Home Buying in Manhasset>Question Details

Candi, Home Buyer in Manhasset, NY

I am looking to buy a home in Manhasset and have heard that many homes sell before they even hit the market. How can I find out about these homes?

Asked by Candi, Manhasset, NY Mon Feb 21, 2011

My husband and I have been looking for a single family home in Manhasset for about a year. Price range $800K-$1M. It seems that there are so few homes on the market. I recently heard from a co-worker that there are a lot of homes in Manhasset neighborhoods that sell before they even make it onto the market. How can we find out about these homes? I feel like we are missing out on a lot of properties!

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7
I agree that the place to start is to find a professional in the area, and start to narrow down the type of home you are looking for. I have financed and re-financed quite a number of homes in Manhasset, and am familiar with the market here on the North Shore of Long Island. I looked through the public MLS site, and see that of the 97 homes for sale in Manhasset, there are only 11 of them in your price range, and 7 others below that. This leaves the majority in the $1 million and up range. I am not surprised at this at all. In the past year or 2, when prices have been relatively stable, all appraisals came in around $1.5 million with no trouble at all. They hardly had to go very far to find comps in that range. Some of the sales have surprised me with how high they have gone.
Finding the right house in this market when focusing on an area like Manhasset is that you must be realistic about what is out there. With a relatively limited number of homes in your price range, you have to know what you really want, and what things you consider to be priorities about the house you purchase.
Aside from that, if you would like any advice about home financing please feel free to contact me at any time. i will help you every step of the way, from now until closing.
1 vote Thank Flag Link Mon Feb 21, 2011
A small percentage of homes in Manhasset are sold "For sale by owner" - less than 1% of the market. Why would you limit yourself to looking at maybe one home every 2 years in the $88- $1million dollar price range?

In 2010, 78 homes sold in your price range. YTD in 2011, only 3 homes have sold. Our inventory is its lowest point and our Spring market has not yet begun.

Don't get discouraged, work with a good agent who knows the facts and can guide you to find the right home for you.
Annie
0 votes Thank Flag Link Mon Feb 21, 2011
if you are talking about Manhasset/Port washington Borad listing. Yes, We have the First Hand Information to know what's new in the market; becasue every single lisitng has to post in listnet before putting in the MLS...You had better work with an agent who knows your need and watches the market very closely for you, you may be the next lucky one to get what you want..
BTW, In your end, You have to prepare your pre-approved letter;then you put yourself in the fully ready position to get the best deal. Good Luck.
I hope those nforamtion helps you.
0 votes Thank Flag Link Mon Feb 21, 2011
Before they hit the market? Wish I was working in a market like that. Not the case here in Tucson, AZ. As the other agents said, work with a local agent or Realtor. Get pre-approved, have them look for what you want, including your "must have list" and be ready to start looking soon as they come onto the market.

I suspect that there is enough inventory there to find you a house you love at a price you like. Best of luck.
Spirit
0 votes Thank Flag Link Mon Feb 21, 2011
Hi Candi
I don't know what context your co-workers statement was made but I agree with the previous answers. It's just not the case. Many of the most stable neighborhoods such as Manhasset have a much lower inventory of homes in this market. Part of this is a function of the economic demographic: i.e. Do I want to move, yes; do I have to move, not really so I'll wait; do I need to move, perhaps. This is a smaller percentage of the homes that could be for sale under different circumstances.
Another possibility is that the better(updated) homes will be put on the market by homeowners without a broker. Quality homes that are "priced right" will sell fairly quickly since there is a pent up demand for these move in ready homes. You may not hear of them in time, they do go quickly even in this market. Your co-worker may be reacting to a condition of the market rather than this reality.
If you are truly interested in purchasing a home now you need to be ahead of the curve. You must check the MLS daily at http://www.mlsli.com. You must check all the sites that list properties on the internet. Most have auto notification based on your criteria. Check the for sale by owner sites such as http://www.fsbo.com and others. Call the brokers that specialize in foreclosures(yes there are million dollar foreclosures and shortsales). Be proactive and post your own ad on sites such as Craigs's list: Looking for home in Manhasset, etc. If all else fails you can call me and I will monitor the market for you. Whatever you choose to do it is safe to assume that there is no shadow market that your co-worker is talking about. There are just some very ambitious buyers out there looking to be the first to get the worm. You can be that early bird too.
Allen Bauman
Century21 Yve Realty
Licensed R.E. Agent
NYS Certified Residential Appraiser
516-791-3846
allen.bauman@gmail.com
0 votes Thank Flag Link Mon Feb 21, 2011
Where did your friend hear such news I wonder, don't believe that's the case at all--are you working with an agent of your own, if not consider idea--he/she can keep you updated the minute a new listing emerges into the market, any price changes, solds, etc.; if you need additional information feel free to contact me directly.
0 votes Thank Flag Link Mon Feb 21, 2011
I'm not certain where your co-worker friend got their information. We are not permitted to even show homes that are not listed on the market so I can tell you first hand, having worked this territory for 25+ years, this simply is just not the case. Do homes sell quickly....the first week they are on the market?? Yes! If they are priced correctly and aggressively for this market, they will sell quickly.
0 votes Thank Flag Link Mon Feb 21, 2011
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