I have a 1 bedroom co-op I want to sell, should I wait until the spring to see if the economy gets better? I am in the 10704 zip code on Bronx

Asked by Donna Bower, Yonkers, NY Sun Nov 22, 2009

River Rd. Is anything selling right now as I see some apts. on the market for almost a year.

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Robert Santa Morena’s answer
Robert Santa…, Agent, Scarsdale, NY
Sun Nov 22, 2009
Hi Donna,
No one really knows when the economy will get better. It's a sure bet that when it does and the housing market turns around, your coop will be come worth more. That's the good news. The bad news is the next home you want to buy will also be more expensive. More than likely interest rates will be higher then, and the tax credit will almost surely expire. This will put buyers in a less desirable position then they are in at present. If you have no plans on buying another home, it might make sense to wait for prices to come up. If you are planning on buying, then you should seriously consider putting your coop on the makret now. It its in good shape and you price it right, it will sell within a reasonable period of time.
If you have any more questions or would like to discuss this more, please give me a call at 914-720-7699.
Bob Santa Morena
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Susan Cleven…, Agent, Tarrytown, NY
Sun Nov 22, 2009
With the extension of the First Time Home Buyer Tax Credit to June 2010, I have found many buyers are looking now. Some missed the November 30th original deadline and don't want that to happen again. The purchase of a 1 bedroom co-op could serve to be a fabulous investment as they are offered $8,000 as first time buyers (call me for details) or for those downsizing, from say a house, they could recieve $6,500. Why wait? If the unit it marketed well and, as mentioned previously, priced well, it is best to be one of the first "on the block."

For a free fax with information about the First Time Home Buyer and Current Home Seller Tax Credits, just call my toll free number at 800-743-A1RE x.0066. Also, you can use the same 800 number and ext. 0026 for a Free Report on how to get the Highest Possible Price for your home.

If you need further assistance, please feel free to call 914-432-5030.
Or visit http://www.RoyalGrandRealty.com
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Bob Weidinger, , Mooresville, NC
Sun Nov 22, 2009

I do not know the area your property is in but... if we all had a crystal ball! It is hard to say. Some economic experts according to the financial reports state "the economy has turned and is moving upward". Others state "we have another dip coming next year". Bottom line is no matter which market you are going to sell in... buyers will only pay market rate. My suggestion is to locate an established realtor in your area and follow their lead.
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Pierre S King…, , Brooklyn, NY
Sun Nov 22, 2009

This property is out of the area I work! However, I hope my advice maybe of some assistance. In today's market, it is all about location, price, affordability and motivation. If all is considered, your product will definitely sell in any market.

I have seen properties sell in the mid of winter, during snow storms. People who leave the comfort of their homes during the winter months, looking at properties are serious buyers. During such times, there are limited products on the market which makes a higher probability of selling yours.

Consider setting your price at market value and see what happens!

Good Luck!.

Pierre King
Web Reference:  http://www.KandHhomes.com
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Rey Hollings…, Agent, White Plains, NY
Sun Nov 22, 2009
The real estate market is declining by about 15% every year. In the Spring 2010 it will be worth 15% less than the same period last year. Time is your enemy. The real question is whether your coop will be so much better then the competition, that it will demand a premium over the rest.

Do you have new kitchens or bathrooms? Are you willing to price at or below the market in your area? If so then wait. If not then get cracking now.

If you need an accurate valuation of your coop....AskRey.

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
Web Reference:  http://AskRey.net
0 votes
Christopher…, Agent, Tarrytown, NY
Sun Nov 22, 2009
Hi Donna, I have sold a number of 1 Bedroom units on Bronx River road and find that they are always sought after. Depending on the price range, the trick is to create the best value in your price range. There are a number of units currently on the market but you want to make sure yours is in top shape, presented well, and priced attractively. A property that follows these guidelines will almost always sell in any market. Now couple that with the current mortgage rates and First time Home Buyer tax extension and it could be a win win for everyone. Also keep in mind your motivation, if you have to sell sooner then later keep in mind coops can take awhile to close due to the board process. It doesn't hurt to put the property on the market Jan 1 to 1) get a jump on the spring market 2) be clear of the holidays.


Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
Legends Realty Group
0 votes
Peter A Harr…, Agent, Bronxville, NY
Sun Nov 22, 2009

This is a really great question! The answer is complex and I can’t go through it all here, so please give me a call at 588-5004 or email me at pharris@houlihanlawrence.com and I will be glad to talk to you in detail. But in a nutshell:

Positives: $8,000 tax credit for first time buyers; must be in contract by April 30, 2010. The one bedroom market is definitely a first time buyer market!

Interest rates still at historic lows.

The “less” positives: It is unlikely that the economy or real estate market will show any significant improvement by next spring. Real estate cycles, both up and down are very slow to change. There will likely be more activity by buyers in the spring and more sales, but there is a LOT of competition.

To give you an idea in the 10704 zip code right there are 43 one bedroom apts on the market, with a median asking price of $130k. Average time on market is a little over 3 months. Since July 1, 27 have closed, at a median sale price of $115k, and median time on market over roughly 7 months. Also depending where you are located the one bedrooms in the 10708 zip can also be competitive with you. Your complex also matters.

So what does this mean to you? Price, presentation and patience! It can be done but all three have to be set for it to happen.

As I stated, a lot to think about, so if you like I will be happy to discuss your situation with you!

Peter, A Harris, ABR,SFR
Licensed associate Real Estate Broker
Houlihan Lawrence
4 Valley Rd
Bronxville NY

0 votes
Patricia Moc…, Agent, Larchmont, NY
Sun Nov 22, 2009
Donna, If your apartment is priced right, it will sell. There will be more inventory coming on in the Spring, so if time is a factor for you, it's best to put your apartment on the market now. They have been recent sales on Bronx River Rd. Please feel free to contact me on my cell phone (914-525-4533 if you would like to discuss further. Thank you. Patricia
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