Home Selling in 11050>Question Details

Al, Home Seller in 11050

Average sell time for home in Port washington $700,000 tp $800,000 range?

Asked by Al, 11050 Sat Jul 5, 2008

Help the community by answering this question:


Dear Al,
It is very tempting to look at the averages, but by doing so you will miss a key ingredient in any home sale: the seller's motivation. If all things are equal, the motivated seller will price his/her home aggressively and it will sell in the least amount of time. Sellers who are "testing the market" to see if they can get their price(s) are inevitably seeing their homes sit on the market longer.
This is an important factor for you to consider: appraisers hired by mortgage companies strongly consider the number of days a house has been on the market (dom) and will often apply this number as a discount factor to the overall value of the house.
All of that said, Port Washington as a community has so much going for it and I am working with several active, qualified buyers who see the value in the area. I am happy to report there is a definite up-tick in activity here.
I know the Port Washington inventory inside and out and would be happy to share more information with you in person, by phone or email. You can reach me at Prudential Douglas Elliman Real Estate, 516/944-2879 or email Maggie.Keats@elliman.com
I look forward to answering your questions and helping you in any way I can.
1 vote Thank Flag Link Tue Jun 2, 2009
Home Seller ,
Going to MLS stats for the last 6 months in that price range for Port Washington -It shows 19
sales with an average DOM (days on market) .That is , until it is in contract ,of 100 days . But this can be a bit misleading since the range is 15 days to 335 days .
These days though with the prices slipping everywhere at an average of 10 to 15 % in Long Island (these stats are available in NEWSDAY ) , just remember in your price range that the prices are slipping about 1 % per month , that translates to 7000 to 8000 PER MONTH . So it is to your advantage to put a knock em dead sales price today , because in a month or two it will only be an average price at best , and the buyers who are around know they are in the drivers seat and will drive a hard bargain to get what they want .If you are selling and are looking to buy elsewhere , the best advice , I can give is , sell this property as quickly as possible and then you can wait a while , because prices ARE going down and as a buyer
as I said , YOU will be in the drivers seat . Contact me if you need any further ideas or explanations
1 vote Thank Flag Link Sun Jul 6, 2008
Average selling time for a home can vary and depends on certain variables. Such things to keep in mind when selling your home are: pricing your home properly (the most important factor), effective advertising (using online marketing tools can help track the activity on your home), having a proactive and experienced real estate agent who will devote his/her time and energy to selling your home (constant communication with the client and who knows how to effectively market the property), and market activity in the area.

If you hire an experienced real estate agent, who has the marketing resources to effectively market and sell your property then you should have potential buyers within 30 days. It is important to make sure that any buyer that wants to make an offer on your home that they are pre-approved (rather than pre-qualified). This way the seller has the peace of mind that the buyer can get a mortgage (if necessary) and that the deal will not fall apart at the end due to lack of funds. Hopefully, if you have a pre approved buyer within 30 days then it becomes a matter of having the attorneys draft the sales contract and the bank approving the mortgage. The time for this process can vary depending on the attorney and the lender. Once the contracts are drafted and the mortgage approved then the closing date is set. Usually, as long as everything runs smoothly as possible, the whole process should not take extremely long.

I am a licensed real estate salesperson with Charles Rutenberg Realty, Inc. The #1 selling company in New York. I work with a great sales team who work diligently for our clients. My team includes a mortgage broker who can work to get a buyer pre-approved for a mortgage. If you need any further assistance please feel contact me (646) 404- 1784 or jcardenas.homesales@gmail.com
0 votes Thank Flag Link Wed Apr 30, 2014
Average days on the market can vary and should be discussed in detail with an agent that you choose. By pricing your home aggressively and making sure that it is available to show and kept in good shape should shorten your time on the market.
0 votes Thank Flag Link Fri Mar 21, 2014
There's really no such thing as an average time for a specific home to sell. There are many variables to consider, including comparing to comparables. condition, location, owner's motivation, and market conditions. The averages are for the Days On Market (DOM) as a whole.
0 votes Thank Flag Link Tue Mar 18, 2014
Forget about average time range, worry about having your home look appealing, make it very clean and clutter free; the exteriorior curb appeal should look it's best and "wow" visitors; then worry about the price and listing it with a fair number; finally it's all about the marketing--once the price is on target, and the house looks great inside and out you will have interest. If you need assstance feel free to call or e-mail.

0 votes Thank Flag Link Tue Jun 2, 2009
Dear Al, Your question is very important and timely for this type of real estate market today. A time and highest price analysis needs to be discussed. The most important concept for you to understand is that pricing your property properly and marketing it the best possible way will keep the days on market the lowest.
Right now since the beginning of the 2008 DOM ( days on market) range from 9-200 days according to MLS statistics. I would be glad to share this analysis infomation with you. Thank you for your question.
Sincerely, Edie Katz
0 votes Thank Flag Link Wed Nov 5, 2008
There is a relationship between value and price. If a house that was only worth $600,000 was listed in this range, it would take a very long time for the seller to realize he needs to lower the price. On the other hand, a house that was properly priced would sell sooner. In normal circumstances, 90 days would be about the time it takes for a properly priced house to find a buyer. Today, banks have become quite stingy about giving out loans, so while you may find a buyer that is eager and willing to buy, they may not be able to get a loan. Be careful of people stating generalities about price declines. Prices changes are very neighborhood specific. Port Washington has held up and even gone up in value. Unlike most towns on Long Island,, according to Newsday, the average price in Port Washington in 2008 is $796K, up from $749K in 2007. But as always, proper pricing is a better determinate to how long a house stays on the market. You are best to compare how your house stacks up to its "competitors" in the local area. If it is higher, then expect it to sit. On the other hand, don't be a fool and price it too low.
0 votes Thank Flag Link Sat Nov 1, 2008
Hi Al,

As a realtor in Port Washington I wanted to agree and add to the information that Terence gave you.
From January 8, 2008 to today there has been 18 homes that have sold between $700k & $800k. The average price these homes sold for was $743,542. The average days on market were 90 (as low as 15 days, and as high as 305 days). One thing you should keep in mind is that these numbers do not reflect how many days the homes were on the market with previous agents or as for sale by owners. For example, one of these homes was on and off the market since April of 2006 and finally when it was relisted in Sept. 2007 at a price close to market value it sold in 44 days only $19k below asking price. PRICE is the most important marketing tool when selling a home. Has your home been sitting on the market for a long time? Is it currently listed with a broker? I would love to sit down with you and discuss what would be the next best steps in selling you home if you are not working with an agent currently. E-mail me at mbonavitacola@laffey.com and I will be sure to get back to you promptly.

I hope to talk to you soon! Good luck!
0 votes Thank Flag Link Tue Jul 8, 2008
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