Home Selling in 11767>Question Details

Cathy, Home Buyer in 27523

We have a house listed in Nesconset for $399.900. 3 bedrooms 2 baths. Smithtown school district.Have an

Asked by Cathy, 27523 Wed Feb 6, 2008

offer for $372.000. Not sure if its a good offer. Do you see the market picking up or getting worse?

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It depends on the comparables in the area. Have you had any other offers? I live and work in Nesconset and the market is leveling off but again it depends on recent home sales to no if this offer is good or should be countered.
0 votes Thank Flag Link Fri Oct 1, 2010
Cathy, what's the status on your offer? Did you decide to take it? counter?
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Tue May 20, 2008
For the best advice ask David Nedvin, he lives and works in the area. You can find him at http://www.NesconsetLuxuryHomes.com
0 votes Thank Flag Link Mon May 19, 2008
First of all - do not take advise from any home seller (no offense to anyone at all) - but sellers have a certain view and sometimes their view is not based on current market conditions. Long Island is in a housing market - much like other markets - California, Florida to name few others - Arizona as well - where the homes are clearly depreciating - inventory is very high (a big factor) and these markets and others saw THE GREATEST INCREASE IN APPRECIATION over a 5 year period that the real estate market has ever seen in history dating back to 1895 - when data on the market began being compiled.

The spike on a graph is like a skyscraper - check out the article link to my site - there's a very good display for you to check out -

plus FORECLOSURES haven't really fully come to fruition.

i say - if the offer has GOOD TERMS - i.e. they match your needs like flexibility for closing, if buyers don't need to sell anything (in this market that's worth 10k right there), etc.

it also comes down to you - what's your situation - do really really want to sell? on scale of 1 to 10 where are you - 1 being don't have to sell at all and you don't care or 10 you MUST SELL.

if you're a 6 or higher - you may consider a very generous counter offer.

DO NOT think or put your money on the amrket "picking back up in a year" - the real estate market is a LONG TERM investment - it's not the stock market - homeowners have lost equity and it's not just going to come back overnight and DEFINITELY not going to get back to 2005 prices for quite some time.

And i'm not basing my opinion on my "gut" - it's based on what I read, see and hear from EXPERTS in the economy, both nationally and locally.

$4 gas prices (and rising) isn't helping
high taxes - not helping
media - not helping

if you have someone with GOOD TERMS offering you about $25,000 less than your asking - and you're at a 6 or more on that scale - take it and run!

Also - you should consult a full-time realtor (preferably me) :) to look at home values in your area and discuss other factors.

GOOD LUCK!
0 votes Thank Flag Link Sat May 17, 2008
You're not comfortable with 372, understandably, that's quite a drop---$27,900. And you should consider that there may be more, you are only pitching over a price before you go to closing. Your house still needs to undergo inspection. If someone comes up, you have to pay to have it fixed or make a monetary concession. And, you have to work out some other details like how long you will have to stay put before you need to move out. Don't forget, you have to pay the realty, the agents, the closing fees, and the attorney. But even more than that, you have to decide if you can live with your bottom line price, somethign this low or slightly lower....for the rest of your life.
Can you hold out a year? Long Island real estate has never stayed low bid for long. That's history! I'm not a real estate person.
Do you need to get out now? Then, sure, take what you can get and move on. God, I'd love to see our family move on. But we can wait it out, a bit.
Do you see where at closing, you might need to drop even below the $372,000 should surprises pop up? Be ready for that.
With all that in mind, go ahead and make a counter. A Counter Offer with some of this things in mind. You might end up settling on $372 at closing. But then again, you might do so happily having a few rent-free summer months before you move. Where you are moving, are they a summer tourist place? Do you have a place to go, or will you need to rent at high summer prices before you finally settle?
Lot of variables. Take a few days of deliberations. It is never good to move to fast. Not weeks, though.
Right now, the only affirmed thing you have is your binding contract for is to sell your house at $399, 900. Maybe you should split the difference of $27,000 in their offer, and counter with --consider this a blessing if I get it right, you're making me do math do realize that I'm not numerically gifted---$385,950---$13,950 off.
Good luck!
0 votes Thank Flag Link Sun May 11, 2008
The offer is close enough to your asking that you should take it. The critical number to look at is the inventory divided by the number of units selling per quarter. The Hamptons has the worse ratio in the country (if someone knows of a worse ratio please post it) of roughly 1% per quarter. Take the offer and live to fight another day.
0 votes Thank Flag Link Thu Mar 20, 2008
You can find "experts" siding either side. The area price has gone down from last year and house inventory is up and taking a lot longer to sell.
An offer is only good to you if it serves your purpose and gets you where you want to go when you want to go. Ask yourself, will I be happier not taking the offer?
0 votes Thank Flag Link Mon Mar 3, 2008
Kathy,

There are multiple issue to consider when you get an offer, it is not just about the money. Not to say that the is not important but to best make deal you need to know all the facts, such as the 372k is this cash or mortgage?, are they looking for a sellers consession? are they looking to close quickly or in 8 months?
so to best help I would say ask the Realtor lisitng the house as well bring the Deal to your Attorney and review the deals up and downs to ensure you are getting what you need too. The bottom line is the market is a bit tighter this year then last and if you have a truly good deal then take the money and go for keep it on the market can cost you in the end if there are no other offers down the road. Good Luck!
0 votes Thank Flag Link Tue Feb 19, 2008
Hi Cathy,
I have been an appraiser on Long Island for 17 years and also an investor in several states. I also know more than a few people that had offers 10% less than their list prices and didn't sell only to regret it later when they wound up selling for 15-20% less. Please take my advice. Maybe counter offer a little higher ( not much as your don't want to scare them away) and take the deal and run. You may never see another offer that high. Do no listen to anyone who says the market will recover shortly. Even if we were at the bottom, which looking at the pending foreclosure and inventory statistics seems unlikely, it will be many years before prices increase. Remember, in the last cycle it was 10 years before people who bought at the peak got back to even. There is no way this time will be different unless worse.

Good luck
0 votes Thank Flag Link Mon Feb 18, 2008
That's very difficult to answer without knowing how long the house has been available, and what other (if any) offers have come in. With the forecast demonstrating a continued downturn, the above factors become a bit more urgent.
Web Reference: http://optionsrealty.com
0 votes Thank Flag Link Sun Feb 17, 2008
Cathy, If you really want to get out of here, then take the offer. I feel that prics will drop at least 8% more in LI and as my fellow agent said, there are too many choices for the buyer right now. If you feel that you can hang in there and wait this out, then wait. But if you want to leave, take it. After all, this is only something that you and your family can decide....
0 votes Thank Flag Link Thu Feb 7, 2008
My personal feeling is that we have hit the bottom, but it will take a year or more for everyone to realize it. If I had to sell, I would not refuse any reasonable offer; there are still too many choices for the buyer. Do you have to go? How long have you been in the house; long enough that you are still coming out ahead? Take the $ and run! I am personally being hit in Florida and now have to sell for $50k less than I owe on the house in order to get rid of it (a beautiful home on a lake we built in 2005). I feel your pain.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Feb 6, 2008
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