Talking Syosset Real Estate

Here’s an eye opener–not every house on the market is going to sell.

Think about it: There is far more of a supply of Syosset homes on the market than there are qualified buyers for these homes. That translates into the fact that some sellers will be successful while other sellers will not be. Some homeowners will accomplish their goals of upsizing, downsizing, right-sizing or relocating, while others will put their life plans on hold indefinitely. The days of embracing hope as a sales strategy have been left among the scattered debris of our current economic recession. 

* 1-4 months of inventory defines a sellers market and the market can expect appreciation.

* 5-6 months of inventory defines a balanced market where prices will parallel inflation.

* 7+ months of inventory defines a buyers market with expected depreciation.

Currently we are well entrenched in a buyers market.

Most homes that sell have to be sold three times: 1) to the broker community; 2) to the buyer; and 3) to the bank (mortgage lender). 

So, what happens if you price your home at more than the market can support? No big deal, the unsuspecting seller thinks.  After all, if you don’t ask for it, you can’t get it. 

Wrong!

Agents won’t show your home if they feel it’s priced too high.

Agents who do show your home won’t be passionate about selling it if they perceive the seller to be unmotivated as a reflection of the pricing.

Buyers, who are more informed than ever, won’t bother to ever see the house. They will take the opportunity to “deselect” the home from the myriad of choices. They will perceive the owner as unrealistic and not truly a “seller.”  Bottom line: You will be on the market but not in the market.

If by chance you find a buyer, the bank’s appraisal would fall short of the higher price, prompting a renegotiation to a lower purchase price or potentially the loss of an otherwise qualified buyer.

The benefits of proper pricing are many:

* Increased agents response.

* Greater activity

* Exposure to more prospective buyers.

* Less inconvenience and work for the seller.

* Higher offers.

* Quick sale.

* Higher net proceeds.

Pricing is, and always has been, the No. 1 most important factor in the sale of a home. Pricing takes into consideration all of the other variables: location, condition and market conditions. Establishing the proper asking price is the single biggest factor that will determine the success or failure of your home sale. In a declining market the importance of proper pricing is magnified exponentially.

The consequences of making the wrong pricing decision are indeed painful. Your home will remain unsold and will become invisible to the marketplace. Potentially, your home can develop a reputation of being a “problem” property. Every month your costs to carry the home increase: mortgage, fuel, utilities, maintenance and required repairs. And perhaps one of the greatest, albeit non-financial consequences is that your plans for life become immobilized.

As a seller you have ask yourself: Do I want to sell, or do I want to stay? If you want to sell, price it right and get it sold!

For a market report on Syosset click here. 

Next: What can I do to get my house ready to go on the market?

Featured Property

5 Belmont Circle, Syosset Grove

This spacious 4,200-square-foot Colonial has enough room for a family, and then some. 

Renovated in 2004, this well-maintained five-bedroom, 4.5-baths home features a kitchen designed for family gatherings, and a master suite with sitting room and private bath. Extra space is perfect for an extended family.

Patricia Bretone is a licensed associate broker at Daniel Gale Sotheby’s International Realty and is a member of its Gold Circle of Excellence.  She can be reached at 631-427-6650 x 264 or at patriciabretone@danielgale.com. For more information visit www.danielgale.com.