Home Buying in Staten Island>Question Details

Mike, Home Buyer in Staten Island, NY

Does it appear there is increased competition between buyers for homes that have had large price reductions since they were first listed?

Asked by Mike, Staten Island, NY Tue Sep 24, 2013

Can't find those properties that had price reductions the last few months. Are they off listing or are they being swallowed up by active buyers?

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Answers

5
Anytime a home have a price reduction interest will increase.

People like to think they are getting a deal. REDUCED price is a draw.

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Sep 28, 2013
what exactly you are looking for?
0 votes Thank Flag Link Wed Sep 25, 2013
Chances are they may have sold. If I knew the specifics I could check to get you the status of those properties
Realistic pricing can stimulate interest in a low inventory market where demand is heating up. Give me a call at 718 316 0011. I would be happy to check for you
0 votes Thank Flag Link Wed Sep 25, 2013
Depends on the specific real estate.
If the price reduction falls into the value zone, yes there will be competition.
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One Gulf of Mexico, big water view home, started at 1.4 millioin and large price decrease to 800 thousand....still no takers.
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Be aware, a buyer interprets a price reduction as a demonstrated willingness of the seller to negoiate, an indication of motivation. I can tell the number of buyers who place a specific property on their watch list. Knowledgeable professionals will use a price reduction as a strategy to flush the waiting buyers from the shadows and create a critical mass of fresh buyers. Such a trigger event tyically results in the waiters contining their wait for another piece of real estate. (To indecisivie to act)
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In increasing numbers, real estate is sold that NEVER reaches the radar of lurking buyers.
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If you study the result of the HUD home pricing strategy, you will find difinative answer to your question in that market segment.

A report from the WAVGROUP regarding data accuracy on aggregate websites
http://waves.wavgroup.com/2012/10/03/real-estate-website-accuracy/

Annette Lawrence
Remax Realtec Group
4175 Woodlands Pkwy
Palm Harbor, FL 34685

RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Sep 25, 2013
Mike:

Since there is a shortage of houses for sale any home that is priced right and in good condition is selling quickly. As for large price reductions, those homes have become more attractive to buyers because of the shortage. Bidding wars over priced right homes has become common place.

If you are looking for a new home and you see one that fits what you want, you would be wise to jump on it quickly. Call me if you need help finding a home. Buyers never pay a commission.

Gary R. DeFilippo, CMFS, ASD
NYS Lic. Real Estate Sales Associate
Neuhaus Realty
718 689-3850
0 votes Thank Flag Link Wed Sep 25, 2013
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