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BP housing market...asking price vs. selling price
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amother




Coffee


Post  Mon, Feb 12 2018, 5:14 pm
We are looking for a house in BP.

Our first house we saw located in the 20’s and 60’s was asking 1.2 million. MIC. Just heard it’s in contract for $940,000!

I’ve seen many houses since. I am taking the prices quoted seriously and make a decision. Am I doing this all wrong? See a house, like it, offer what you think it’s worth.

For example, I saw a house of interest that was way overpriced, IMHO. When I asked the broker if the price is negotiable, he cringed. Am I supposed to make an offer to such an individual?

All advice to navigate the housing market would be appreciated.
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chocolatecake









  


Post  Mon, Feb 12 2018, 5:20 pm
amother wrote:
We are looking for a house in BP.

Our first house we saw located in the 20’s and 60’s was asking 1.2 million. MIC. Just heard it’s in contract for $940,000!

I’ve seen many houses since. I am taking the prices quoted seriously and make a decision. Am I doing this all wrong? See a house, like it, offer what you think it’s worth.

For example, I saw a house of interest that was way overpriced, IMHO. When I asked the broker if the price is negotiable, he cringed. Am I supposed to make an offer to such an individual?

All advice to navigate the housing market would be appreciated.


The brokers are commission based and its sadly well known in brooklyn that brokers try to keep prices high so they make a bigger commission on the sale. Plenty of houses sell below the asking price. Yoy have nothing to lose by bidding lower.
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amother




Coffee


Post  Mon, Feb 12 2018, 5:27 pm
Are prices really inflated so much, $260,000?

That makes me so unsure of price when looking at a house. Am I to knock two to three hundred off asking price?
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amother




Wine


Post  Mon, Feb 12 2018, 5:31 pm
We are looking in Flatbush and find that people are getting above asking price. I definitely wouldn't get anywhere giving an offer for much lower. The good houses get snatched up. I have lost multiple houses just because I wanted a day to think about it and this is a week after listing. I'd be careful about bidding too low.
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chocolatecake









  


Post  Mon, Feb 12 2018, 5:32 pm
amother wrote:
Are prices really inflated so much, $260,000?

That makes me so unsure of when looking at a house. Am I to knock two to three hundred off asking price?


Go to zillow and look at homes that recently sold in your area. Go to the price/tax history and you will see how much the home was originally listed for and how much it sold for. That should give you an idea of how inflated the asking prices are.
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amother




Powderblue


Post  Mon, Feb 12 2018, 5:35 pm
Don’t ask if it’s negotitable.
If it’s really an interesting house, give in an offer, and they will either accept or counter it.
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amother




Aqua


Post  Mon, Feb 12 2018, 6:02 pm
I don’t live in BP, I live out of town. And we are currently in contract on a house. We have a budget that we could not exceed, in a certain area that we wanted to stay in. We looked at many houses in our area and in our budget and they were all awful. We finally found a house that was right on the fringe of our area, but it was perfect. A little small, but otherwise exactly what I need. One morning I woke up, checked my email, and this house was in my listing. It had just hit the market that morning and I had never seen it before. Within two hours my husband went to look at the house while I was at work. He had me on FaceTime while he was touring the house, my boss was in the room with me, and they sent me home to go see the house. Within five hours of this house hitting the market, we had made a bid and give him $1000 earnest money deposit. We knew that we had to offer asking price because when you see exactly what you want, you know it’s going to go fast. Don’t wait! Don’t think it over for a week. It will be gone.
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cnc









  


Post  Mon, Feb 12 2018, 6:20 pm
FWIK in Boro Park, the good houses are sold for AT LEAST the asking price, and if you think about the house for a bit too long it’s gone.
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amother




Tan


Post  Mon, Feb 12 2018, 6:54 pm
No not all houses sell for way less than asking price. I just purchased a home and was looking in the same area for a few years. You learn what’s market value. Some houses were asking very high I offered what I thought it was worth. Some houses were asking fair prices and the house sold what they were asking for. There isn’t one rule for everything.
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amother




Coffee


Post  Mon, Feb 12 2018, 7:53 pm
Thanks everyone for your insight.

Here’s my question. A 20 wide house preferably semi-detached, what’s market value?

Obviously varies on condition, so let’s say gut job vs. some construction vs. cosmetic vs. MIC.

Does 1.5 sound reasonable for gut job/construction work needed?
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doctorima









  


Post  Mon, Feb 12 2018, 9:04 pm
A lot depends on location. Which part of BP are you looking in?
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amother




Coffee


Post  Mon, Feb 12 2018, 9:22 pm
I’m not looking for any specific area in BP and I recognize the more central the higher the price.
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Kumphort









  


Post  Mon, Feb 12 2018, 9:22 pm
Are you sure that the price you heard is the actual selling price and not a price listed on zilllow. I think a lot of houses people give a lot of cash on the side.
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amother




Aqua


Post  Mon, Feb 12 2018, 9:45 pm
Kumphort wrote:
Are you sure that the price you heard is the actual selling price and not a price listed on zilllow. I think a lot of houses people give a lot of cash on the side.

Cash on the side - is that legal? Whats the reason?
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Kumphort









  


Post  Mon, Feb 12 2018, 9:54 pm
For one seller doesn’t pay taxes on it.
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amother




Royalblue


Post  Mon, Feb 12 2018, 10:19 pm
chocolatecake wrote:
The brokers are commission based and its sadly well known in brooklyn that brokers try to keep prices high so they make a bigger commission on the sale. Plenty of houses sell below the asking price. Yoy have nothing to lose by bidding lower.



I disagree. I think a broker would prefer to make a quick sale at $50,000 cheaper than try to squeeze every last dollar out of a buyer and risk another salesperson or broker make the deal first. Brokers get around 4%. $50,000 more on a sale price is only $2000 which can be split between the broker and the salesperson. Not worth risking the entire broker fee of 4% on a million= $40,000, to squeeze an extra grand or so.
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amother




Coffee


Post  Mon, Feb 12 2018, 10:24 pm
It is the sale price.

I am seeing so many starter houses for 1.1 are they going for much less?
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amother




Tan


Post  Mon, Feb 12 2018, 10:24 pm
ITS hard to say if 1.5 is market value. It’s depends on location. The same house on a differnt blocks can be a huge price difference.
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amother




Orchid


Post  Tue, Feb 13 2018, 12:07 am
I sold a 100 year old house in center of bp, four years ago for 1.1 million.that was my asking price and people were fighting over it
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amother




Green


Post  Tue, Feb 13 2018, 12:27 am
amother wrote:
We are looking for a house in BP.

Our first house we saw located in the 20’s and 60’s was asking 1.2 million. MIC. Just heard it’s in contract for $940,000!

I’ve seen many houses since. I am taking the prices quoted seriously and make a decision. Am I doing this all wrong? See a house, like it, offer what you think it’s worth.

For example, I saw a house of interest that was way overpriced, IMHO. When I asked the broker if the price is negotiable, he cringed. Am I supposed to make an offer to such an individual?

All advice to navigate the housing market would be appreciated.

Could be that the purchasers offered an all cash quick deal and the sellers prefer that over sitting and waiting for 8 months while someone in contract fights with the bank trying to get a mortage, while they lose money each of those 8 month paying their mortage just to hold the home open for the purchaser who's in contract.
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