Home Buying in Melville>Question Details

M, Both Buyer and Seller in Old Bethpage, NY

Sellers on LI list their homes very high despite the market and the economy.Why are sellers on LI unrealistic about the selling price of their homes?

Asked by M, Old Bethpage, NY Wed Apr 27, 2011

We have been looking at homes for several months now on the Nassau/Suffolk border. We are both
professionals, have great credit, earn approx. $140K. Houses in the high $300s, low $400s, have small
rooms, are old and need major work. Taxes are anywhere from $10-$16k and they have been grieved!
Anything decent is in the $500s and up and the taxes again are so high that they kill any chance to
make the mortgage. The overall real estate market throughout the country has beautiful homes in the
$300s. We don't want to move, we have family here. We notice that most houses end up coming down
$20K or $30K at a time, but by then they are on the LI market for more than a year. We just want to buy
a nice home that we can grown our impending family in. What's up with the LI sellers?
market is reasonable

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Answers

6
Check out this home...it may be suit your needs. I know this home and feel it is a great home, great neighborhood, and is reasonably priced, in the location you are looking for:

http://www.trulia.com/property/3076317655-1-Mathews-St-Melvi…
1 vote Thank Flag Link Mon Mar 26, 2012
it the way it has always been since I have started in 2002 owners have a bottom line set and so are willing to wait most are in no rush to sell, most are not totally honest with their realtors either. So welcome to our world, Normally a property priced at $799K the owner traditionally will accept nothing less thank $750K, Want more we can talk about it if you would like to contact me.
Best of luck to you. FYI you should have a buyer agency agreement when you choose a Realtor
0 votes Thank Flag Link Sat Apr 12, 2014
Many Sellers are not on top of what the market price is for their property and because of the emotional attachment, they arbitrarily attach a number to the emotion. completely understandable, but Sellers must be realistic and price the home at the price the market is dictating.

Long Island has the most most Beautiful areas to raise a family and my advise to you is 3 words ..persistence, persistence, persistence!!!

Connect with an agent that is Market Savvy and will provide you with the tools and knowledge you need to meet your objectives in a timely fashion.

Melville is a strong market and has not been effected by the recession as much as other areas, hence the homes are retaining their value.

Tag the homes that match your criteria that have been on the market for 90 days or more as they are likely to be competitive with pricing. The right agent can set you up to receive this information on a daily basis so you are top or your game and see the price reductions as they occur so you can be the first one to call and make an offer.

Your patience and persistence will land you in the home of your dreams!

Good Luck & Don't Give Up!!!

Jennifer
0 votes Thank Flag Link Mon Aug 15, 2011
Foreclosures may be the way to go. Below are the listings for home path (fannie Mae Foreclosures) in Nassau/Suffolk. I also know a great buyers agent in Commack, NY. I have many other great foreclosure websites email me if you would like the full list.

http://www.homepath.com/search.html?openHouse=&st=NY&…

http://www.homepath.com/search.html?openHouse=&st=NY&…

Guajana Skyers
Community Banker
Home Savings Bank of America
347-415-6083
email: gskyers@myhsoa.com
0 votes Thank Flag Link Thu Apr 28, 2011
If you're working with a good buyer's agent, that agent should be able to steer you in the right direction. There are buys out there - you just have to find the right house and a motivated seller. From what I'm seeing, prices are still going down. Many homeowners have unrealistic expectations and there are agents that take overpriced listings. Long Island's market is on average higher than most areas in the country. But, in other areas, salaries are also lower. Be patient. Good luck!

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
http://www.c21princetonproperties.com/ralphwindschuh
0 votes Thank Flag Link Thu Apr 28, 2011
There are plenty of good buys out there waiting to be had and not all properties/sellers have unrealistic pricing, not all have such high taxes, not all need extensive repairs, etc.; keep in mind that when looking at Long Island, we're an island, and not much more buildable space is left; it is a desireable area for many people, and for many reasons; whereas in other areas the opposite may be true. Try expanding your search area, also check out http://www.mlsli.com Finally, as a buyer be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Wed Apr 27, 2011
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