OK-Why isn't my house selling in West Hempstead (Franklin Square, Garden City: for sale, real estate)

[nyrnwriter]

Hello everyone- was hoping for some opinions.........we are trying to sell our 3BR home in west hempstead. We are in a nice nieghborhood with good schools and redone nice house. I want to move to tampa and have a job but can't seem to get any bites on my house. It is priced great (according to everyone) and we are even flexible on what we asked and still no bites.
can anyone offer any type of advice on why this is happening? We just wish someone would at least make an offer-any offer. Any help on what to do would be appreciated!!

[Walter Greenspan]

Originally Posted by nyrnwriter

Hello everyone- was hoping for some opinions.........we are trying to sell our 3BR home in west hempstead.

If you haven't otherwise done so, you might want to let the rabbis at the several synagogues in West Hempstead know that your house is for sale, and they will pass this information on to those future congregants who may be looking to buy a house in West Hempstead.


For those who may not be familiar with West Hempstead:

West Hempstead is a hamlet (an unincorporated area) in the northwest part of the Town of Hempstead, in the southwest part of Nassau County.

Beginning on the north and moving in a clockwise direction, the Hamlet of West Hempstead in the Town of Hempstead is bordered on the north by the Hamlet of Garden City South and the Village of Garden City; on the east by the Village of Hempstead; on the south by the Hamlet of Lakeview and the Hamlet of Malverne Park-Oaks; and, on the west by the Hamlet of Franklin Square.





The Hamlet of West Hempstead has a different border than does the "West Hempstead, NY 11552" ZIP Code postal zone (i.e., a place can have a "West Hempstead, NY 11552" mailing address and not be in the Hamlet of West Hempstead): places that have a "West Hempstead, NY 11552" mailing address that are not in the Hamlet of West Hempstead are in the Hamlet of Franklin Square, the Hamlet of Garden City South and the Hamlet of Lakeview.


For a good set of town-by-town maps showing all the villages and hamlets in each of LI's 13 towns (3 in Nassau County and 10 in Suffolk County): http://www.city-data.com/forum/long-...-resource.html

[TomMoser]

How long have you been on the market? I'm sorry to say, but even the best properties are a difficult sell these days. With such a terrible economy, people are scared. And when people are scared, they do nothing.

To get your home sold today, you need to price below market value. Most people are convinced that home prices will continue to fall for about another year, so you need to price your home where the buyer will believe it's value will be six months to a year from now.

[AndreaII]

As they say, misery loves company. I priced my house well below market value, have a buyer who put down a binder, sent over an inspector (it passed with flying colors), even brought in a roof man to inspect the roof. These people really, really want to buy my house - they have a baby on the way, and because of it's location (it's unique in their eyes - just what they want; plus the size is right, etc.) this is the house for them. This deal has been on the table now for a solid month. Problem: They can't get financed, and for the past few weeks the family has been squabbling over who signs the contract.

End result, at least for the time being: Deal still on table but stalled out, no one has signed the contract even though they keep saying they're going to, still can't get financed, etc., etc. House is still on market and being shown sporadically now - holidays and all. Tom is right - overall people are scared and they won't make a move.

[natalie1977]

hi i think it is hard to sell a home these days. the person who wrote that home values will go down is right. The other fact is that there are so many foreclosures that are better priced. I just moved to west hempstead in june 2008. My husband and I bought a move in condition foreclosure for 255,000. A 3 bedroom ranch, with finished basement with 3 more bedrooms with another bathroom. -perfect for a family of 7. And now before a real estate even shows you a house, they require that you are qualified for a mortgage so you dont waste their time.

[modmondays]

Its not selling because I think the reality now is all about Job Security. Wife and I are buyers sitting on the fence. We both work in Business Services sectors in NYC (which is the sector where 90% of the other NYC/LI worker-bees are as well) and things are slowing down!!! Jobs are being lost quickly, everyone's boss looks scared, and buying your largest lifetime purchase now - - in a recession like this - - just seems way too risky for most.

We have 20% down and top-tier credit. But the question most first-time buyers are facing are two-fold (I chose first time buyers mind-sets as they are always the real estate "market makers"):

1) In this nasty recession, are you better off with lots of liquidity at hand or becoming illiquid by putting a TON of it in to an overpriced, depreciating asset? (i.e: a Nassau Cty home that more then likely needs another $75k+ of renovations)
2)The cost of renting is STILL not even close to the cost of buying a North Shore/commutable house

Mortgage rate drops are fine and may or may not spur the market to some extent come the spring. If fear is still out there (and it likely will be) a 4.5% still will not level the playing field of costs-to-rent vs. costs-to-own with homes still being way overvalued....the air is not out of this bubble. The low rates will be great for current home owners, but may not effect the inventory/sales numbers per-sey.

Additionally, with retirement portfolios down drastically, I can see sellers refusing to further cut their acceptable sales price number on their home (a/k/a: their retirement nest egg) unless they are unemployed and/or desperate to sell (Lis Pendens).

Here is a segmented snapshot of "current inventory" - to- "in contract" listings in desirable Nassau's North/South shore communting locations. These according to Laffey (The below figures represent a $500-$900k price range segment only - - as a snapshot of anything less or more of that price range is generally not a satisfactory/realistic first-home situation in those areas):

- Port Washington: 88 for sale, 2 of them in contract (2% of inventory in contract)
- Great Neck: 73 for sale, 5 in contract (7% of inventory in contract)
- Roslyn (all areas): 60 for sale, 3 in contract (5% of inventory in contract)
- East Hills: 19 for sale, 1 in contract (5% of inventory in contract)
- Manhasset: 15 for sale, 0 in contract (0% of inventory in contract)
- Atlantic Beach: 14 for sale, 0 in contract (0% of inventory in contract)

These percentages have been fairly consistent since I have been tracking from beginning of Sept .

I agree with Tom Moser - - a house better be priced well-below market value now for any buyer to even be tempted.

[LauraC]

Originally Posted by nyrnwriter

Hello everyone- was hoping for some opinions.........we are trying to sell our 3BR home in west hempstead. We are in a nice nieghborhood with good schools and redone nice house. I want to move to tampa and have a job but can't seem to get any bites on my house. It is priced great (according to everyone) and we are even flexible on what we asked and still no bites.
can anyone offer any type of advice on why this is happening? We just wish someone would at least make an offer-any offer. Any help on what to do would be appreciated!!

With the NY Governor just announcing 137 possible new or increased taxes and fees for the State, I'm thinking the pool of candidates for your home just got a lot smaller.

Bill Moyers Journal . Transcripts | PBS

[nycliguy]

Current market conditions and financing for the buyer is the problem. What is the price range your selling it for? Buyers in that market are probably been shown comparable in GC South. Similar costs, slightly better schools, and closer to one of the GC stops on the Hempstead line.

Your probably going to have lower... and I would say it is imperative to target:
"rabbis at the several synagogues in West Hempstead know that your house is for sale, and they will pass this information on to those future congregants who may be looking to buy a house in West Hempstead."

They seem to be the only ones that continue to buy in this area or who have stayed...

[Rachael84]

My fiance and I are looking for a house in that section of Nassau county. How much is it going for? Is it still available?

[modmondays]

sounds like it is still available - - so are many many others.