In todays climate should I lower my price in increments or go LOW to make a quicker sale?

Asked by Jc, 10011 Fri Feb 13, 2009

Its a new loft condo priced 1106 per sqft. Recent closings occured for presales in Chelsea at >1200, but are prices really falling off a cliff? Lowering it to 1050 per sqft for a new apt seems like I should get some reasonable offers instead of bottom feeders. My broker thinks a trade may be in the 960-1000persqft. Miller Samuel Jan 2009 data is not out yet. Is this the new reality? This is why I wanted to do the mls listing myself to make the new price closer to a trade at the 1000persqft range (and try to avoid losing 50-100k). Given the market reality will prices continue to slide? and I should get out now at a 50-100k loss? or hang on and see the the market recovers in 2,3,5 years? My preference is to get out and try to only lose 25-30k.

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Ralph Windsc…, Agent, Hauppauge, NY
Sun Feb 15, 2009
Is renting a consideration? Although the "experts" predict continued slide in prices, if the government buys up a lot of the bad mortgages and cause the amount of the short sales and foreclosures to shrink, the market may go back up. If you rent, at least you have someone else paying off your mortgage and you can wait it out when and if the market goes back up. Good luck!
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Everett Perry, Agent, Fresh Meadows, NY
Sat Feb 14, 2009
Is it at all possible that you can keep the apartment for a few years rent it out? Manhattan will come back.
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Real Estate…, Agent, STATEN ISLAND, NY
Fri Feb 13, 2009
Hi JC,
I agree with Lorie. I just wanted to add that because we are in a declining market we should price ahead of the market. In other words we should price it lower then the current market price is. This way buyers are going to feel that they have to act now.
If you can hang in there for a long while them you should stay. No one should lose money. But if you really must go then you should price ahead of the market sell and get out quick.

Contact me (917) 579-4455
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Lorie Gould, Agent, Duluth, GA
Fri Feb 13, 2009
National Association of Realtors predicts that we will not see 2005/ 2006 prices until 2016 to 2017 so that is much longer than 2, 3, or 5 years; however, some markets will bounce back faster than others as real estate varies city to city and neighborhood to neighborhood.

If you are in a market of decline and competing with a lot of competition you need to be priced so aggressive that buyers feel the need to react before another buyer bites.

Your agent is so much more or should be then just a source to list in the MLS. They are goign to earn their commission by representing your interest and getting you to the closing table which often takes many hurdles to get through first. If you are at a loss then ask your agent if they can work with you on the commissions. Commissions are negotiable.
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