Real estate results census. (Bellport, Scott: for sale, rental, mortgage)

[scottzilla]

I'm putting my house up for sale next week. I'm curious of people's opinion regarding the results they've gotten while trying to sell their homes lately.
How long did it take?
How many people saw the house before finally getting an offer?
Did the agent(s) actively show the house or let mlsli do the work?
Anyone do a FS by owner?
What town/area?
How much of a beating did you take on the price?
How many people had possible buyers walk away from the transaction?
Stuff like this.


I am aware of what's happening out there as i've been researching the Suffolk market for a few months now so I know it isn't easy!

[LongIslandCitizen]

Originally Posted by scottzilla

I'm putting my house up for sale next week. I'm curious of people's opinion regarding the results they've gotten while trying to sell their homes lately.
How long did it take?
How many people saw the house before finally getting an offer?
Did the agent(s) actively show the house or let mlsli do the work?
Anyone do a FS by owner?
What town/area?
How much of a beating did you take on the price?
How many people had possible buyers walk away from the transaction?
Stuff like this.


I am aware of what's happening out there as i've been researching the Suffolk market for a few months now so I know it isn't easy!

Scott if you list it at a reasonable price and maintain a realistic attitude you will be far ahead of the game. Look at neighborhood prices before the bubble and peak prices during and find a middle ground. If you have time to slide your numbers you can stay a bit high, if you are in a hurry go a bit lower. Do your research and ask questions like your doing here. Good Luck!

[scottzilla]

Originally Posted by LongIslandCitizen

Scott if you list it at a reasonable price and maintain a realistic attitude you will be far ahead of the game. Look at neighborhood prices before the bubble and peak prices during and find a middle ground. If you have time to slide your numbers you can stay a bit high, if you are in a hurry go a bit lower. Do your research and ask questions like your doing here. Good Luck!

I agree but it is truly difficult to know what a fair price is considering how quickly the market is changing! However, I fully intend on being realistic rather than pipe dreaming. I am planning to list my asking price 5% lower than a similiar house down the end of the block (I think my house is slightly smaller but nicer).
Comps offer little help as well. Looking at a comp from as little as 6 months ago isn't acurate in this market.

[ianwaters]

A Major incentive could be to pick up some of the closing fees - it cost a lot these days and any help is needed when it comes to up front costs!

[scottzilla]

Originally Posted by ianwaters

A Major incentive could be to pick up some of the closing fees - it cost a lot these days and any help is needed when it comes to up front costs!

Unfortunately I have to pay closing costs on the next house so I simply cannot afford to do it. The buyer will have to live in my life for a change!

[LongIslandCitizen]

Originally Posted by scottzilla

I agree but it is truly difficult to know what a fair price is considering how quickly the market is changing! However, I fully intend on being realistic rather than pipe dreaming. I am planning to list my asking price 5% lower than a similiar house down the end of the block (I think my house is slightly smaller but nicer).
Comps offer little help as well. Looking at a comp from as little as 6 months ago isn't acurate in this market.

Absolutely correct. Keep in mind that right now prices are going down. If you stay a bit ahead of the curve you'll come to a faster conclusion. It is kind of like riding a wave before it breaks. If you have all your ducks in a row and their is a buyer looking in your neighborhood you'll generate plenty of interest.

[ianwaters]

WHereabouts is the house? Just curious

[djdairyp]

Better to kick in 10,000 (basically giving the buyer back the money they give you to buy your house) now then have to lower your asking price by 50,000 as it sits on the market. If it doesn't move, its not a bad idea.

Suppose a buyer has 90,000 cash to work with and needs to put 20% down (80,000). 10,000 of that is needed for closing cost so their max bid would be 400,000. Now tell that buyer you will pay the 10,000 closing cost and their maximum bid rises to 450,000 as they can use the full 90,000 for the down payment. Assuming the buyer can afford the monthly payments in either scenario and the cash on hand is their limiting factor, its a good deal for you if they are willing to stretch themselves and move their budget to a higher bracket. I think for a lot of people, saving up that initial nut is more difficult than handling the payments after that point (assuming they don't massively leverage themselves).

Assuming you are 'trading up', bigger problem is simply finding a buyer willing to take the plunge. I know a few friends looking in the sub 400,000 range went to a few open houses and took themselves out of the market due to frustration at the over priced crap needing 50-100k extra put into the already overpriced 380k asking price for a small home on a small piece of land. I think the idea of a "starter home" is a failed proposition in this market. Why buy an overinflated starter home that will build little equity (already bubbled up) when you can stay in a rental that is much nicer than the starter home and save up enough of a down payment at a quicker rate. So skip the starter home that will be a money pit and not improve your situation 5 years down the line compared to if you didn't buy.

Originally Posted by scottzilla

Unfortunately I have to pay closing costs on the next house so I simply cannot afford to do it. The buyer will have to live in my life for a change!

[scottzilla]

Originally Posted by ianwaters

WHereabouts is the house? Just curious

Bellport (The nice part)
My house is nicer than most that are listed but is merely a starter home when all is said and done. Plus, I have nearly 3/4 acre-the largest lot on the block.

[scottzilla]

Originally Posted by djdairyp

Better to kick in 10,000 (basically giving the buyer back the money they give you to buy your house) now then have to lower your asking price by 50,000 as it sits on the market. If it doesn't move, its not a bad idea.

Suppose a buyer has 90,000 cash to work with and needs to put 20% down (80,000). 10,000 of that is needed for closing cost so their max bid would be 400,000. Now tell that buyer you will pay the 10,000 closing cost and their maximum bid rises to 450,000 as they can use the full 90,000 for the down payment. Assuming the buyer can afford the monthly payments in either scenario and the cash on hand is their limiting factor, its a good deal for you if they are willing to stretch themselves and move their budget to a higher bracket. I think for a lot of people, saving up that initial nut is more difficult than handling the payments after that point (assuming they don't massively leverage themselves).

Assuming you are 'trading up', bigger problem is simply finding a buyer willing to take the plunge. I know a few friends looking in the sub 400,000 range went to a few open houses and took themselves out of the market due to frustration at the over priced crap needing 50-100k extra put into the already overpriced 380k asking price for a small home on a small piece of land. I think the idea of a "starter home" is a failed proposition in this market. Why buy an overinflated starter home that will build little equity (already bubbled up) when you can stay in a rental that is much nicer than the starter home and save up enough of a down payment at a quicker rate. So skip the starter home that will be a money pit and not improve your situation 5 years down the line compared to if you didn't buy.

Yeah, i'd be trading up and have an accepted offer on the house i'm looking to buy.
I heard of what you are explaining above and may have to do it to cover closing costs so I don't get caught having to pay PMI. As it is, i'm taking a huge bath on my house but i'm a pretty smart guy and feel this is the best move.
To me, the inflated asking prices are helping me buy time. It's keeping buyers at bay. As it is, the realitor is going to try and talk me out of the "Contingent upon the sale of my house clause" because it's not whats best for her and her client. No doubt the sellers lawyer will advise the seller to not even go to contract with me until I have a buyer on my house. This allows them to show the house but i'm not too worried. If the seller is smart, he would be wise to be patient and keep paying the mortgage until i'm ready to move. He'll get all his money back in the end in a horrible housing market.
If he's smart...