Author: Gary

Range Pricing

Pricing By Range Newsday – July 20th, 2007 I’ve seen this range pricing on several homes that have popped up on MLS and I was wondering what the hell was going on. Now I see, it’s some new thing.  Rather than listing the home at a fixed price of $329,000, what if Katen listed her home in a price range, from $299,000 to $329,000? That way, Katen wouldn’t miss out on buyers searching for properties under $300,000, but who might be willing to creep up a little bit if they fell in love with the right house. “It got the house a lot more exposure,” Buckridge says. But, what’s the point really? Are you trying to get into people’s searches by putting the low part of the spread into their max price? What is that going to do for anyone? I don’t know what other people do, but ,when I search, my max price is still way more than I want to pay. As you can see from my MLS reports, I search with a max of $600K. My actual max is really around $400K. There’s no way I can swing a $600K, but setting my max there opens up the search a bit. I can see houses that may be way overpriced and I can watch them if they come back to earth. Plus it gives me a...

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Slump will continue

From the Long Island Business News Pearl Kamer of the LIA said Long Island’s housing fortunes would continue to sag into 2009, as part of a drawn-out market correction. “We still have to liquidate a excess inventory of homes,” Kamer said. “And as of Sept. 1, lending practices will tighten, so fewer buyers will qualify for mortgages.” Through May, there were 18,749 homes for sale in Suffolk, up 26 percent from a year ago. In Nassau, 12,711 homes were up for sale, a 21-percent increase from the same period in 2006....

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MLS Report – July 14th 2007

Well, more than two weeks since the last MLS report. Not much happening on that front really. Homes in Babylon Total: 115 Babylon School District: 64 BSD and Under 600K: 41 Condos/Coops:6 New Homes ML# 1977313 – $399K – 4 Beds – Two Bath – Ranch I’m probably not too interested in this one. It’s south of Montauk and a bit too far from the train. We ran by the place this week and had a peek. It looks abandoned. The grass hasn’t been cut in weeks, maybe months. ML# 1977952 – $438K – 4 Beds – Two Bath – Colonial Some potential here. Walkable to the train and decent looking. No internal pictures though. ML# 1978791 – 12 Sheridan Rd – $539K – 3 Beds – One Bath – Ranch This place has almost everything wrong with it, except that it’s right on the bay. A bay front house at this price tempts even me. It’s worth a look at...

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The Next Leg Down

Some wisdom from a commenter at New Jersey Real Estate Report Here’s the bullet version of my “next leg down” scenario: 1. This Fall, all the sellers who have pulled the “For Sale” sign out of the ground- hoping for a Spring rebound- won’t. Time’s up. 2. Why is time up? Take your pick: life circumstance, impending foreclosure, the realization things aren’t getting better anytime soon. 3. As REO/foreclosed homes increasingly work their way into the marketplace, those homes become the new comps. Unavoidable. 4. When you look at RE busts in past years, the first phase is marked by a standoff between buyers and sellers: prices decline only slightly, as sales volume dries up and inventory rises. When it becomes apparent to all involved that these trends are in place, the second phase occurs: a rush to the exits by sellers. This is when the bulk of the downward move in prices occurs. I believe we’ve reached that point. Buyer sentiment is entrenched, and the subprime meltdown (and incipient credit crunch) should be the catalyst that triggers seller panic. Seems about right to...

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