It is very tempting to look at the averages, but by doing so you will miss a key ingredient in any home sale: the seller's motivation. If all things are equal, the motivated seller will price his/her home aggressively and it will sell in the least amount of time. Sellers who are "testing the market" to see if they can get their price(s) are inevitably seeing their homes sit on the market longer.
This is an important factor for you to consider: appraisers hired by mortgage companies strongly consider the number of days a house has been on the market (dom) and will often apply this number as a discount factor to the overall value of the house.
All of that said, Port Washington as a community has so much going for it and I am working with several active, qualified buyers who see the value in the area. I am happy to report there is a definite up-tick in activity here.
I know the Port Washington inventory inside and out and would be happy to share more information with you in person, by phone or email. You can reach me at Prudential Douglas Elliman Real Estate, 516/944-2879 or email Maggie.Keats@elliman.com
I look forward to answering your questions and helping you in any way I can.
Going to MLS stats for the last 6 months in that price range for Port Washington -It shows 19
sales with an average DOM (days on market) .That is , until it is in contract ,of 100 days . But this can be a bit misleading since the range is 15 days to 335 days .
These days though with the prices slipping everywhere at an average of 10 to 15 % in Long Island (these stats are available in NEWSDAY ) , just remember in your price range that the prices are slipping about 1 % per month , that translates to 7000 to 8000 PER MONTH . So it is to your advantage to put a knock em dead sales price today , because in a month or two it will only be an average price at best , and the buyers who are around know they are in the drivers seat and will drive a hard bargain to get what they want .If you are selling and are looking to buy elsewhere , the best advice , I can give is , sell this property as quickly as possible and then you can wait a while , because prices ARE going down and as a buyer
as I said , YOU will be in the drivers seat . Contact me if you need any further ideas or explanations
If you hire an experienced real estate agent, who has the marketing resources to effectively market and sell your property then you should have potential buyers within 30 days. It is important to make sure that any buyer that wants to make an offer on your home that they are pre-approved (rather than pre-qualified). This way the seller has the peace of mind that the buyer can get a mortgage (if necessary) and that the deal will not fall apart at the end due to lack of funds. Hopefully, if you have a pre approved buyer within 30 days then it becomes a matter of having the attorneys draft the sales contract and the bank approving the mortgage. The time for this process can vary depending on the attorney and the lender. Once the contracts are drafted and the mortgage approved then the closing date is set. Usually, as long as everything runs smoothly as possible, the whole process should not take extremely long.
I am a licensed real estate salesperson with Charles Rutenberg Realty, Inc. The #1 selling company in New York. I work with a great sales team who work diligently for our clients. My team includes a mortgage broker who can work to get a buyer pre-approved for a mortgage. If you need any further assistance please feel contact me (646) 404- 1784 or email@example.com
Right now since the beginning of the 2008 DOM ( days on market) range from 9-200 days according to MLS statistics. I would be glad to share this analysis infomation with you. Thank you for your question.
Sincerely, Edie Katz
As a realtor in Port Washington I wanted to agree and add to the information that Terence gave you.
From January 8, 2008 to today there has been 18 homes that have sold between $700k & $800k. The average price these homes sold for was $743,542. The average days on market were 90 (as low as 15 days, and as high as 305 days). One thing you should keep in mind is that these numbers do not reflect how many days the homes were on the market with previous agents or as for sale by owners. For example, one of these homes was on and off the market since April of 2006 and finally when it was relisted in Sept. 2007 at a price close to market value it sold in 44 days only $19k below asking price. PRICE is the most important marketing tool when selling a home. Has your home been sitting on the market for a long time? Is it currently listed with a broker? I would love to sit down with you and discuss what would be the next best steps in selling you home if you are not working with an agent currently. E-mail me at firstname.lastname@example.org and I will be sure to get back to you promptly.
I hope to talk to you soon! Good luck!