Kimberly Wes…, Home Buyer in Brooklyn, NY

How to value property that has been on the market for over 180 days?

Asked by Kimberly Westcott, Brooklyn, NY Mon Jun 24, 2013

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180 days is not terribly long in this market. However, you need to do you homework. That's the only way you can know if YOU are getting a good deal. Look in the areas you like and compare prices, go to open houses, make appointments to see the places you like. Its comparison based that's the bottomline.
0 votes Thank Flag Link Mon Jun 24, 2013

A property can sit on the market for various reasons, price or location, etc.. Work with an agent so that agent can work on your behalf. They will look at the recent Sold properties and do some research as well.

Best of Luck!

Millie Valentin
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
Web Reference:
0 votes Thank Flag Link Mon Jun 24, 2013
Review comps with your agent, recently sold similar properties in the immediate area; see what the data suggests and go from there.
0 votes Thank Flag Link Mon Jun 24, 2013

Property is valued by the same methods whether on the market or not on the market. Are you looking to purchase and need help deciding what to bid? Ask your Realtor to run RECENT SOLD properties that are comparable to the one you are looking at.

If you are a seller, as your Realtor the same thing.
0 votes Thank Flag Link Mon Jun 24, 2013
Hi Kimberly,

The best way to value any property you wish to purchase is to determine your maximum mortgage and maximum YOU would pay for that property. Put your best foot forward in terms of your Offer: make the offer quickly and with complete details on your Attorney and your potential closing date. Be sure to include your Prequalification letter from your Mortgage Banker.

Complete Offers impress home Sellers by demonstrating how serious a Buyer is. Too many Buyers present weak Offers: way below market price and lacking in complete detail.

Inventories are short and markets are hot. But I've used the above referenced methods to advise clients for many years on presenting Offers in all kinds of markets and those who follow my advice often win the negotiations and beat out other Buyers (some with higher Offers!).

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Mon Jun 24, 2013
Hi Kimberly,

This is a great question, but a hard one to answer. Every sellers situation is different and there could be any number of reasons that the property has stayed on the market for so long. The best way to determine value is to look at the comparables. After that, you should consult with your realtor to determine what other factors might get you a better price on the home you want. The sellers situation can greatly influence the sale and we, as realtor, are pros at assessing the circumstances that can save you thousands. Without knowing the sellers' individual situation, it is impossible to answer this question as it pertains to this particular home. Feel free to contact me if you want to discuss the matter further.

David Rodriguez
0 votes Thank Flag Link Mon Jun 24, 2013
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