What percentage of the asking price are sellers generally getting for their property in this market in NY?

Asked by Chris, Putnam County, NY Sat Sep 6, 2008

We are looking to buy a house in Putnam County and it seems the prices have gone down recently. I heard that sellers are receiving about 92% of what they are asking. Does anyone have information on that?

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David Hovsep…, Agent, Somers, NY
Mon Sep 8, 2008
Chris,

As all of the agents have said, if a house is priced correctly based on current sales and not sales from 6-12 months ago, it will sell at or close to asking price. If a house is overpriced, however, you can expect it to sell at a 5-10% discount (if it all since most overpriced houses must likely won't even get showings or will get showings from buyers expecting a better house so it won't generate any offers).

So as a buyer, you want your real estate agent to compare the house you're looking to purchase with comparable recent sales to give you an idea of the market. And in a declining market, you should be able to get a comparable house for slightly less than the last sale (all things being equal).

If I can be of any help, contact me at 845.628.3401 ext 303.

Dave Hovsepian
Houlihan Lawrence Mahopac
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Sep 7, 2008
If the house is priced aggressively, they are getting above asking price. If the house is priced at fair market value, they can expect to get full asking price.

Those homeowners who are unrealistic and still asking over fair market, and have a Realtor who is equally unrealistic and putting these homes on the market...are not selling at all.
Web Reference:  http://GailGladstone.com
0 votes
Bill Eckler, Agent, Venice, FL
Sun Sep 7, 2008
Chris,

This information is important as an awareness but we recommend not developing a purchasing plan around it.

In a market where the sellers are getting 94-96% of the asking price we have seen 75-80%. The bottom line is trying to identify the truly motivated seller that is not going to lose his shirt if he accepts less. They are out there......it's a matter of finding them.

Good luck,
The "Eckler Team"
0 votes
Michael Trin…, Agent, Mahopac, NY
Sun Sep 7, 2008
Chris that is a tricky question. A lot of sellers overprice their home by a lot while some price it just right. I just sold a house for 99.1% of asking price because I priced it right so it really depends on what price each house started at.

Each home will be different as each seller will be, but 92% of $500,000 is $460,000 and again it all depends on if the house should be listed at $500,000 in the 1st place. I don't see $460,000 being outrageous but again it all depends on the house/situation.

I see houses going for under 90% and some up to 99%. I just ran some quick sold stats for Putnam and prices $300,000-$1,000,000 from the last 6 months, the avg. % of asking came out to about 96%.
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