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cjik
Welcome 2010!
Member since 2/06 8879 total posts
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Our Crazy Real Estate Market
Just wanted to vent about the market in this area. It does appear that a buyer's market is in place. Our co-op has been on the market for 2 months with not a bite. Very few people have even looked at it lately. There are quite a few in our complex now, and they are all having the same problems. Ours is actually one of the lower priced co-ops for the features offered, so I know our price is in line for our area.
We could lower our price a great deal and probably would sell it quickly, but there is the problem. None of the homeowners are lowering their prices substantially, probably because the homeowners who own even fancier homes are not lowering theirs. Prices have gone down a little, but not enough. It's frustrating--I keep thinking if we could all communicate directly with each other (instead of through realtors) we might be able to come to an agreement. It's getting to the point where I'm considering making a real low-ball offer for a house we like and see what happens. But I'm scared to do that with 0 offers on our co-op.
Anyone experiencing this problem? Just wondering. I should be happy we have a home and a place to stay, but I just thought this would all move a bit more quickly.
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Posted 10/4/06 7:54 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Our Crazy Real Estate Market
I wouldnt make a single offer on a house until you are in contract to sell your co-op.
and I agree that I wish communication was better, but unfortunately thats how the market works.
Once a few people start lowering their house prices, imo, it will start the snowball effect. because once someone on the block does (and they will, because there are some people that MUST sell their home for one reason or another) - then the buyers are going to be looking at that house as a guide.
Househunting STINKS, but its worth it in the end...or so I hear.
good luck!!
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| Posted 10/4/06 8:00 PM |
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Re: Our Crazy Real Estate Market
If you are eager to move then I would lower it and not worry about what other people are not doing. We are selling our house also and it has been on the market for 4 months and we lowered teh price again and this will be the last time we lower it. We really aren't in a rush but I also dont want it just sitting plus we have more compition at the price we are at now then we did before which I think is a good thing.
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| Posted 10/5/06 9:00 AM |
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kmh
LIF Infant
Member since 7/06 77 total posts
Name:
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Re: Our Crazy Real Estate Market
Do you have it with a realtor or is it FSBO? We had our condo FSBO for 2 months. Had several open houses, had a LOT of people in to see it. Only got one offer and it was actually laughable. We gave it to a realtor and we ar ein contract now....Took her about 2 weeks. We never lowered the price. I knwo a lot of ppl have very good luck selling it themselves, and we gave it a good shot but...just my experience.
I hope you sell it fast!
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| Posted 10/5/06 9:21 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Our Crazy Real Estate Market
I think Co-Ops are a tough sell especially now because some folks are thinking for an extra 50K or more they can get a house. Do you have it listed on mlsli and here? Do you have a realtor? Also, don't compare yourself to units in your building, how are you priced for co-ops in the general area.
As for the offer, I would wait until you have at least some bites on your co-op.
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| Posted 10/5/06 9:51 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Our Crazy Real Estate Market
Posted by kerrycec03
I think Co-Ops are a tough sell especially now because some folks are thinking for an extra 50K or more they can get a house. Do you have it listed on mlsli and here? Do you have a realtor? Also, don't compare yourself to units in your building, how are you priced for co-ops in the general area.
As for the offer, I would wait until you have at least some bites on your co-op.
I agree
another reason is that a buyer needs to put down a lot more than on a condo or a house.
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| Posted 10/5/06 10:12 AM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: Our Crazy Real Estate Market
Thanks for the sympathy!
We do have a realtor, and from what we can tell, they seem to be doing everything they should to sell it. Over the summer, we had a lot of people looking at it, but this has really slowed down now (probably due to all the press that has been given to the real estate bubble bursting). And we have looked at co-ops in our area--we are still offering one of the lower prices around.
My frustration is just that homeowners aren't really lowering their prices, or not enough to allow us to lower ours substantially. I do hope some start to do this, and then we can too, and everyone would be happy (perhaps not the realtors)!
We really just need to sit tight and see what happens. Thank God we don't have to sell, we just are outgrowing our co-op and would like a house.
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| Posted 10/5/06 11:24 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Our Crazy Real Estate Market
I completely understand. I have noticed that some homes in the low 300's have dropped around 5-10K in the last 3-6months so it will happen, but just like the market didn't soar overnight, homes won't drop overnight either. I think if you can hang tight for a couple of more months, you may see the turnaround.
P.S. you should list your co-op here on lifamilies. Its free and easy and there are so many gals on this website, you never know....
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| Posted 10/5/06 11:28 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Our Crazy Real Estate Market
along with the above posters comments - as the houses lower in price, people who were originally in the market for co-ops because they are more affordable may be able to purchase a home instead - deceasing the buyers of co-ops.
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| Posted 10/5/06 11:36 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Our Crazy Real Estate Market
I know for ourselves we need at least a 2 bedrooms and a lot of co-ops are only 1 bedrooms. We are Irish Catholic, and you know what that means.....
I need two bedrooms for sure!!
Message edited 10/5/2006 11:38:51 AM.
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| Posted 10/5/06 11:38 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Our Crazy Real Estate Market
Posted by kerrycec03
I know for ourselves we need at least a 2 bedrooms and a lot of co-ops are only 1 bedrooms. We are Irish Catholic, and you know what that means.....
I need two bedrooms for sure!!
 just two? you'll need about 4!
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| Posted 10/5/06 11:42 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Our Crazy Real Estate Market
I thought you would get a kick out of that!!
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| Posted 10/5/06 11:48 AM |
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riniko
LIF Toddler
Member since 3/06 486 total posts
Name:
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Re: Our Crazy Real Estate Market
Posted by kerrycec03
P.S. you should list your co-op here on lifamilies. Its free and easy and there are so many gals on this website, you never know....
Yeah definitely share the MLSI number on LIF and also list it on the real estate section. We are house hunting and I have looked at many of the homes posted here.
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| Posted 10/5/06 12:13 PM |
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Re: Our Crazy Real Estate Market
We are selling our townhouse and running into the same problems, we are one of the lowest priced in our development and we are still getting very little showings. The funny part is this time last year people where on waiting lists to get into our complex and now their are about 3 units and we have all been on the market about 4 months with very little action.
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| Posted 10/5/06 3:05 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Our Crazy Real Estate Market
this market, its a buyers market and all these places that are having trouble selling is showing the effects. Granted it helps me out greatly, but as a seller it is tough
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| Posted 10/5/06 3:29 PM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: Our Crazy Real Estate Market
We're having the same issue. Our Co Op has been on the market since July and although we've had a few offers, they just weren't in the range we needed to put a down payment on a house. We haven't started to look though so I think that's helped with the anxiety. It is what it is and everything happens for a reason. Hang tight.
eta: If only one of you ladies would make an offer..then we can talk lowering the price.
Message edited 10/5/2006 6:56:17 PM.
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| Posted 10/5/06 6:54 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Our Crazy Real Estate Market
Posted by anjerandunder
eta: If only one of you ladies would make an offer..then we can talk lowering the price.
Your co-op is gorgeous!!!
If we could live out there in Smithtown I would definitely come to see it.
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| Posted 10/6/06 8:03 AM |
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Stefanie
♥
Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Our Crazy Real Estate Market
We've had our co-op on the market for a month before we sold it. We listed it at the lowest price out of all the other co-ops in our complex. We originally had it listed for 179,999 and took 160,000. We felt that we need to just get out and not be picky. We also have to remember webought this place for 63,500...so we're making a huge profit.
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| Posted 10/6/06 10:03 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Our Crazy Real Estate Market
Posted by Stefanie
We've had our co-op on the market for a month before we sold it. We listed it at the lowest price out of all the other co-ops in our complex. We originally had it listed for 179,999 and took 160,000. We felt that we need to just get out and not be picky. We also have to remember webought this place for 63,500...so we're making a huge profit.
thats great! I wish more sellers had your attitude and realistic approach. and thats why your co-op sold so fast!
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| Posted 10/6/06 10:14 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Our Crazy Real Estate Market
Posted by Meaghan729
Posted by Stefanie
We've had our co-op on the market for a month before we sold it. We listed it at the lowest price out of all the other co-ops in our complex. We originally had it listed for 179,999 and took 160,000. We felt that we need to just get out and not be picky. We also have to remember webought this place for 63,500...so we're making a huge profit.
thats great! I wish more sellers had your attitude and realistic approach. and thats why your co-op sold so fast!
Exactly!! When you are looking into co-op's, which I've seen tons of and we decided to look at condos instead, there are so many price differences for almost the same thing. I've seen some listed for $150K and others for $250K for relatively the same area. Its crazy, and then I tell myself I can get a condo I own 100% for $260K with more ammentities than co-op (pool, parking, etc). And I could get a house for $325K now. I think the co-op's listed under 2K are the first ones to go because as home prices drop lower, co-op's aren't as desireable as they once were
Message edited 10/6/2006 10:19:19 AM.
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| Posted 10/6/06 10:15 AM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: Our Crazy Real Estate Market
Posted by CaMacho
Posted by anjerandunder
eta: If only one of you ladies would make an offer..then we can talk lowering the price.
Your co-op is gorgeous!!!
If we could live out there in Smithtown I would definitely come to see it.
Thank you
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| Posted 10/6/06 10:05 PM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: Our Crazy Real Estate Market
Thanks for all the replies! We are in the process of lowering our price, and we also are taking new photos of our place, since we did some work decluttering since we originally put it on the market. Once we have our MLS file updated, I'll post here also. Crazy, but I completely forgot this site offers listings also. I tend to go straight to MLS.
Realistically, I shouldn't get upset that it's not going. House prices seem to keep dropping a bit, and I'm guessing will continue to go a bit lower this Fall and Winter, so if it takes us awhile, it may be more beneficial in the end. And we aren't going out of our minds with lack of space--I'm only one-quarter Irish . Nor have we relocated for work and have to move. And I suppose the longer we wait, the more house prices may come down.
One more question for you ladies--would you list at your absoulte rock bottom price or slightly higher to allow for bargaining? We could accept a bit less than the price we are thinking of listing at (which is still very low for our area), but we are concerned that people will want to go lower and not feel that they got a good deal if we stick to the asking price. Thoughts on this?
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| Posted 10/10/06 9:54 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Our Crazy Real Estate Market
I would list not at the bottom. Allow room to bargain. If you start at the very bottom, buyers will offer even less than that.
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| Posted 10/10/06 10:43 AM |
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