Real Estate Report Highlights Struggle Between Homeowners and Agents

The number of Syosset homes sold in 2010 remained the same from 2009, but homes were on the market less days which shows sellers are coming to terms with the market, according to statistics compiled by in Syosset.

The report, published quarterly by Daniel Gale with numbers taken from the Long Island Multiple Listing Service, says that Syosset homes were on the market an average of 79 days in 2010, compared to 96 days in 2009. The average Syosset home sold for $588,585 in 2010, slightly up from $567,918 in 2009.

The numbers for Oyster Bay Cove stood out the most – In 2009, there were only 14 home sales, with the average days on the market at 238 days. In 2010, there were 29 sales, sold on average within 146 days.

“This is due to the sellers becoming aware of what’s going on in the economic market,” said Kathy Pisani, Sales Manager at Daniel Gale. “And it’s due to the agents doing a good job on educating homeowners on prices; we need to position them better.”

Pisani and other agents agreed that in 2009 and even for most of 2010 there was a constant combat between agents and homeowners in explaining the market to them. But now they say these sellers are starting to come to grips with reality, resulting in quicker sales. 

Richard T. Brazzano of  explained why it took longer to sell in 2009. 

“On a house worth about $750k, many owners would ask $900k,"Brazzano said." "Even in the luxury market homes that are market valued around $1.2 Million to $1.4 Million are starting out being listed at $1.5 or $1.6 million. These people are not real sellers, they’re fishing - I want to hit win for life, but did I win it?” 

Mara Navaretta of in Syosset agreed that sellers are becoming more aware of the reality of the market, but said the clash with sellers has not stopped completely. 

“You know, homeowners are still fighting with us on price, but we have to show them comparables and the more this goes on, it shows pricing isn’t there so they’ll adjust accordingly,” Navaretta said.

As for 2011? Realtors say they expect no great increase in pricing. As for sales, there has not much action yet, but realtor's say the weather certainly has been a factor.

“The market picks up in the spring time,” Pisani said. “As soon as the snow passes, there will be more sales for sure. “

And, there is always the possibility that the Federal Reserve could raise interest rates. 

"The only thing I am forecasting is the rates going up - which would push buyers to pull the trigger sooner than later," Brazzano said.