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Yep. And I bet it went for above or at full ask. Bet you got several full ask offers after one 2 hour open house.
This is why I'm waiting it out.
This is exactly what happened to me in western Nassau. 20 offers in six days, and an open house that got about 200 visitors and several offers that day. I think I hit a timing sweet spot and got lucky. On my end, I poured practically endless time, work and money into improving the condition of this place.
We're in contract for well over asking and I'm hoping for a smooth, uncomplicated closing.
Due to a home owner's ability to refinance and grieve their taxes, I don't think taxes and rates should be as big a motivating factor as some people advise.
Not sure if srs. Taxes run upwards of $10K on cheap houses around here, making the tax bill a kind of second mortgage. Grieving only gets you so far, and it's only an illusion of savings.
You can grieve and grieve, but there's still high salaries, lucrative benefits, billions in pension obligations and the consequences of corruption and waste that taxpayers have to cover. This problem only gets worse, and you're on the hook permanently as long as you live here.
False thinking, regardless of what you think, there is a big difference in the amount you owe when rates go up several percentage points. The rate sets your mortgage, refi'ing requires dollars all over again and there is no guarantee that if you grieve your taxes you will get a reduction.
So it's better to buy a $525K house at 600K because interest rates are low and you *might not* be able to refinance at a more favorable rate?
People mention interest rates affecting decisions. When my parents moved here in the 80s, the interest rates were as high as 12%. Yet now we're down at 3-4% and the population is still the same. If not for the limited land factor, it would certainly be much higher. People are going to buy here regardless of rates. Home prices went up, so did salaries.
It's not the limited land that keeps population the same it's the lack of dense building. Your parents probably paid 80k for the house and 12% interest rate on such a low mortgage is way different than borrowing 350k. You are right though, people will always buy on LI.
Agree with you on the type of houses in Queens. Problem with nassau vs queens is that the taxes are much higher, which is limiting the price appreciation vs NYC where property taxes are very low.
Depends on how much money you make and what part of queens you are in. City income tax is a killer for many. Also not unheard of for the better homes in nicer neighborhoods to have taxes near 8-10k
Mid Suffolk is a different story. Sorry, should've specified. I'm referring to Nassau County through Huntington/Farmingdale/Dix Hills/Melville. Once you get to Northport and east-ward, it begins to change. While I haven't looked out there, I have no trouble believing what you're saying about houses at 2006 prices on the market for 90 days. It's not a buyer's market til inventory is on the shelves for 6+ months, but you're right in that those conditions would indicate a more neutral market than what buyers are encountering in the more (NYC) commutable/accessible communities.
That’s what I thought. In essence, 1 hour or less train commutes to the city.
And to be clear, these are houses selling at 10-20% BELOW the 2006 high, which is fairly priced.
This is exactly what happened to me in western Nassau. 20 offers in six days, and an open house that got about 200 visitors and several offers that day. I think I hit a timing sweet spot and got lucky. On my end, I poured practically endless time, work and money into improving the condition of this place.
We're in contract for well over asking and I'm hoping for a smooth, uncomplicated closing.
Yep, congrats! That's good for you, right? This is exactly the seller's story all over Nassau, western Suffolk and Westchester County right now. Personally I think any buyer is a buffoon for reasons I've already stated above is this thread.
So how did you handle the slew of bids that came in? Did you counter with requests to increase their bids above asking due to over saturation of interest? Did they just blindly offer well above ask to ensure they got it, or did you give guidelines? Just curious about the bidding process when several worthy offers come in. I know the end result is a buyer paying above ask, which isn't good for the buyer, the bank, or the market.
Yep, congrats! That's good for you, right? This is exactly the seller's story all over Nassau, western Suffolk and Westchester County right now. Personally I think any buyer is a buffoon for reasons I've already stated above is this thread.
So how did you handle the slew of bids that came in? Did you counter with requests to increase their bids above asking due to over saturation of interest? Did they just blindly offer well above ask to ensure they got it, or did you give guidelines? Just curious about the bidding process when several worthy offers come in. I know the end result is a buyer paying above ask, which isn't good for the buyer, the bank, or the market.
The buyer is a highly educated person and he isn't a buffoon. He's getting a nicely updated house that I'm told he loves. A lot of them pour in from Queens and Brooklyn looking for more room and a housing upgrade. He did the math and figured out it's cheaper to buy this house than rent an apt. for over $2K a month, while building equity. I'm not selling him junk, and getting paid back for the tons of sweat equity I poured into this house.
After I got a bunch of offers, my agent and I went through them and we picked one based on their financials and bid price. This was the highest bid, but not every bid is high quality so you have to assess who's the better buyer.
Once multiple offers are in, buyers are asked to resubmit their final and best offer.
We bought a home 10 years ago and can not even get back what we paid. I think it must depend on money invested after the purchase and location of the home. We put 20% down on purchase. We added central air conditioning and renovated the lower level of our split level. We would lose money if we sold it now. There are so many foreclosures that investors keep buying and renovating. Adding brand new kitchens, baths and siding and flipping them. No chance for anyone who didn't completely renovate their modest home to sell and come out even in our area. We are in mid Suffolk.
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