| Posted By |
Message |
avamamma
My Girl
Member since 7/06 3395 total posts
Name:
Tara
|
As a seller, what can I expect?
We have been in our first house since mid 2004.
It is a ranch. It has newer windows, roof and appliances. On the main floor, it has 3 bedrooms, a dinning room, 1 bath and a kitchen.
The entire basement is finished. It was used as an apartment for the previous owners niece. So, it has a bedroom, living room, full bath and a beautiful kitchen.
The entire house has central air , all closets are custom and the master has a huge walk in closet.There are also in-ground sprinklers. It is immaculate. Every room has been professionally painted and the carpeting is about 2 years old.
It is a great starter house. The only negative is that it is on a busier road, but the driveway is huge and the backyard is too and fenced in.
We paid $355, 500. I know the market is noooo where near what it was when we bought it. There were 6 other offers made the same day that we made ours. So, I thought that we priced the house accordingly at $339,000.
We are in West Islip, and nothing in that price range even compares.
We have been on the market for about 3 weeks, and got our first offer yesterday for $309,000. We countered at $335,000. We will negotiate, but are already losing a lot of money. They came back at $315,000.
Tonight, I countered back at $330,00 and I think this will be our final offer.
Are we being unreasonable? Maybe we should have priced it higher so that we would have more room to negotiate.
We are now thinking of keeping it as an investment property and renting it out.
What do you think??
Message edited 12/17/2009 10:35:20 PM.
|
Posted 12/17/09 10:33 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
|
Re: As a seller, what can I expect?
Your line about loosing $ is telling. I would see what they say about 320. What did your realtor say? How did you come to your first price?
|
| Posted 12/18/09 10:46 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: As a seller, what can I expect?
It really depends on what other houses in the area are selling for.
|
| Posted 12/18/09 11:30 AM |
| |
|
Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
|
Re: As a seller, what can I expect?
Posted by ave1024
It really depends on what other houses in the area are selling for.
ditto - so hard to tell without looking at comps
|
| Posted 12/18/09 1:31 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: As a seller, what can I expect?
just a little FYI about keeping it as an investment
what alot of people have been doing is buying another house- moving in and then dumping (foreclosing/short sale) house 1
in order to combat this- banks want to see 25% equity in house 1 to approve the loan on house 2
|
| Posted 12/18/09 4:32 PM |
| |
|
SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
|
Re: As a seller, what can I expect?
You asked if you should have priced it higher so you'd have more room to negotiate - as a buyer, I have to say that I don't think so. I'd walk into a house and know what I wanted to pay for it and didn't really pay attention to the price tags after the first few weeks. We made an offer of $315 on a house with a price tag of $369 because it was worth closer to $315. Then we made an offer of $345 on a house that was priced at $345, because that's what it was worth. So we made the higher offer on the lower priced house! But in both cases, we were willing to pay what the house was worth regardless of what the owners were asking.
Good luck with selling the house! I live in West Islip myself and I know how hard it must be to sell a house here - there are houses for sale in my neighborhood (3 within four blocks of my house) that have been for sale for well over 6 months!
Message edited 12/18/2009 4:49:06 PM.
|
| Posted 12/18/09 4:44 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: As a seller, what can I expect?
Posted by Beth
in order to combat this- banks want to see 25% equity in house 1 to approve the loan on house 2
You can also try to get approved to carry both mortgages. I was able to carry both my old house and my new house at the same time if I wanted to thanks to some friendly DTI ratios. I didn't have 25% equity in my current house so I had to go this route.
But in this case, they wanted to see at least six months worth of emergency funds in the bank, plus the down payment and closing costs for the new house.
|
| Posted 12/18/09 4:48 PM |
| |
|
Salason
♥
Member since 6/05 9878 total posts
Name:
|
Re: As a seller, what can I expect?
Posted by DavaDay
You asked if you should have priced it higher so you'd have more room to negotiate - as a buyer, I have to say that I don't think so. I'd walk into a house and know what I wanted to pay for it and didn't really pay attention to the price tags after the first few weeks. We made an offer of $315 on a house with a price tag of $369 because it was worth closer to $315. Then we made an offer of $345 on a house that was priced at $345, because that's what it was worth. So we made the higher offer on the lower priced house! But in both cases, we were willing to pay what the house was worth regardless of what the owners were asking.
Good luck with selling the house! I live in West Islip myself and I know how hard it must be to sell a house here - there are houses for sale in my neighborhood (3 within four blocks of my house) that have been for sale for well over 6 months!
I agree. As a recent buyer, we really didnt care what the asking price was. We bid what we thought it was worth. We were very knowledgable about the comps in the area to and based our bids on that so I would take a close look at that when you counter.
|
| Posted 12/18/09 9:45 PM |
| |
|
queensgal
Smile
Member since 4/09 3287 total posts
Name:
|
Re: As a seller, what can I expect?
Now is a tough time to sell, just because people are busy with holidays...
maybe see how it goes in January and then make a decision to change price/etc.
Good luck!
|
| Posted 12/19/09 9:39 AM |
| |
|
