connie, Home Seller in Staten Island, NY

I want to sell but concerned there are few real buyers at this time of year. Should I wait till March for a larger field of buyers before listing?

Asked by connie, Staten Island, NY Fri Nov 15, 2013

My home is older, nice, but not ultra modern & I have carpet & wall paper. I know buyers are very picky about these issues & don't want to have my listing sitting for months before the right buyer comes along. I see homes that are very competitively priced still sitting on the market for months now even with price reductions they are not selling, so I can only surmise the market is not that strong right now or those looking are just the sharks.

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Depends on why you want to sell, all boats rise and fall with the tide, if demand picks up so does the interest rate and home prices and the outside forces impact affordability. For example, if you are going to purchase another home after selling this one and you intend to finance part of the transaction, the interest rate has a direct impact on the hard dollar cost of your next home. If that is the plan then doing it ASAP is very important. A one point jump in interest rate would be roughly a 25% increase in the amount of interest you pay. If rates snap back to normal then it will cost 100% more. Do the math, it isn’t a tiny sum.

So, here is the dilemma, if demand goes up so does the cost of money which makes it harder for a buyer to qualify for a loan. So even though the buyer pool increases that doesn’t necessarily mean the number of buyers qualified to purchase your home increases.

All of the info in my response is speculation, none of it is as important as your goal, what you are trying to accomplish determines which path is best. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Fri Nov 15, 2013
When trying to determine a price it's in your best interest to review comps, recently sold similar properties in the immediate area, not the properties that have been sitting on the market; therefore sell when you are ready to sell, buyers exist year round...
1 vote Thank Flag Link Fri Nov 15, 2013
Buyers looking at this time are very REAL! With shortage of inventory in my area it is ok to list now & good luck! Allan
0 votes Thank Flag Link Wed Jan 22, 2014
Sometimes it doesn't matter as far as when you list it but with who and how much exposure they will give your home and the quality of work that they will do. Please feel free to contact me for more concerns or clarification.
Web Reference: http://Homesiterealty.net
0 votes Thank Flag Link Wed Jan 22, 2014
Connie, where do you get the impression that there are no real buyers out there? There are more buyers than properties available. Contact me at 718 689-3850 and I will be happy to help you with the sale of your home.

Gary R. DeFilippo, JD, CFPS
Nuehaus Realrty
0 votes Thank Flag Link Fri Nov 15, 2013
Hello Connie, there are fewer competitors this time of year, and those buyers who are actively searching tend to be highly motivated. I am ready, willing, and able to assist you immediately.
0 votes Thank Flag Link Fri Nov 15, 2013
No one has a crystal ball as to how many serious buyers there are or how fast you will sell your home. However, one thing is definite, people's lives and needs constantly change. There will ALWAYS be people who need a home. I've sold homes during snow storms and holidays....there's no time like the present!!
0 votes Thank Flag Link Fri Nov 15, 2013
Connie,

Your pricing should not be based on homes sitting on the market. Pricing is based on SOLD homes in the same zip code, same school district and preferably in the same neighborhood.

I love marketing homes in the winter; only serious buyers are out. Homes that are priced right will sell. Showings must be easily accomplished; if it is difficult to show, the Realtors will not fight to get in, nor will the buyers.

I suggest you do a couple of inexpensive updates. Removing wallpaper and painting a wall is not a huge item, but can make a huge difference. If you have hardwood floors, pull the carpet up and have the floors sanded and polyurethaned if needed. This will also make a huge difference.

Remove excess furniture, pack up too many odds and ends and store them in your basement or start giving away, throwing away of selling items you really don't want to move around or store.

Take down any religious items and remove family photos....minimize and simplify. You will be fine!
0 votes Thank Flag Link Fri Nov 15, 2013
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