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Bridex100
Two Under Two Mommy
Member since 3/08 10420 total posts
Name:
Momx100
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How bad is it to attempt to sell a house on LI right now?
My parents want to sell their home and downsize.
Should they wait another year?
Do you think it would make a difference?
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Posted 6/8/10 10:03 PM  |
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Goldi0218
My miracles!
Member since 12/05 23902 total posts
Name:
Leslie
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Re: How bad is it to attempt to sell a house on LI right now?
It took us almost 2 years to sell my parent's home in a very desireable area with a great school district. Had we sold the house two years earlier, the odds are we would have gotten almost 200K more for it That's all I'll say. They say things are looking up. I don't know if I believe it.
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| Posted 6/8/10 10:10 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: How bad is it to attempt to sell a house on LI right now?
My cousin sold her house very quickly. She is in Plainview.
She priced it for the market.
SHe actually had multiple buyers, the first cple fell through.
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| Posted 6/8/10 10:17 PM |
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PumpkinGirl
:o)
Member since 10/08 1838 total posts
Name:
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Re: How bad is it to attempt to sell a house on LI right now?
can't speak for sellers, but as someone looking for a house I feel like there's not much to choose from right now (in my area & price range) I think there are a lot of people waiting to sell.
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| Posted 6/8/10 10:32 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: How bad is it to attempt to sell a house on LI right now?
Depends on the area, how high is the demand for homes? And bottom line as long as it's priced right, it WILL sell.
Message edited 6/8/2010 10:40:03 PM.
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| Posted 6/8/10 10:39 PM |
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Re: How bad is it to attempt to sell a house on LI right now?
According to all the big gurus in real estate, the market will fall another 5 to 10 percent before it stabilizes. Prices will not come back to 2006 pricing until 2018-2020.
I do not give direct advise. We can be wrong. I only listen to other experts and try to help my sellers make the best possible decision. This market is not easy, and no one has all the answers.
See below a couple of slides from a power point presentation I received this month
Good Luck,
Arthur
Image Attachment(s):
Message edited 6/8/2010 11:25:39 PM.
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| Posted 6/8/10 11:16 PM |
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Kristin616
Member since 8/06 3595 total posts
Name:
Kris
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Re: How bad is it to attempt to sell a house on LI right now?
Posted by Goobster
Depends on the area, how high is the demand for homes? And bottom line as long as it's priced right, it WILL sell.
I agree. People kept telling us we were crazy for putting our co-op on the market during these bad times. It sold in 3 months. It's all about location & price.
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| Posted 6/9/10 6:57 AM |
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siren
LIF Infant
Member since 8/07 219 total posts
Name:
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Re: How bad is it to attempt to sell a house on LI right now?
I second the area and pricing comments. The house we are buying was on the market for 11 days! - and we might have bid on it sooner if we hadn't first seen it on a day when we saw 8 other houses. It was priced well and there's not a huge number of houses for sale in the area (Dix Hills/E Northport/Greenlawn) - at least in the range we were looking in...
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| Posted 6/9/10 10:07 AM |
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Bridex100
Two Under Two Mommy
Member since 3/08 10420 total posts
Name:
Momx100
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Re: How bad is it to attempt to sell a house on LI right now?
Posted by Kristin616
Posted by Goobster
Depends on the area, how high is the demand for homes? And bottom line as long as it's priced right, it WILL sell.
I agree. People kept telling us we were crazy for putting our co-op on the market during these bad times. It sold in 3 months. It's all about location & price.
DH and I also sold our home super fast. We put it on the market and it sold within 2 months. We closed the house 3 months after we put it on the market.
We were a bit surprised. It was new construction and in a nice neighborhood though. We had top of the line appliances and kept the place immaculate.
My parents' house is a bit older. They aren't sure if they should spend the money and fix everything up as best as they can (driveway, new exterior, extra landscaping, etc) or if they should sell it as is.
The house interior has been recently renovated (~5 years ago) but the exterior definitely needs work. The appliances are also a bit dated (~5 years).
Is it worth updating everything?
We wonder if they can recoup the cost of doing it.
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| Posted 6/9/10 10:16 AM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: How bad is it to attempt to sell a house on LI right now?
I look at it this way -
I wouldn't see MY hosue now, b/c I've only been there 4 years ..........but if I had been there forever and my house was ALREADY worth 10x more than I paid for it - what's the difference if I see now and get $450k or sell in 2 years and get $600k?
Now, I can take my $450k and apply it to the next home I'm buing - I'm selling lower, but I'm ALSO buying lower -
If I wait for the market to turn up for my SALE, it's ALSO going to be up for my PURCHASE .....KWIM?
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| Posted 6/9/10 11:03 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How bad is it to attempt to sell a house on LI right now?
Posted by EXIT Realty Achieve
According to all the big gurus in real estate, the market will fall another 5 to 10 percent before it stabilizes. Prices will not come back to 2006 pricing until 2018-2020.
I do not give direct advise. We can be wrong. I only listen to other experts and try to help my sellers make the best possible decision. This market is not easy, and no one has all the answers.
See below a couple of slides from a power point presentation I received this month
Good Luck,
Arthur
Based upon recent sales, prices are going up in my neighborhood. The 5-10% dip you are talking about is not everywhere.
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| Posted 6/9/10 11:31 AM |
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Bridex100
Two Under Two Mommy
Member since 3/08 10420 total posts
Name:
Momx100
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Re: How bad is it to attempt to sell a house on LI right now?
Posted by MarisaK
I look at it this way -
I wouldn't see MY hosue now, b/c I've only been there 4 years ..........but if I had been there forever and my house was ALREADY worth 10x more than I paid for it - what's the difference if I see now and get $450k or sell in 2 years and get $600k?
Now, I can take my $450k and apply it to the next home I'm buing - I'm selling lower, but I'm ALSO buying lower -
If I wait for the market to turn up for my SALE, it's ALSO going to be up for my PURCHASE .....KWIM?
My parents did buy this house a long time ago. The value of the house is multiple times what they paid for it. They only have $100k left on their mortgage.
We think it can swing $100-300k and it would be all equity.
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| Posted 6/9/10 11:31 AM |
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Re: How bad is it to attempt to sell a house on LI right now?
Posted by ave1024
Posted by EXIT Realty Achieve
According to all the big gurus in real estate, the market will fall another 5 to 10 percent before it stabilizes. Prices will not come back to 2006 pricing until 2018-2020.
I do not give direct advise. We can be wrong. I only listen to other experts and try to help my sellers make the best possible decision. This market is not easy, and no one has all the answers.
See below a couple of slides from a power point presentation I received this month
Good Luck,
Arthur
Based upon recent sales, prices are going up in my neighborhood. The 5-10% dip you are talking about is not everywhere.
I agree it is not everywhere, but the uptick in the market is an anomaly due to the increase is sales from the tax credit. We took from peter(the spring buying season) and gave it to Paul(Winter Season). As you read all the posts, the priced right or value homes sold. What is left on the market is older or fixer uppers homes buyers don't want. Many Sellers can not sell because the prices are too low and they owe more than the house is worth.
These homeowners are competing against short sales, REO-Bank Owned, and Homeowners who do not have a mortgage and can sell for less, if they are motivated. From my experience as an Appraiser and Realtor, we are not out of the mess yet. I didn't even add the shadow inventory of foreclosures that hasn't hit the market.
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| Posted 6/9/10 11:33 PM |
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Re: How bad is it to attempt to sell a house on LI right now?
If you don't have the curb appeal it is very hard to sell in today's market.
I do not think you will recoup you costs to get it looking good. But the idea is to get the buyers into the house.
Figure out the cheapest way to increase the curb appeal.
The best bang for the dollar are:
Paint the front of the house, new front door, new screen door. Flowers,
Manicured rich green lawn.
Ask yourself the question, would you buy this house?
If I can help in anyway let me know
Good Luck,
Arthur
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| Posted 6/9/10 11:48 PM |
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