Many Brooklyn owners have lived in their house for 20, 30 or 40 years. The children have moved out, the stairs feel steeper and the house may be worth far more than they paid. Downsizing can free up money and simplify life, but it is also an emotional move with real tax and family questions. This guide covers the steps, in order, for long-time owners.
1. Start With What You Want Next
Before thinking about price, decide where and how you want to live: a smaller home, a rental, a move near family, or a place with an elevator. Your next step shapes the timing of your sale. Our guide on selling first or buying first covers the trade-offs.
2. Learn What Your House Is Worth Today
Long-time owners are often surprised by today’s numbers. In Brooklyn, the median one to three family house sold for about $1.2 million from Oct 2025 to Sep 2026, and much more in some neighborhoods. See Brooklyn house sales in 2026 and how a townhouse is priced.
3. Understand the Tax Picture
If the house is your main home, federal law may let you exclude up to $250,000 of gain, or $500,000 for a married couple filing jointly, if you meet the ownership and use tests (IRS Publication 523). After decades in one house, your gain may be larger than that, and records of past improvements can lower the taxable amount. Transfer taxes also apply; see NYC seller closing costs. Talk with a tax professional before you list.
4. Talk With Family Early
If a house is jointly owned, or if children expect to inherit it, an early family conversation avoids delays later. If the house is owned by an estate or trust, the process is different; see selling an inherited home.
5. Sort, Then Prepare
- Decide what to keep, give to family, donate or sell. Our estate sales page explains options for large households.
- Fix what buyers will notice first: leaks, the boiler, electrical issues and peeling paint.
- Do not over-renovate. Many buyers of long-held houses plan their own renovation. See selling as is.
6. Tenants and Paperwork
If you rent out a unit, check the lease and whether the unit is rent stabilized; see selling with tenants. Pull your certificate of occupancy and check for open permits; see open permits and violations.
7. Take It at Your Pace
A good sale plan fits your timeline, not the other way around. A post-closing stay, where you remain in the house for a short time after closing, can sometimes be negotiated with the buyer and written into the contract by the attorneys.
Photos in this article are illustrative images from the 555 Properties LLC library unless a caption names a specific property.
Talk With Valerie
Valerie Sebbag, Licensed Real Estate Broker at 555 Properties LLC, has more than 30 years of client-facing experience and more than 12 years in real estate. If you are thinking about selling, request a private, no-cost valuation or read about our seller services. You can also see our closed sales.
