Market Conditions in Carmel>Question Details

Lonnie, Home Buyer in Carmel, NY

Sold price

Asked by Lonnie, Carmel, NY Sun Oct 2, 2011

What is the percentage houses are selling under the asking price in Patna and dutchess county ny

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Keep in mind that each property is unique, some may have been renovated, others not, some may be in a better location, others not, some may have been priced on target, some not, etc.; therefore if looking to buy review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there....
1 vote Thank Flag Link Sun Oct 2, 2011
Over the last 6 months in Putnam County the average list price to sale price has been 93.92%. Generally, homes that are in close to move in condition sell for closer to list price then those that need a lot of work. I don't have full statistics for Dutchess County, but it appears to be about the same with a weakness showing in homes that are 5 bedrooms or more.

Keep in mind that because of the rural nature of Putnam & Dutchess County, many properties are very unique and basing an offer on an average like this may be counterproductive. If the home is in a neighborhood of similar homes with recent sales then this may be helpful.

Don Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Prudential Douglas Elliman
Cell: 914-924-8581
Web Reference:
0 votes Thank Flag Link Sat Oct 8, 2011
If you knew this NUMBER, it would be nonsense:
Look at an study of LITING PRICES:

Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.

So the DISCOUNT from the LISTING PRICE would tell you absolutely nothing!

Good luck and may God bless
0 votes Thank Flag Link Sun Oct 2, 2011
Couldn't answer better than Anna! Your Buyers Representative (Agent) should be running this report on any home you are interested in putting in an offer on. I do it for each of my buyers.

If you are not working with an agent...

I'll be happy to assist you.
Web Reference:
0 votes Thank Flag Link Sun Oct 2, 2011
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