Trust a real estate broker on proposed price for sale of your home? (1 Viewer)

[Otis]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking. We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

 

[Sammy3469]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

 

[gianmarco]

gl, Otis.

Option 3... hire an architect to build your dream hometm.

We're going this route. Couldn't be happier at this point. But talk to me when we're done.

 

[Otis]

gl, Otis.

Option 3... hire an architect to build your dream hometm.

We're going this route. Couldn't be happier at this point. But talk to me when we're done.

Sounds awesome, but not an easy option in these good NYC suburbs. Not a whole lot of vacant land...

 

[Otis]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

 

[Sammy3469]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

In all seriousness, the "live-in" broker in our 500+ apartment building almost always low balls the offering prices in our building by 3-5% (ie about 50K on a 1-1.2 million dollar 2 BD apartment) to get bidding wars going. Seems to work since the end sales always end up 60-70K above listing. Granted who knows if he'd get the same end price in the end if he listed it where it "should" be, but everything he lists sells quickly, so it hasn't been a bad strategy.

 

[gianmarco]

gl, Otis.

Option 3... hire an architect to build your dream hometm.

We're going this route. Couldn't be happier at this point. But talk to me when we're done.

Sounds awesome, but not an easy option in these good NYC suburbs. Not a whole lot of vacant land...

No vacant land here either (at least where we are looking). We are finding an older home and will be tearing down. The key is being able to find an older home that is priced low enough to make it viable while still being surrounded with nice enough homes that you aren't putting up a house that doesn't belong with what's around. It's a challenge and only a few opportunities come up that fit those criteria and they don't last long (i.e. 1 day) but if you're vigilant, it can work. We have the luxury of not having to move out right away.

 

[avoiding injuries]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

In all seriousness, the "live-in" broker in our 500+ apartment building almost always low balls the offering prices in our building by 3-5% (ie about 50K on a 1-1.2 million dollar 2 BD apartment) to get bidding wars going. Seems to work since the end sales always end up 60-70K above listing. Granted who knows if he'd get the same end price in the end if he listed it where it "should" be, but everything he lists sells quickly, so it hasn't been a bad strategy.

With so many similar comps available, it should be easy to figure out the value. Unless Fredrik Eklund is the realtor.

 

[Sammy3469]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

In all seriousness, the "live-in" broker in our 500+ apartment building almost always low balls the offering prices in our building by 3-5% (ie about 50K on a 1-1.2 million dollar 2 BD apartment) to get bidding wars going. Seems to work since the end sales always end up 60-70K above listing. Granted who knows if he'd get the same end price in the end if he listed it where it "should" be, but everything he lists sells quickly, so it hasn't been a bad strategy.

With so many similar comps available, it should be easy to figure out the value. Unless Fredrik Eklund is the realtor.

It is, but it isn't. Not to derail Otis's thread, but there are literally 8 different 2 BD configurations in the building and that doesn't even get into river view, floor, condition. Yeah they're all "similar", but the differences are what makes a 1.1 million 2 BR shell into a 1.29+ million dollar apartment. A lot of those differences don't show well on a website, so your better off trying to get as many people to see the apartment as possible as opposed to putting out a fair "comp" on it to start that may seem high from website pictures causing people not to come see it. Granted a lot of that doesn't matter in the current NY market, but it does help.

As much as brokers are getting bashed in this thread, the ones that know what they're doing are really good at it (and Fredrik isn't the one you should be making fun of from that show ).

 

[VA703]

its harder to negotiate when its lower than you initially wanted it listed at.. better to have it higher and come down and agreeing on a price versus selling it for what the agent listed it at. chances are the bids will come in lower with the buyer asking for closing cost assistance

 

[avoiding injuries]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

In all seriousness, the "live-in" broker in our 500+ apartment building almost always low balls the offering prices in our building by 3-5% (ie about 50K on a 1-1.2 million dollar 2 BD apartment) to get bidding wars going. Seems to work since the end sales always end up 60-70K above listing. Granted who knows if he'd get the same end price in the end if he listed it where it "should" be, but everything he lists sells quickly, so it hasn't been a bad strategy.

With so many similar comps available, it should be easy to figure out the value. Unless Fredrik Eklund is the realtor.

It is, but it isn't. Not to derail Otis's thread, but there are literally 8 different 2 BD configurations in the building and that doesn't even get into river view, floor, condition. Yeah they're all "similar", but the differences are what makes a 1.1 million 2 BR shell into a 1.29+ million dollar apartment. A lot of those differences don't show well on a website, so your better off trying to get as many people to see the apartment as possible as opposed to putting out a fair "comp" on it to start that may seem high from website pictures causing people not to come see it. Granted a lot of that doesn't matter in the current NY market, but it does help.

As much as brokers are getting bashed in this thread, the ones that know what they're doing are really good at it (and Fredrik isn't the one you should be making fun of from that show ).

Absolutely not making fun of him. If I'm selling, he's the guy.

 

[The Commish]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

In all seriousness, the "live-in" broker in our 500+ apartment building almost always low balls the offering prices in our building by 3-5% (ie about 50K on a 1-1.2 million dollar 2 BD apartment) to get bidding wars going. Seems to work since the end sales always end up 60-70K above listing. Granted who knows if he'd get the same end price in the end if he listed it where it "should" be, but everything he lists sells quickly, so it hasn't been a bad strategy.

With so many similar comps available, it should be easy to figure out the value. Unless Fredrik Eklund is the realtor.

Is this the guy on the listing show? I caught about 20 minutes of this show for the first time ever a couple weeks ago. Is that all shtick or actually real?

 

[Sammy3469]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

In all seriousness, the "live-in" broker in our 500+ apartment building almost always low balls the offering prices in our building by 3-5% (ie about 50K on a 1-1.2 million dollar 2 BD apartment) to get bidding wars going. Seems to work since the end sales always end up 60-70K above listing. Granted who knows if he'd get the same end price in the end if he listed it where it "should" be, but everything he lists sells quickly, so it hasn't been a bad strategy.

With so many similar comps available, it should be easy to figure out the value. Unless Fredrik Eklund is the realtor.

Is this the guy on the listing show? I caught about 20 minutes of this show for the first time ever a couple weeks ago. Is that all shtick or actually real?

Gloriously...both

 

[The Commish]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

In all seriousness, the "live-in" broker in our 500+ apartment building almost always low balls the offering prices in our building by 3-5% (ie about 50K on a 1-1.2 million dollar 2 BD apartment) to get bidding wars going. Seems to work since the end sales always end up 60-70K above listing. Granted who knows if he'd get the same end price in the end if he listed it where it "should" be, but everything he lists sells quickly, so it hasn't been a bad strategy.

With so many similar comps available, it should be easy to figure out the value. Unless Fredrik Eklund is the realtor.

Is this the guy on the listing show? I caught about 20 minutes of this show for the first time ever a couple weeks ago. Is that all shtick or actually real?

Gloriously...both

I have to say, it caught my eye...I recorded it...going to give it a chance

 

[El Floppo]

gl, Otis.

Option 3... hire an architect to build your dream hometm.

We're going this route. Couldn't be happier at this point. But talk to me when we're done.

Sounds awesome, but not an easy option in these good NYC suburbs. Not a whole lot of vacant land...

That's why you hire an architect. We're crafty that way.

 

[Disco Stu]

Skip to the end.

Otis overpays for new place.

Sells old place for pennies on the dollar.

Complains about having to keep working for the man and his comute

I never said there would be a surprise here.

Is the current house you are in really too small or what? You should stay in your current house and enjoy the extra cash.

Current house is too small, not a good layout for us, old and needs lots of work that we'd have to live through, property on a big hill which is awesome for views and light but bad for kids, tons of trees and shade kill off anything we plant, etc.

On the whole, even if we dumped 600k into the house to gut it and add on, it wouldn't be what we want. We've concluded no sense in staying. Was great for the few years we were here, we won't lose money on it, and we don't regret it, but it's time to move on.

New neighborhood we're looking at will be slightly better for us too for a few reasons. Better schools, closer to most of our family, center island and so easier access to most places we often drive, flat properties with sunlight that things can grow on, etc. etc. Also, even though the new town is "nicer" in these respects, we also get more for our money there, in part because we are now on the "Gold Coast" of Long Island, where pretty much everything is overpriced.

We're all in. Spoke to the realtor. Having a POD delivered tomorrow to empty our house of all the crap we don't need right now to move it to storage till we get to the next house and can show a house with zero clutter, etc.

Once you dump all the crap you don't need, you might find your current house is big enough for you. Just one kid, right?

And what's with Green Thumb Otis? #### won't grow because of too much shade? Ok, stop planting. You're not Charles Ingalls out there tending to the fields to put food on the table.

Edit: Didn't pay attention to the dates. Congrats?

 

[krista4]

what happened to the house your wife loved? the one that didn't look like much from the outside but was pimped out inside.

Still available. It's overpriced by a few hundred thousand, but the real problem is the location. It's just off a busy street and you can hear the traffic from the yard and see it through the neighbor's yard. Just not a good buy for the premium price they are asking.We saw another similar house priced a little bit lower on a better block, but with both of these you are getting like the nicest house on an average block and they are completely done and so you pay a premium. These two houses are also built out to cover the whole property, and so the yards are tiny. It just doesn't feel like good value. I feel like we are much better off getting a house that LOOKS like a house you expect at this price point, bigger, more property, which needs a little work.

A middling house on the nicest block. Just seems like a much smarter decision.

Does not compute to the Otis we know

So so true

In all seriousness, the "live-in" broker in our 500+ apartment building almost always low balls the offering prices in our building by 3-5% (ie about 50K on a 1-1.2 million dollar 2 BD apartment) to get bidding wars going. Seems to work since the end sales always end up 60-70K above listing. Granted who knows if he'd get the same end price in the end if he listed it where it "should" be, but everything he lists sells quickly, so it hasn't been a bad strategy.

We recently bought in Seattle and every listing we considered (and we considered and bid on a bunch) was doing this. The house behind ours went on the market yesterday for an artificially low price too; ran into the realtor today and he told me that Seattle homes are going for 8% over asking price on average right now.