Home Selling in Front Park>Question Details

Al + Vivian…, Both Buyer and Seller in Buffalo, NY

Why are the houses in the Gardenwalk area of Buffalo (Front Park and Allentown) going for 250k to 650k?

Asked by Al + Vivian Robinson, Buffalo, NY Sun Oct 19, 2008

I listed my house and was shocked as to how much it has gone up in the last decade. Of course I want a quick sale but my agent seems to think that the old victorians 5 bedrooms 3 baths are selling for and command a premium of 350k-400k in my area (Front Park and Allentown). It's only been about a week. I realize that it's a hotspot with Kleinhans and D'Youville College. I guess I am nervous that the house will sit.

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Based on sales data from the past 12 months, two single family houses in that area have sold for more than $300k, and several have sold in the mid-$200's. There are currently several houses listed in the $300's but they are generally premium in size (3,000+ sq. ft.) and offer features such as original woodwork in pristine condition, modern kitchens and baths, and a carriage house like yours. When setting a price every house needs to be judged on its own unique advantages as well as disadvantages relative to other similar homes in your area.

Your agent should be communicating with you on a weekly basis regarding activity on your house (calls/emails, showings and feedback from those showings), new listings in your area (competition) and similar houses which have sold (comparables). Holding a price too high for too long will hurt the sale in the long run, especially if buyers are not inquiring about your house at all. You'll know when the list price is right when the buyers come around.
1 vote Thank Flag Link Tue Oct 21, 2008
Any good answers on this?
0 votes Thank Flag Link Wed Apr 15, 2009
She seems to think it's "right on". Perhaps she's right. I very well could possibly be under estimating the fact that I have a carriage house also that goes with the sale of the main house. Both of which are restored 1870's Victorians. I guess I am a Doubting Thomas. Is Gardenwalk Buffalo and this area on the upsurge?
0 votes Thank Flag Link Sun Oct 19, 2008
Al,

This is a question you should direct to your real estate professional. Ask for the comps for secently sold property that are similar to your home.

This should clarify the price range your home should be in.

At the end of the first month the property has been listed it will be important to take a close look at the number of times it has been shown and the feedback that has been provided by each potential buyer.

If you are getting few or no showings, this is an indication that your price may need to be lowered.

Repeat this at the end of each month or two. We know it normally takes 10-12 showings before a property sells. By using the number of showings of showings over a period of time you should be able to identify a point at which the home will sell....and at a fair price.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Sun Oct 19, 2008
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