How long do sellers wait before slashing the home price again? I'm interested in buying a house in Bedford

Asked by Gizmo, Westchester County, NY Mon Mar 3, 2008

that now asks for $2.4. It was originally listed at $2.6 last year but the seller reduced the price to $2.4 and relisted this year. I know it depends on individual sellers but any guidance on how long sellers usually wait before reducing the price again?

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5
Karen Benvin…, Agent, Bedford, TX
Wed Apr 9, 2008
It all depends on the motivation of the seller. Also, besides the price the terms of the sale are equally as important. Also in this financial climate - your Fico/credit situation the amout of your down payment PLUS whether you do not have to sell or have aready have sold your current home are things sellers need to know in order to proceed/accept your offer.
Our area has been weathering the storm quite nicely - but a good real estate agent (like myself) will be able to get you the best price possible and the terms you need! Sometimes as a Buyers Agent we have to prove to them that they have an inflated price. I look forward to hearing from you.
0 votes
Zack, , Westchester County, NY
Mon Mar 31, 2008
It will if you over pay by 5% and have an extra $400 per month payment due to it. In 15-20 years down the road you'll have paid $72,000-$96,000 extra over the life of the loan.

Also, can you post where the data is for westchester real estate appreciating 5% every year? I'd be surprised if this were true historically and utterly shocked if it was even close if you removed the insanity bubble of 2002-2005.

Thanks,
Zack
0 votes
Christopher…, Agent, Tarrytown, NY
Mon Mar 31, 2008
Hi, I currently live in Mount Kisco (New Castle). Every sellers situation and motivation is different. The best advice I can give you is to just make an offer, they will either accept reject, or counter. You never know how negotiable a seller is until they are presented with an offer, if you wait too long somebody else that has been watching the home as well may beat you to the punch. I would also think about how long you plan on staying in the home, if you are in it for the long haul overpaying a little won't hurt because historically Real Estate appreciates 5% every year in Westchester. Obviously that number is off due to the current climate but 15-20 years down the road this probably won't matter.

Good luck to you,

Christopher Pagli
Associate Broker
Legends Realty Group
914.332.6300 x107
0 votes
Gizmo, Home Buyer, Westchester County, NY
Mon Mar 3, 2008
Thank you Ms. Cramer. But I'm wondering how do I analyze whether the house is overpriced - what are some of the factors I should look at. And what are "comps"? And what are "HUDs"? Thank you.
0 votes
Rose Cramer, Agent, Denver, NC
Mon Mar 3, 2008
What I would do instead of waiting on the Seller... Is do your homework.. watch the market.. If the home is overpriced.. then go in and give an offer on what you feel is fair. Do not wait for the Seller.. if the Seller is way over priced.. he may come back with a counter that you can live with...
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