Rich & Jane, Home Buyer in Huntington, NY

I am looking at a house in Huntington re-built in 2007- bought for about $760K. How much has the market declined in the last 3 years? What to offer??

Asked by Rich & Jane, Huntington, NY Sat Dec 25, 2010

I don't want to pay more than the market justifies today. Shouls the seller be expecting to gain or lose buying in 2007 and selling now? What is the market today vs 2007 in Huntington--Bay area?

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Thomas McGiveron’s answer
Again - a great reference for COMPARISONS and sales in the area now - http://www.homevaluesny.com

yes the market has gone down since 2007.

Whether the seller should take a lot less just because he purchased in 2007 depends on whether or not they upgraded the home or made additions to the home that would have increased its overall value since then OR if they bought it in 07 and got a STEAL back then.

If no updates or additions and if they paid market value back in 07 - then yes - they should expect to accept about 20 to 40% less than what they paid.
0 votes Thank Flag Link Mon Dec 27, 2010
BEST ANSWER
Huh... Ironically we (our company) researched this exact market price segment a couple months ago for a relocation company. Our analysis (with agreement from a local/national real estate advisor) pointed "generally speaking" to 12-15% reduction since 2007. Another generality for your consideration: very few homes purchased in 2007 are going to be worth more today UNLESS the house was substantially remodeled to "new" condition since its purchase. Don't you just love it when we agents can't be more specific?!! Off the top of my head, I will add that areas such as Bay Hills (in Huntington Bay) have had less price erosion than some other areas of Huntington/Huntington Bay. Good house hunting!
0 votes Thank Flag Link Sat Dec 25, 2010
It is hard to say without some more information, you should look at what has sold in the area in the last 3-6 months that are most similar to the house you are looking to buy. Your real estate agents should have this information readily available, if you do not have an agent then you can ask your mortgage broker as we have many resources to help as well. Best of luck.
Hope Pagano
0 votes Thank Flag Link Sat Dec 25, 2010
Not exactly scientific answer; I would guestimate about 15-20% less on average. Biggest question I have is the condition, location, and uniqueness of this very special home. Good Luck.
0 votes Thank Flag Link Sat Dec 25, 2010
Well on Christmas day - you're looking to buy - you must be very serious.

As am I - thomas.mcgiveron@topproducer.com

To check out prices - the BEST resource is the web reference - comprehensive, current and simple
Web Reference: http://www.homevaluesny.com
0 votes Thank Flag Link Sat Dec 25, 2010
I will give you a complete analysis on the property and the area if you would like. We actually are a real estate office in Huntington that offers cash back on any property bought in Huntington area. That house at that price would actually give you roughly $7k cash back. You can call me directly at 631-431-4284 my name is mustafa sayar.
0 votes Thank Flag Link Sat Dec 25, 2010
What is your agent advising....in order to determine the value of the property in today's market, you need to be aware of comps--recently sold similar properties in the immediate area--after reviewing the data, an informed determination as to a fair price can be made...if you need additional assistance feel free to contact me directly.
0 votes Thank Flag Link Sat Dec 25, 2010
Sounds like you need a CBR. Or certified buyer representative. There is no fee. Call me. I am a licensed associate broker in Huntington and practice buyer brokerage. 6316970533
0 votes Thank Flag Link Sat Dec 25, 2010
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