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My home is due to close in a few weeks. We had an open house in December 2 weekends in a row and the second weekend a buyer who saw it the first, put in an offer that we accepted. We wound up within 5% of our asking price. They did start very,very low however, and my agent told them, she would tell us of the offer but suggested that they make a better opening offer if they were really interested as she knew what our bottom was and that they were way off our bottom. Would almost everyone like to get more? I am sure. But common sense needs to reign supreme.
We, did a few things right as Sellers. We picked a good agent and we were realistic in our expectations and not greedy. We also were very aware of what had recently sold and what was coming to the market that would be our competition. Our home had been maintained all along and without fail the comments to our agent were how clean the home was. Even the bank appraiser said to her ," I bet you wish you had ten of these to sell."
Everyone wants something for nothing. I had to lower the price $20,000 on my former apartment (lost a ton of $$ on it) and even then the buyer was pissed it didn't have a terrace. I am sorry but these people expect the world on a silver platter! People need to wake up and smell the coffee.
clearly the buyer was unaware that your apartment was immune to the ebb and flow of the real estate market. What a jerk!
no data to back this up but it also be that anyone who was looking to buy on the south shore has now been scared off by Sandy...causing increased demand in other areas.
I receive "Listing Book" updates each morning for various upscale Nassau North communities. Most notices are for "price cuts"....some are just for "open houses". Houses that did not sell last season are being re-listed for "less" than their last years asking price.
My gut tells me there is a lot of real estate industry hype out there....bare in mind that the NY Metro market is the worst performing market in the country right now (based on all monthly reports).
Filter your own realtor's "market activity" information/feedback - - or you will likely be overpaying through the nose.....
With the way the economy is, how the stock market is falsely inflated by the Fed's funny money, I still feel that housing prices should be ALOT lower than they are here on LI.
Even during the height of the crisis in 2008-2010,LI housing prices only went down by what, maybe 10-15%??
Where as other areas such as Phoenix, Las Vegas, and Florida plummeted over 50% or more in some cases.....
It doesn't make sense to me really.....
Paying half a million dollars for a post world war 2 cape cod on a 50x100 lot that needs tons of updates.....
With the way the economy is, how the stock market is falsely inflated by the Fed's funny money, I still feel that housing prices should be ALOT lower than they are here on LI.
Even during the height of the crisis in 2008-2010,LI housing prices only went down by what, maybe 10-15%??
Where as other areas such as Phoenix, Las Vegas, and Florida plummeted over 50% or more in some cases.....
It doesn't make sense to me really.....
Paying half a million dollars for a post world war 2 cape cod on a 50x100 lot that needs tons of updates.....
What something is worth can be completely different from what people are willing to pay for it.
I question -who- is buying some of these lower end LI homes, and how much subsidy they receive from family to buy a place just to be close to them.
I receive "Listing Book" updates each morning for various upscale Nassau North communities. Most notices are for "price cuts"....some are just for "open houses". Houses that did not sell last season are being re-listed for "less" than their last years asking price.
My gut tells me there is a lot of real estate industry hype out there....bare in mind that the NY Metro market is the worst performing market in the country right now (based on all monthly reports).
Filter your own realtor's "market activity" information/feedback - - or you will likely be overpaying through the nose.....
The NY Metro real estate market is the worse in the country right now.... of course it is. The economy here is so beaten down, with fewer and fewer people who can afford buy homes at these prices, with these carry costs and these property taxes.
In my neck of the woods, the market is very stagnant, with properties sitting for months, some for years. The end game here looks like prices will have to come down in a major way, or be prepared for a long, long sales cycle.
The REAL ISSUE in the NY/LI market is that "buyers" enter into this process so completely and totally "uneducated" about how to do this type of transaction, that they rely nearly 100% on the real estate industry (and all of their symbiotic relationships) - - as well as the media (which is always biased towards the sales side) - - to manage their transaction playing field (that always favors the seller because of the commission and marketing $$$ structures of/from the RE industry).
This in turn leads to our "locally dumb buyers" continuing tooverpay, overpay, overpay (most at least....)
And All of the local LI and NYC realtors know this!
I believe this one single point is why prices here didnt fall like the rest of the country:
The REAL ISSUE in the NY/LI market is that "buyers" enter into this process so completely and totally "uneducated" about how to do this type of transaction, that they rely nearly 100% on the real estate industry (and all of their symbiotic relationships) - - as well as the media (which is always biased towards the sales side) - - to manage their transaction playing field (that always favors the seller because of the commission and marketing $$$ structures of/from the RE industry).
This in turn leads to our "locally dumb buyers" continuing tooverpay, overpay, overpay (most at least....)
And All of the local LI and NYC realtors know this!
I believe this one single point is why prices here didnt fall like the rest of the country:
I don't see this in my local market, I see relatively sophisticated buyers who want much for little or they'll wait because the belief is LI's real estate market may not have bottomed yet. It may be the way you describe in Western Nassau, where a large Asian population--inexperienced in local real estate market peaks and valleys--is taking root, though.
What I find very interesting is the NYC real estate is still very hot, although cooling a bit. It shows that LI is almost a region unto itself and the old fundamentals that played a role in LI's economic well-being may not apply presently and in the future.
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