Think it's a good time to sell our co-op?

we were thinking of selling next year to get a house but with this market, we are considering selling it now and move in with ILs until we find a house.

i know the housing market is going crazy but how much would it affect the co-ops? think people go for them b/c it's cheaper and it might be harder to get a bigger loan? i know i'll probably take a loss now if we sell but probably would be less if i sell next year.

any thoughts?

TIA

eta: our place is in Little Neck (not sure if that makes a difference)

Message edited 10/8/2008 12:44:39 PM.

Re: Think it's a good time to sell our co-op?

I'm going to contract next week on our Little Neck co-op

We sold ourselves so as to avoid an agent's fee. Ultimately, we made out well because we got a good deal and put a TON of sweat equity into the place (bought 2.5 yrs ago). However, we did sell for 5.6% below asking price and the asking price was below what we would have put it up for just a year ago. So, if you're accepting the loss, then go for it but you may be in for a long haul.

Good luck!

Re: Think it's a good time to sell our co-op?

our co-op has been on the market for 3 months now. we had 2 offers, 1 fell through and the other was super low. We had a lot of traffic but as soon as the stock market started to drop we haven't had much traffic at all. you can definitely see a difference. I think people are worried about getting a mortgage and with a co-op they have to also get a approved by a board. We're assuming its going to take us a while to sell ours.

Re: Think it's a good time to sell our co-op?

I think it is a great time to buy if you can swing it but a bad time to sell pretty much anything.

Re: Think it's a good time to sell our co-op?

The question you need to ask is, if you sell now for less than you want, but are able to save your mortgage payments by moving in with your ILs, would you have more in your pocket than if you'd stayed put for a year and then listed?

Re: Think it's a good time to sell our co-op?

Posted by Leeners

I'm going to contract next week on our Little Neck co-op

We sold ourselves so as to avoid an agent's fee. Ultimately, we made out well because we got a good deal and put a TON of sweat equity into the place (bought 2.5 yrs ago). However, we did sell for 5.6% below asking price and the asking price was below what we would have put it up for just a year ago. So, if you're accepting the loss, then go for it but you may be in for a long haul.

Good luck!

Re: Think it's a good time to sell our co-op?

Re: Think it's a good time to sell our co-op?

Posted by Leeners

I'm going to contract next week on our Little Neck co-op

We sold ourselves so as to avoid an agent's fee. Ultimately, we made out well because we got a good deal and put a TON of sweat equity into the place (bought 2.5 yrs ago). However, we did sell for 5.6% below asking price and the asking price was below what we would have put it up for just a year ago. So, if you're accepting the loss, then go for it but you may be in for a long haul.

Good luck!

Re: Think it's a good time to sell our co-op?

We just sold our co-op the end of July in Little Neck. We listed it in January- received 3 offers, and went into contract the beginning of April.
We heard comments from people that we were crazy to sell in this buyers market, and that we would take a big hit. Meanwhile, we made out very well.
I say go for it! It can't hurt to have open houses, and hear offers.

Re: Think it's a good time to sell our co-op?

You said you'd probably take a loss now? What exactly do you mean by that? Just that you'd make more at a different time or that you wouldn't get what you paid for it?

The co-op market isn't quite as bad as the housing market..but it's not wonderful.

You need to weigh the pros and cons..

Re: Think it's a good time to sell our co-op?

Posted by micknjohn

Posted by Leeners

I'm going to contract next week on our Little Neck co-op

We sold ourselves so as to avoid an agent's fee. Ultimately, we made out well because we got a good deal and put a TON of sweat equity into the place (bought 2.5 yrs ago). However, we did sell for 5.6% below asking price and the asking price was below what we would have put it up for just a year ago. So, if you're accepting the loss, then go for it but you may be in for a long haul.

Good luck!

Wow congrats for selling on your own!!

Where did you advertise by the way? Always thought it would be difficult to sell on your own?

Re: Think it's a good time to sell our co-op?

Posted by Milk-n-Cookie

Posted by Leeners

I'm going to contract next week on our Little Neck co-op

We sold ourselves so as to avoid an agent's fee. Ultimately, we made out well because we got a good deal and put a TON of sweat equity into the place (bought 2.5 yrs ago). However, we did sell for 5.6% below asking price and the asking price was below what we would have put it up for just a year ago. So, if you're accepting the loss, then go for it but you may be in for a long haul.

Good luck!

Wow! That is where I live! Where are you moving to?

Re: Think it's a good time to sell our co-op?

Posted by Leeners

Posted by Milk-n-Cookie

Posted by Leeners

I'm going to contract next week on our Little Neck co-op

We sold ourselves so as to avoid an agent's fee. Ultimately, we made out well because we got a good deal and put a TON of sweat equity into the place (bought 2.5 yrs ago). However, we did sell for 5.6% below asking price and the asking price was below what we would have put it up for just a year ago. So, if you're accepting the loss, then go for it but you may be in for a long haul.

Good luck!

Wow! That is where I live! Where are you moving to?

That's too funny - where are you?

We're moving to Lynbrook. Well, if we ever get our contracts signed that is

Re: Think it's a good time to sell our co-op?

Posted by Leeners

Posted by micknjohn

Posted by Leeners

I'm going to contract next week on our Little Neck co-op

We sold ourselves so as to avoid an agent's fee. Ultimately, we made out well because we got a good deal and put a TON of sweat equity into the place (bought 2.5 yrs ago). However, we did sell for 5.6% below asking price and the asking price was below what we would have put it up for just a year ago. So, if you're accepting the loss, then go for it but you may be in for a long haul.

Good luck!

Wow congrats for selling on your own!!

Where did you advertise by the way? Always thought it would be difficult to sell on your own?

We definitely had a little luck thrown our way but basically we advertised in NYT, CraigsList and LIF, of course Our most qualified leads came from the Times.

We also hosted an open house and put up flyers, with rip off tags containing the info, all around the area + the preceding 6 train stations. Manhattan commuters were our target audience since we're 1 block from the LIRR.

Believe it or not, we actually put it up in April for about 6 days total. We then decided we weren't fully ready (DS was only 2 mos, I don't know what we were thinking ) and took it off. Within that six days we had had the open house with a ton of traffic. Lo and behold, one of the couples from the open house contacted us in August saying their deal fell through and they'd be very interested in ours if we were still looking to sell. So that was definitely the luck part

Re: Think it's a good time to sell our co-op?

We put our our co-op on the market in August and have decided to take it off. We were trying to sell it ourselves through NY Times.

We had a decent amount of interest in the beginning and had 1 offer, but it wound up falling through. We have not had much interest during the last month.

The reason that we decided to take it off the market was mainly because we are not 100% sure of where we want to move to. We were looking to sell our co-op so that we could take advantage of the market when we bought a new place.

Sorry for rambling, but I don't think its the worst time to sell provided that your co-op is "priced right", and I think that can be tough in today's market because everyone is looiking for that great deal.

Ultimately, we are going to revisit the possibility of selling next spring and take it from there. I think with the way the housing market is, I don't think we are going to see any massive increases in housing prices over the next 2 years and possibly longer.

Re: Think it's a good time to sell our co-op?

If you list with an agent and then decide to sell on your own. Can you do that? Or if you sell does the agent still get his percentage since you signed a contract?

Re: Think it's a good time to sell our co-op?

I would give it a shot and see what happens. I do agree with others that it isn't a great time to sell.

Re: Think it's a good time to sell our co-op?

thanks to all that replied.

yea, i think we paid a bit too much for our place but we pretty much renovated the whole place. i was hoping we wouldn't loss too much if we sell now but i guess we'll wait with the market.