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 Jill McDowell is Licensed Real Estate Salesperson at Daniel Gale Sothebys International Realty in Smithtown and Former News 12 Reporter/Anchor Jill Conway. Jill is a member of the LI Board of Realtors and the NYS Association of Realtors. Contact Jill with real estate questions at Jillmcdowell@danielgale.com or 516.316.2000. #JUSTaskJILL |
| I recently read a newspaper article that reported how great the home market on Long Island is. Although homes may be selling for slightly higher than last year in some parts of the island, I believe the headline may have been misleading to some homeowners. A home can sell quickly. In fact, I recently helped my buyers make an offer on their dream house just two hours after it was listed. Fortunately, the home was priced right and wasn’t overpriced. I don’t want homeowners to think they can get a buyer to pay any price for their home or list it for an inflated amount. Here’s the reality…the market is controlled by buyers and what they are willing to pay for a property. Sellers may disagree with that price. In fact, many homeowners think their home is worth much more than it really is. If a home is beautifully updated in a sought after area, it may attract more buyers. This means sellers could receive several offers. If there are many showings and a lot of interest but no offers, typically the price is too high and buyers know it. I’m working with a lot of first time homebuyers right now. In my experience, most of them aren’t interested in fixer uppers. No matter how much they love Chip and Joanna, they don’t want to spend the time or money to remodel a home. They want a move in ready home with minimal work needed. Replacing a countertop may be the only work they are interested in doing. If they’re willing to do a big renovation, they typically want a good deal on the house. Sellers want the most money for their home and buyers want a deal. If a home is very distinctive, it may take a while to sell since it’ll only appeal to a buyer who appreciates the style. I always urge my homeowners to be patient and not take anything personally. Everyone has their own taste which is why certain styles don’t appeal to us all. It could also just be that the uniquely styled home needs a price reduction. As agents, we know we have to sell your home twice. Once to a buyer and second to the bank (if the buyer is getting a mortgage). The bank appraisal can kill a deal because the bank can say the house isn’t worth what the buyer has agreed to pay. Appraisers use comparable home sales with the same zip code for similar style homes, same number of bedrooms, etc., to estimate a home’s value. If the market is slow or has limited inventory, there may not be enough information to draw a true comparison. If you need help or want to know what the market value of your home is, feel free to contact me. Happy House Hunting! |
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