Thinking of buying in Jackson Heights - need advice

Asked by Bellamom, Jackson Heights, NY Wed Nov 11, 2009

I'm concerned because I'm noticing that the asking prices seem to be out of whack relative to recent sales. I'm looking at a place on 72nd Street, but I'm worried that the ask price is unrealistic. Any advice as to how to determine a realistic price when the asking prices are way higher than what I'm seeing in recent sales figures?

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Diallo J. Stevens, CRS’s answer
Diallo J. St…, Agent, Jackson Heights, NY
Wed Feb 9, 2011
Okay, I was going to give a really detailed answer, but then realized you asked this question in November. So, I'll give the Reader's Digest version: Forget all the comps/analysis-type stuff, and make the best offer you can live with yourself for having made. Why?

1) You can't really overpay if you're getting a mortgage loan. Your lender will require an appraisal, and if the appraisal comes in low, you can walk or the negotiate the deal down (no penalty to walking if you have a standard mortgage contingency in the contract). This protection is built in to the process.

2) If you offer low and someone comes in higher, you may never get another chance. Sellers may or may not counter a low offer. Many, will just take the best offer that came along in a multiple offer situation.

3) If someone else gets it for more, you can sleep well know that it wasn't for you.

4) Price vs Cost - Sellers are concerned about price, because once they sell, that's it for them. Buyers are concerned about (or need to be) Cost, which includes the cost of financing today versus tomorrow... (sorry, this is the short version, so contact me if you want to get into more detail.)

Of course, you should really be dealing with a good, quality, knowledgeable, capable REALTOR; AND know whether he/she is working for you as a buyer's broker or for the seller as a sub-agent. Either way is fine, but don't be confused about that. It could cost you.

PS: I'd love to know if you bought it or what your status is. I've got great information to share with you if you're still on the market to buy (or sell).

Diallo J. Stevens, REALTOR®, CRS, CDPE, GRI, SRES, RECS, e-PRO
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0 votes
Joseph Hasti…, Agent, Bayside, NY
Wed Jan 27, 2010
Hi Bellamom. Are you doing this by yourself or working with a broker? If you're going this alone, you probably are not aware of how to gauge pricing or see what has sold recently and for how much.

This is just one example of how brokers bring added value when working with one. If you are working with a buyer's broker they can provide you with crucial evidence of sales that will allow you to make an informed decision on an offer.

Perhaps you feel you can get a better price without a broker. Don't fool yourself. Brokers know how to approach offers and always remember, offers are just a part of a business transaction. Offers may be countered and then the games begin.

Here's one bit of info that may help. Go to the mls site: On the left side column, click on the link for "sold properties." input the required information. This should give you a snapshot of your local market and sold prices for similar type property. If you want the best source of information and advise, you should talk to a realtor. Best of luck.
0 votes
Nirmala Cara…, Agent, Bronx, NY
Wed Nov 11, 2009
Dear Bellamom,

In today's market you are going to see just about anything. Sometimes you have to go with you gut, if something looks unrealistic, it probably is. I would recommend that once you view a property determine what you would pay for it and offer that amount. If you are up to doing research on your own, Trulia has a great feature that allows you to see what recent properties in a specific area has sold for. I am not really sure what type of property you are looking for, but there are many foreclosures and short sale available in most areas. If you are willing to look at something to fix up, you might get it at a very discounted price.

I have worked with buyers on many transactions, where we are able to negotiate the price anywhere from 5% to 15% off of a listing price. Althougjhh a price is listed for a specific price, offer what you think it is worth.

Please do not hesitate to contact me, should you have any additional questions. Good luck on your home search.

Nirmala Caraballo
Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
0 votes
Allen Bauman, Agent, New York, NY
Wed Nov 11, 2009
Hi Bellamom

You are quite right. Many homeowners still don't get it and are putting their homes on the market at unrealistic prices. Just look at the overpriced listings out there that languish on the market for 6 months to 2 years. Realistically priced homes in a good neighborhood should sell within 6 months.
It sounds as if you are correctly approaching the market. Checking listing prices, checking comparable sales, and using some good old common sense which seems in short supply these days.
I can offer you a good solution if you are serious about buying a good home. In addition to being a R.E. agent I am also a NYS Certified Residential Appraiser. I have worked the Queens and Nassau markets for over 11 years.
When I work for you I will analyze the market and properties we see with the eye of an appraiser and if you want to make an offer I will negotiate the offer with the skill of a Realtor. Let's work together.
Call me at the number below.

Allen Bauman
Century21 Yve R.E.
Licensed R.E. Agent
NYS Certified Residential Appraiser
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