect additional real estate attorney fees to be around $2,500 to $3,000 for a typical closing cost deal.

As mentioned, some closing costs can be negotiated with the help of a reputable real estate attorney. A generally wise decision in buying or selling your home in NYC is to set aside an additional $2,000 for extra closing costs as “miscellaneous fees” which may come up unexpectedly. 

Closing costs are a necessary final step in the real estate sales process. While costs can vary, it is important to budget for these costs as best as you can before making or accepting an offer, so that you can ensure you are covered financially. 

For more information on buying and selling real estate in New York City, contact Batra Group at (646) 202-1877.

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The Best Things to Do in Long Island City


With the warm weather fully upon us and the phased reopening from coronavirus in full swing, it’s a great time to get outdoors (with your mask) and blow off some steam. For visitors and native New Yorkers alike, a day trip to some awesome parks, museums, markets and other hidden gems around the city may feel long overdue.

Among the top excursions on your list should be Long Island City. Known as Queen’s “mini city,” Long Island City is full of art, culture, food and fun. This booming neighborhood on the western edge of Queens with panoramic views of the Manhattan skyline has something for everyone. Following are some of the area’s top highlights: 

Gantry Plaza State Park
4-09 47th Road

Located on a former dockyard and manufacturing district in the Hunters Point section of Long Island City with a stunning view of the Manhattan skyline, Gantry Plaza State Park boasts 12-acres of beautiful park grounds, including well-preserved remnants of the area’s past. The most notable of these are the huge iconic Pepsi Cola sign and the gantry cranes for which the park was named. The park sits adjacent to Hunters Point South Park, which adds another 5.5 acres of park grounds with pedestrian and bike paths, a playground, picnic terraces, wooden seating areas, and a 30-foot-high cantilevered platform to this must-see destination.

LIC Flea & Food
5-25 46th Avenue

Just one block from the famed Pepsi-Cola sign is Queens’ largest outdoor market. LIC Flea & Food is a premier weekend destination with an incredible selection of internationally inspired food and drink, local craft beer, antiques, art, furniture, fashion, jewelry, arts and crafts, and much more. LIC Flea and Food is a great way to spend quality time outdoors with friends and family while supporting great local vendors!

Noguchi Museum
9-01 33rd Road (at Vernon Boulevard)

This inspired museum houses thirteen galleries and an outdoor sculpture garden featuring a wide collection of artwork by Japanese-American sculptor Isamu Noguchi (1904-1988). The museum itself is Noguchi’s actual workspace in then-industrial Long Island City, a wonderful treat that allows you to feel how he integrated his work with his natural surroundings. Special exhibits explain aspects of his life, work against the World War II detention of Japanese-Americans, and his development of specific artistic projects, such as paper lamps. 

Socrates Sculpture Park
32-01 Vernon Blvd

Just one block away from Noguchi is another sculpture hotspot. Built on a former landfill, Socrates Sculpture Park is an outdoor museum and public park where artists can create and exhibit sculptures and multimedia installations. Socrates Sculpture Park is home to over 1,000 artists’ pieces stretched over 5 acres of land.  

2225 Jackson Avenue

MoMA PS1 is one of the oldest and largest nonprofit contemporary art institutions in the United States. An affiliate of The Museum of Modern Art, MoMA PS1 is dedicated to exhibiting the most provocative and challenging art from around the world. The museum is literally housed in an old school, and when you walk the halls you cannot help but be brought back to your own grade school memories of buildings just like this one. The art here is very modern/contemporary and often quite provocative.  

Hunters Point Historic District
45th Avenue between 21st and 23rd Street

The Landmarks Preservation Commission’s (LPC) 1968 designation report describes the Hunters Point Historic District as a “notable residential area … which retains, on both sides of the street, a feeling of unity and repose, little changed since it was first built” that “serves as a microcosm of the domestic architecture of the last quarter of the Nineteenth Century.”

Queensboro Bridge
Ed Koch Queensboro Bridge
There are 16 bridges that connect the island of Manhattan to the outer boroughs, and at least a dozen of them offer pedestrian lanes. Among them is the world famous Queensboro Bridge (also known as the 59th Street Bridge and now officially Ed Koch Bridge). A walk across this iconic, century old structure will give you a great view of Long Island City, the East River, and the Upper East Side of Manhattan.

With so much to see and do, Long Island City is quickly becoming one of New York’s most popular destinations. 

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New York City’s Most Desired Apartment Amenities Following the Coronavirus Pandemic


Since the coronavirus shutdown in mid March, NYC residents are spending much more time at home. Apartment buildings, along with every other business and facility in the country, have put restrictions into place to limit the amount of people gathered in a public space. For renters, these limitations mean reduced access to buildings’ laundry rooms, fitness centers, pools and other shared spaces.

Although renters may be frustrated by not being able to use many of their amenities, most understand the importance of working together to stop the spread of the virus. Interestingly, the prolonged changes have helped shift perceptions of what the most important amenities actually are. 

Before the coronavirus, some of the most desirable apartment amenities included the ability to have a pet, a doorman/concierge, or convenient parking spaces. According to search data since the pandemic, renters are now prioritizing the following amenities:

In-Unit Washer & Dryer
Once considered a luxury, many renters now consider the washer/dryer a must to protect their health. Having a washer/dryer at home ensures they won’t have to share these machines with anyone outside of the family.

Private Outdoor Space
Private outdoor space can include a private balcony or patio space where tenants can also have access to greenery and fresh air. With restrictions on public outdoor spaces and the lingering fear tenants have to gather in public, renters right now are looking for private outdoor space within their apartments.

Home Office / Business Centers
With the increasing number of people working from home, office space within an apartment or building is also a well sought after amenity. Since most people won’t be attending their usual office space with their fellow coworkers, access to printers, computers and reliable wifi connection are needed. While some seek extra space within their apartment to set up an office, most renters are asking about business centers within an apartment building. While it may cost extra in some buildings, it can be a worthy investment based on your needs while working from home.

Gym / Fitness Center
With many gyms remaining closed across the country and gym goers still unsure of the safety of public gyms, apartment gyms have become even more desirable. However renters must still contend with certain restrictions. Smaller-sized apartment buildings with gyms may be the better bet right now to ensure less contact with neighbors in shared space. 

While the shift in amenity queries clearly began as a reaction to the pandemic, it is likely to have a lasting effect in the marketplace. A record number of remote workers plan to stay remote even after the pandemic fully passes, keeping the home office top of mind. It will be interesting to see how long the other top queries fare once the pandemic is well behind us.

For more information renting apartments in New York City, contact Batra Group at (646) 202-1877.

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Importance of Availing Corporate Relocation Services From a Trusted Agency

If you are among those who want to shift to another city and live then the first thing you need to do is find the right real estate agency. As a matter of fact, there are several brokers present who offer services like helping you in planning and developing the relocation program. By choosing the right professional you can get the ideal residence as per your choice and you do not have to worry about other things. So, it is only advisable to do some research about it with the help of the internet or seek recommendations from friends or family.

Here, we have a piece of good news that you can find numerous boutique offering facilities for Corporate Relocation in NYC or nearby areas. When relying on them, you will easily get the ideal location as well as an apartment as they are responsive and work professionally. Besides, they ensure that you get the cost-effective option in lesser time and also they assist in moving your household goods. Having a reputed broker by your side means getting high value and quality abode in the perfect location. Further, if you are also interested in such specialized real estate services then approaching a noted name is a wise decision.

Apparently, if you want to avail of excellent advantages, you need to choose a reliable option and for this, you can do detailed research. Presently, Batra Group is also counted among genuine names in the market that you can trust which provides Corporate Relocation in NYC. Believe it or not, here, you will get the impeccable services without spending a small fortune. They have world-class capabilities that can assist you to streamline the sales procedure. It’s no less than an icing on the cake for you. It simply means now no one can stop you from selling out your living place at the best price!