Home Selling in Brooklyn>Question Details

Chuck, Home Seller in Brooklyn, OH

Are we crazy to try to sell in this market?

Asked by Chuck, Brooklyn, OH Mon Jan 19, 2009

Almost two years ago, my wife and I purchased a co-op. Recently, there's been a spike in crime in the area that has made my wife uneasy and she would like to sell and move on. In addition, we're thinking of starting a family and the current place is smaller than we would like. We know prices have dropped considerably and expect that we'll take a loss. But give the current economic challenges are properties even moving? And do we risk losing even more if we wait longer to sell? How much longer until housing prices become stable in Brooklyn?

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Norm, we are seeing a softer side......is it possible you have turned the corner and could now be "Norm, for better or worse"?

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1 vote Thank Flag Link Mon Jan 19, 2009
Chuck you are not crazy. There are deals still being done. The reality is that prices have dropped. The good news is that ALL prices have dropped not just your home. So the home you would like to purchase should be similarly reduced in price. However if your question is should you wait or not -- our market is in my opinion, going to take another year and going into 2010 to become stabilized -- and you speak about an increase in crime . That fact should be explored. Is it true or is it a perception?
Call three local brokers to do a price trend analysis or BMA on your home's value to give you an immediate idea of what your home is worth. I would also explore if any homes in your vacinity are going into foreclosure. How many homes in your neighborhood have "For Sale" signs on them?
A suggestion I can make to you if you do decide to sell -- Few home owners go the extra step of actually paying for a bank appraisal to be done on their property - but I recommend doing so if you are serious about reselling. This is an accurate gauge of the market which would be very valuable as a marketing tool should you place the property on the market because your price would be based on factual information.
Good luck in whatever you decide.
Web Reference: http://www.mpetersesq.com
0 votes Thank Flag Link Mon Jan 19, 2009
Chuck, You are asking the same question many sellers are asking themselves right now. There is never a bad time to sell if you are realistic in your pricing. Your home has to stand out against your competition. There are still buyers looking for good well kept homes that are priced correctly. With that being said, the best way to find out what your Co-op will be worth in the current market is to talk with a local Realtor in your area. Make sure the the Realtor you talk to is qualified and brings real up to date evidence to back up whatever they tell you. There are still too many Realtors out there who will tell you what you want to hear versus what you need to hear.

Email me if you need help identifying a good Realtor. I work with Top Tier Agents all over the country.

I hope this helps.

David Wakeman
RE/MAX Classic
david@wakemanrealtors.com
0 votes Thank Flag Link Mon Jan 19, 2009
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