Market Conditions in 11702>Question Details

Gloria, Home Buyer in Babylon, NY

If a house in North Babylon/Babylon is being offered at $350K, will it sell for more or less when it sells?

Asked by Gloria, Babylon, NY Sun Sep 30, 2007

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10
Is the house priced correctly? The reason for pricing a home at a certain level is to attract the right buyer. If the house is a standout for that price it will attract multiple offers. If it doesn't measure up to the other homes priced at the same amount, it will remain on the market and have to go through numerous price changes until it receives the attention it deserves. It really isn't the homeowner or the Realtor who sets the actual price, but the buying public.

As a buyer, if you like the home, then go for it. When your lender appraises the home, it will not grant the mortgage if you are paying too much. You will also have the tax advantages that come with home ownership.

You cannot sharp-shoot the bottom of the market, With lot's of inventory and low interest rates, it really is a great time to buy a new home.
1 vote Thank Flag Link Tue Apr 29, 2008
It all depends on the particulars of a home (how recently renovated, etc.). I always tour a home first before giving my clients / customers an opinion re: asking price. As stated by some of the other agents, there are numerous variables that affect asking price.
0 votes Thank Flag Link Mon May 5, 2014
The current market is rebounding but still has cautious sellers and buyers as well. But there alot of factors to be considered, such as the condition of the home, amenities and of course... location, location, location !!

Has the homeowner asked for a realistic price based on an appraisal? Have they compared the appraisal with the CMA I provided them with? I expect homes to sell high or low depending on many variables. Sometimes homeowners inadvertantly price their homes too high for the current market conditions. Sometimes buyers make unrealistic offers on a home. If two or more buyers are interested in the same home and engage in a bidding war, then the possibility exists that you may obtain asking price or even better... There are just too many variables to consider to make that decision.. even as just an average. Every home sale is different.

If you have any further questions please feel free to contact me.


William (Bill) Faulk
Century 21 American Homes
Babylon, NY
631-661-7200
Email: wfaulk@c21babylon.com
Website: billfaulkhomes.com
0 votes Thank Flag Link Thu Mar 17, 2011
Quite some time ago, you posted an inquiry on Trulia seeking real estate advice. If you are still considering purchasing or selling real estate or have any additional questions, please feel free to contact me. Please accept my best wishes for a very Happy Thanksgiving.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Thu Nov 25, 2010
Many things factor in to the sale price of a home. Location, condition of the property and timing of the market.
A home will sell for whatever a buyer will pay, which is usually fair market value. Remember buyers will only put offers on homes that they percieve to be a good value. They walk away from homes they feel are overpriced. If you are in the market for a home my best advice to you is do your research by going to open houses and getting an idea of value by what is being offered. Public records also show the closed prices of sales in your area and this will give you an idea of what the market values are. Remember when you buy a home- after you sign a contract the bank you go to for your mortgage loan will send in an appraiser to make sure the home is worth what you are paying for it and that it is a good investment for both you and the bank.
If you are concerned about pricing you may opt to work with an agent in the capacity of a Buyers Agent. This means the Realtor you are working with has a contract with you to represent you during your home purchase. That agent works in your best interest and provides info on current pricing and comparable home sales in the area as well as other information that may effect your purchase. They become your exclusive agent and you work solely thru them.
For more info on buyer agency give us a call or stop in.
Georgia Westcott
Broker/Owner Westcott Group Real Estate Company
17 Deer Park Avenue
Babylon
631-661-8888
westcottgrouprealty.com
0 votes Thank Flag Link Wed Aug 5, 2009
There are a number of deciding factors - location, condition, recent home sales - that will determine your answer. Do you have more specific information?
0 votes Thank Flag Link Thu Jul 23, 2009
I second what Carol wrote - couldnt' have said it better myself actually. Your question requires more information. Actually in reading everyone's post here - everyone hit it on the head. Good job!
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Fri May 9, 2008
The final selling price is determined by a number of factors. The number one factor is competion with other homes in the area. If it is in great condition and priced at, or below what other homes sold for in the area in the past 3 months, there could be multiple offers pushing the price upward. If it has been on the market for more than 6 months, and has already had a few price reductions, chances are the final selling price will go below 350K. I am located in Babylon and can help you determine an appropriate asking or offering price. Call me at 516 476-7671 or email me at info@lihomechoices.com
0 votes Thank Flag Link Thu Apr 24, 2008
If the comps for this house show recent (3 months) sales over $350k, the market will correct itself; you will probably have multiple offers that will push the price up. If the recent comps are for a lot less; nothing to worry about, it probably won't sell.

Buyers determine market value by what they are willing to pay.
0 votes Thank Flag Link Tue Oct 23, 2007
thats a hard one to answer, there are so many things that can afect the contract price. If you are looking to put an offer on the house just go on line and look for a home that is in that area and is as close to the one you want to buy and see what they are selling for! good luck!!
0 votes Thank Flag Link Mon Oct 1, 2007
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