Anyone recent sold/How is the current market

Getting the house ready to list in hopefully a month. Wondering how the market is.

In my case I know I am not going to be making a profit. We will certainly take a loss from our purchase price. And after realtor fees and what we currently owe, we are praying that we just break even. Didn't have a realtor in yet b/c we have some major things to take care of first (landscape related not condition of house). Will have one in for an appraisal in 2 weeks or so. We are more or less "realistic" price wise.

How long is homes currently sitting on the market before selling? And how is the market?

Re: Anyone recent sold/How is the current market

as a realtor- I think the market is great

I am selling 1 or 2 houses a week

my average selling time is 76-90 days

but I have sold 5 or 6 listings in under 30 days (a couple that expired with other agents- 1 that was on the market for over a year prior to me taking the listing- listed Jan 2- accepted offer Jan 31- not bad for the "slow month")

it really depends on so many factors- I do more online and tech based marketing then the average agent - and I have a team and marketing assistant to help me keep everything running smoothly

I would be happy to meet with you and give you some ideas

Message edited 2/28/2012 12:22:14 PM.

Re: Anyone recent sold/How is the current market

I am happy the market is great. I too just listed my house on the market. I am currently in Howard Beach looking to move out on the Island.

Beth - Any tips you can give for the first time seller ?

Re: Anyone recent sold/How is the current market

if you send me your MLS # I would be happy to take a look at your listing

Re: Anyone recent sold/How is the current market

Re: Anyone recent sold/How is the current market

I think it all depends on the demand in your area. All areas/towns in LI are different. Some have more inventory than others. So I dont think how fast or slow anyone sold really will indicate how fast or slow your home would sell.

Re: Anyone recent sold/How is the current market

Re: Anyone recent sold/How is the current market

I think it really comes down to how fairly your house is priced. If it is competitive it will move.

I live in NJ, we listed our house in mid-january and had 1 offer after 10 days and then by the 2 week mark we had another 2 offers. We were very realistic and knew what our house was really worth and we got asking. Yes, we lost a ton of money, but after all the fee's, we still have money to put down on another house.

Now, there is another house for in my area, the exact same layout and floor plan, they even extended the kitchen like we did into the laundry room. They were asking $75K more than us, had minor updates and has been on the market a week longer than we were. They are still sitting. I know of a house that was sold within a week.


Good Luck!!

Re: Anyone recent sold/How is the current market

There was just a big article in Newsday this week about "Home Sales Are Looking Up."

But I agree that real estate is local -- how fast a home will sell depends on the area and the particular home. When it comes to whether and how quickly homes will sell, price is a huge factor. I am consistently seeing homes that are priced right FLY off the shelves.

The style of home comes into play, too. In the towns where I do a lot of my work, split levels are a "hot" style of house and really flying off the market. I sold one (to an LIF'er) that was an exclusive listing in my office that we had only had for 2 days (the owner was prepping it/cleaning up before it was to go out on MLS). So it was pretty much sold before it hit the market! 3 of the houses I have in contract right now are splits.

On the other hand, I think condos and co-ops are still a bit more of a challenge and require more creative marketing to get them sold. You are definitely looking for a more specific buyer with this type of property, especially since now many condos/co-ops cost as much as a single family home in a comparable area (they are not necessarily a more affordable option). They definitely stay on the market longer.

There are a LOT of buyers out there right now looking. I am finding that there is a pent-up demand. So many buyers are looking to take advantage of the crazy low interest rates before they go back up.

My office is in N. Bellmore... I work all over Long Island but do a lot of work on the south shore of Nassau. I have a lot of innovative tools to market homes. I am also a licensed attorney so I bring a lot of client counseling skills and negotiating expertise to the table!

Feel free to contact me if you have questions or would like to set up a meeting. I would be happy to provide information about your options and help you develop a good selling strategy.

Re: Anyone recent sold/How is the current market

We just listed our house again. Its for sale for about 2 weeks. According to every broker that has comes in here we are priced right. NP offers yet

We were for sale last year and we were priced high (we bought high).

In fact had broker open house today and our feedback from all 15+ brokers was "we are priced to sell"

But havent sold yet

I keep hearing the houses priced right are selling.....

Message edited 2/28/2012 4:55:46 PM.

Re: Anyone recent sold/How is the current market

Posted by Serendipity

We just listed our house again. Its for sale for about 2 weeks. According to every broker that has comes in here we are priced right. NP offers yet

We were for sale last year and we were priced high (we bought high).

In fact had broker open house today and our feedback from all 15+ brokers was "we are priced to sell"

But havent sold yet

I keep hearing the houses priced right are selling.....

Re: Anyone recent sold/How is the current market

My house is priced to sell because we bought another house that we are almost done renovating. We put the house on the market in October and got three offers this week!!! We accepted one today. I think people are starting to look because the season is changing.

Re: Anyone recent sold/How is the current market

Re: Anyone recent sold/How is the current market

In my opinion, as a realtor, "priced to sell" doesn't mean underpricing, but it means pricing it at or very near market value. Not pricing it higher to "leave room for negotiation," or taking the attitude of "I'll price it a bit high, but l'm willing to take less... let people come make an offer."

So, for example, if comparable homes in the area have recently sold for a range of $405K to $422K, I would say pricing it to sell would be pricing it somewhere in that range -- depending on how the home at issue compared, or even pricing it at like $425K.

To price a home to sell, you really have to look at what's sold recently, and what a buyer actually paid for a comparable home in this market. List prices of other homes on the market are pretty meaningless. It's helpful to be aware of them because you want to know what you are competing with. But they don't really mean much in terms of market value. Many homes aren't priced right, especially when they are first listed.

In my experience, the homes that are priced at or near market value are drawing a lot of interest from serious, motivated buyers, and they often sell at or close to asking price. If you are a serious seller who is priced to sell, you will attract serious buyers who are ready to buy... not "looky loos" who are looking for a "steal" and make lowball offers.

When a house is priced to sell, it will often attract multiple offers, and buyers who are educated on the market know that. They would not risk making a very low offer on a home that is going to go fast.

Re: Anyone recent sold/How is the current market

Re: Anyone recent sold/How is the current market

Dh's cousin sold her house in a week. It was fully updated, showed well and priced right.