Home Buying in Montgomery>Question Details

nyhb, Home Buyer in New York

Is the town of Montgomery experiencing a "sellers market"....?

Asked by nyhb, New York Wed Oct 24, 2012

Seems like Sellers DO NOT want to sell their homes. After making a couple of offers on two homes both sellers have come back with full asking price or 1k below asking because "their homes were appraised for more" and they are basically giving away their homes. But we've made reasonable offers taking into consideration comparable. But people cannot price their 30yr old homes with new construction, or can they?

A home 3br & 1.5 ba, 20yrs older, 1 full bath less, dry rotted collapsing fence, slightly less finished sqf and on a similar similar lot..... cannot be worth more than the same home that sold around the corner 3 months ago...when that home was 3br 2.5 ba 20 years younger and newly.

Should we wait until spring? or will it get worse with all the other people looking?

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Answers

3
I have experience the same, great topic. It appears there are a few listing agent out there that have forgotten it must apprasied by the buyers bank. If you dont have the comps to justify the price
where are you getting it from? It a buyer's market and there are many fabulous new and not so new
properties available to choose from which require a short communting time for professionals.
0 votes Thank Flag Link Sat Jan 19, 2013
Is The Town of Montgomery experiencing a "Seller's Market"? I do not think so. Currently as per The Hudson Gateway Association of Realtors MLS, in the Town of Montgomery there are 98 residential properties actively for sale. 15 are currently under contract to be sold. 43 have been sold in the past six months. While this is a sign of improvement there still remains more sellers’ then buyers by a good margin.

Should you wait until spring? I would not recommend that. Here is why. It is not driven by fear of competing with more/other buyer’s in the future. I base this on the thought that if you are currently ready, willing and able to purchase now, a continued search will ensure you consider all your options for matches for the home that is right for you.

This can be the frustrating part of home buying. Owner’s opinion of value vs. buyer’s opinion of value. In your example it doesn't seem reasonable for a seller to make such comparisons. Try not to let this discourage you. Your insight seems correct. Stick with it and it will pay off.
0 votes Thank Flag Link Sun Oct 28, 2012
Not all sellers are truly serious about selling their homes. A few are not in a position where they must sell or have an active plan to move and are simply floating the idea. Many others are delusional and not able to confront the reality of the current market. This is more often the case with older homeowners or those that have been in the house for decades. It is hard for them to grasp that their home had appreciated in value for years yet has come down so much. Even worse, some homeowners cannot separate the sentimental value in their homes from the reality of the market. So, to answer your question, I don't think you see a "seller's market" but rather happened upon two situations like I just described. Odds are anyway. If the offer is truly reasonable a seller who is serious will move toward the offer to sell their home. This is even more true when someone is already out and paying for two places. It may be costing them thousands just waiting for another buyer or better offer (which may be only a few thousand more and therefore not worth the overall loss).

Grattan Home Inspections
Montgomery, NY
0 votes Thank Flag Link Thu Oct 25, 2012
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