Aldo Grillo's New York Real Estate Blog

Doom or Gloom for the Market?

Fed chairmen Bernanky is meeting in front of the House today and we should not see any big movements in the mortgage rates within 30 to 60 days but in the short term we should see them coming down from end of last week’s increase. I hope to see prices stabilize with home sales including condos and coops in our area of Queens but that is still uncertain for the near future. Rego Park prices are now starting to soften but ones they hit a price point a coop will sell fast. The trick is not selling at a lower price then what you could of gotten if you held out longer. In some cases this is not an option for home some sellers. For home buyers this is a plus. That is when a good agent goes to work for their client.

When an agent represents you when you’re buying they should know when presenting to you a coop or home the real price point where the demand meets the intrinsic value.

A good observation of this is when a buyer client of mine looked at a property and liked it but said she will offer $195k for it. The coop was listed for $225k. I said that’s fine but this coop will sell between $210k and $218k soon. With that said the buyer wanted to go back to take a look at the property and also wanted to see others in the area. In addition I needed to gather answers to some question they had about the building and coop. 2 weeks later she wanted to schedule to setup an appointment to view it one more time before placing her offer but just a little too late – the coop is in contact. I will post the sale price soon, - it is to early to provide it but I am sure it sold for around the price I stated.

A good agent knows their market and should not be motivated to make a quick sale but demonstrate their knowledge and the sale will come with a happy home buyer...

Take a look at the MLS of homes in your area at: http://www.newyorkrealestatevalue.com/SearchAreaHomes