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We bought a house in New Hyde Park in 2014. Given that interest rates are scheduled to rise in 2016, does it make sense to sell now or wait until next year?
I asked a realtor to assess my home. He said it could sell for $70K - $100k over the purchase price I had paid in 2014. I need to do some cosmetic updates (siding, ceiling lights), which I am lazy to fix. Also want to enjoy my summer here, given we just moved in.
Anyhow, the realtor is charging 4% to sell my home. I want to avoid that fee and sell on my own. Anyone sell on their own in New Hyde Park. Please advise with suggestions/comments.
A silly question but why would you buy in 2014 and sell in 2015 or 2016? You will have to eat a ton of closing costs and selling costs. Also, you believe a realtor's assessment yet want to sell it yourself? How do you know the realtor's price is realistic?
A silly question but why would you buy in 2014 and sell in 2015 or 2016? You will have to eat a ton of closing costs and selling costs. Also, you believe a realtor's assessment yet want to sell it yourself? How do you know the realtor's price is realistic?
My thoughts exactly. I find it hard to believe that you'd see that much appreciation in value in such a short amount of time.
I bought the house at $530K. It was in decent condition, but could use some updates. With some improvements, it has potential to be priced higher. I painted the upstairs hallway walls so it looks brighter. We ripped out the carpets and refinished the floors on the second floor.
The reason I want to move out is because I dont like the commute to NYC. I prefer living in Western Queens - I miss the short commute I had earlier.
The realtor said I could sell it for $600K - $630k. My neighbor, who has a similar home, although in better condition, recently listed his home for $700K+. I'm hoping that when his house sells, it will improve my chances of selling at $600K.
Painting and refinishing floors don't sound like improvements that would boost the value that much. Did you redo the kitchen or a couple of bathrooms, add a deck, etc.? Anyway, even if you did profit by $70K, did you factor in how much you'll pay in closing costs all over again for two houses, moving costs, realtor costs if you can't sell on your own, etc.
I lived in NHP and worked in Manhattan for 11 years. I found the commute very doable and not bad at all. I'm surprised you don't like it (and also surprised you didn't look into it before you bought your house).
I bought the house at $530K. It was in decent condition, but could use some updates. With some improvements, it has potential to be priced higher. I painted the upstairs hallway walls so it looks brighter. We ripped out the carpets and refinished the floors on the second floor.
The reason I want to move out is because I dont like the commute to NYC. I prefer living in Western Queens - I miss the short commute I had earlier.
The realtor said I could sell it for $600K - $630k. My neighbor, who has a similar home, although in better condition, recently listed his home for $700K+. I'm hoping that when his house sells, it will improve my chances of selling at $600K.
As you will find out, one can list a house for what ever they want, actually selling it is a different story. Also, define "similar". Identical home, but in better condition? What about location? The same home, on the same block can command less or more than the other, depending on what is adjacent, or across the way.
As you will find out, one can list a house for what ever they want, actually selling it is a different story. Also, define "similar". Identical home, but in better condition? What about location? The same home, on the same block can command less or more than the other, depending on what is adjacent, or across the way.
I agree. There are definitely times that a list price is completely unrealistic. Take a look at this house for example:
It's very close to where I used to live. I was inside the house several times. It was owned by the original owners for over 50 years. They passed away about 7 years ago and it was sold in 2011 for $430K. The only improvements made were relatively minor - some new appliances in the kitchen, put in some hardwood floors (but the less expensive kind), replaced some damaged shingles, etc. It was put on the market a few months back for $800K. I laughed myself silly when I saw that and knew there was no way they'd ever get that price. Needless to say, the house is no longer on the market. Some people are just crazy!!!
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