Real Estate Discussion Forum

[trader1]

Don’t worry, Nassau County knows how to keep the inventory turning over it’s called taxes very few people in Nassau are staying in their retirement because of it for new blood

Somewhat true for me
I had every intent of selling my home, going south and living “well” in a low cost of living state/community..

Circumstances beyond my control accompanied by access to health care up here will find me buried in a nice plot up here—

Always lived comfortably and wife stayed home to raise the kids- Nowadays, my concern is for sibling to buy a home ( Nassau/suffolk) raise a family and live without having to worry about money

 

[genius]

Don’t worry, Nassau County knows how to keep the inventory turning over it’s called taxes very few people in Nassau are staying in their retirement because of it for new blood

But the inventory isn't turning over because there are much fewer sellers than potential buyers.

 

[BrooklynMatt]

Assume rates drop.
Assume a can opener.
Mortgage Rates are just as likely to go up. People invested in Real Estate (owners, brokers, etc) are saying rates are going to drop, but they said the same thing a year ago and rates went up.
https://www.gaar.com/blog/article/nars-lawrence-yun-review-of-2022-outlook-for-2023

I'm in real estate myself. I've been telling all my clients for the past year or so that I have no idea if interest will go up or down. Because we simply don't know. I think what we have is wishful thinking that they'll drop. What I'm telling buyers is if you're ready to buy now, you can refi if rates drop. And if rates go up you're better off that you didn't wait.

 

[Slinky Bender]

But if rates go up and prices come down you could lose a substantial amount.

 

[Slinky Bender]

It is so unusual for inventory to be rising at this point of the year that Mike Simonsen of Altos Research called the peak last week. But he had to retract it because... Wait for it... It rose again this week.

 

[genius]

I'm in real estate myself. I've been telling all my clients for the past year or so that I have no idea if interest will go up or down........ What I'm telling buyers is if you're ready to buy now, you can refi if rates drop. And if rates go up you're better off that you didn't wait.

Two famous quotes that are relevant to your post IMHO:
1.In Trading Places the Duke brothers are explaining to Valentine (Eddie Murphy) about their relationship to their clients:
One brother says "Tell him the good part" to which the other says "It does not matter whether our clients make or lose money — we get our commission"

2. Warren Buffet "you don't ask your barber if you need a haircut"

 

[genius]

But if rates go up and prices come down you could lose a substantial amount.

I'm assuming you meant: But if rates go up and prices come down your clients could lose a substantial amount. No?

 

[Bricktop]

Two famous quotes that are relevant to your post IMHO:
1.In Trading Places the Duke brothers are explaining to Valentine (Eddie Murphy) about their relationship to their clients:
One brother says "Tell him the good part" to which the other says "It does not matter whether our clients make or lose money — we get our commission"

2. Warren Buffet "you don't ask your barber if you need a haircut"

There’s an interesting court case pertaining to commissions and buyers brokers

 

[Slinky Bender]

I'm assuming you meant: But if rates go up and prices come down your clients could lose a substantial amount. No?

It was the generic you, the fourth-person singular impersonal pronoun. Perhaps it would have been clearer had I said "a buyer."

 

[Slinky Bender]

30 day Contracts Signed for Manhattan at a trivial (but devilish) 666. In the $2 million and under market we are at about the slowest we have been in the last 20 years.

 

[trader1]

30 day Contracts Signed for Manhattan at a trivial (but devilish) 666. In the $2 million and under market we are at about the slowest we have been in the last 20 years.
View attachment 35254

Do you think this inevitably leads to significant price cuts, or do you think inventory will remain stable, with the market awaiting lower rates due to slowing across the economy ?

 

[Slinky Bender]

Just about all Real Estate professionals are talking about the market bouncing back when mortgage rates fall next year. But they said exactly the same thing a year ago and what happened? There is equal chance that mortgage rates will increase as decrease. And I think the talk that " know what needs to sell because they are sitting on 3% mortgages" rings hollow because marriage, birth, death, divorce and relocation will remain the prime motivators to selling.


So if the man is greatly decreased due to mortgage rates and the damn brakes and listings pour onto the market, what do you think is going to happen?

 

[trader1]

Same phenomenon in equity markets-
Some suggested markets were going to take a nose dive with higher rates— look where we are now

 

[chevyman53]

I have been selling a few of my rental properties all in Suffolk County without retaliators and have been getting what I ask for but I am at the luxury that I am not in a rush to sell which I think is why I am making out in this up n down market. I already I have my new retirement home down south I travel between there and here when the time comes to stay fulltime down there my main house will go to my daughter and 4 children.

 

[chevyman53]

A guy I know retired from his business has his building up for sale he gets a letter from the town telling him about the unsightly building tells him he has 90 days to remove the graffiti we all know that was called in cause the guy next him wanted to buy the building but not at asking price way too low So while driving around on Sunrise Highway in Suffolk County I see the old Adult place where Jessica worked out of and the old Sayville Motel all branded up with graffiti just goes to show you even empty buildings get the town called on them except ones who do not want to buy them. Rant over

 

[billyS]

A guy I know retired from his business has his building up for sale he gets a letter from the town telling him about the unsightly building tells him he has 90 days to remove the graffiti we all know that was called in cause the guy next him wanted to buy the building but not at asking price way too low So while driving around on Sunrise Highway in Suffolk County I see the old Adult place where Jessica worked out of and the old Sayville Motel all branded up with graffiti just goes to show you even empty buildings get the town called on them except ones who do not want to buy them. Rant over

Probably would make sense with some punctuation.

 

[genius]

I have been selling a few of my rental properties all in Suffolk County without retaliators and have been getting what I ask for but I am at the luxury that I am not in a rush to sell which I think is why I am making out in this up n down market. I already I have my new retirement home down south I travel between there and here when the time comes to stay fulltime down there my main house will go to my daughter and 4 children.

The last house I sold (I upgraded to a bigger house/better part of town) I called in the top realtor in the area. I went over the house , comps etc and came up with a selling price.
the market at the time was hot so I said to him that the houses around here are selling quickly (literally selling out of open houses with multiple bidders and even bidding wars) so I wanted him to accept 4% instead of 6%. He said no only would work for 6%.
I thanked him for his time.

So I placed a ad for an open house on a Saturday at the price he said it should sell for.
13 (usually couples) set up appointments and I said to each give me a best and final offer as there will be no bidding war or negotiating and I will not tell others what the offers were. I told each to do their research (area, comps, schools, etc) and make an offer in 10 days.

I got 6 offers at asking, 1 at 10% below (an Indian couple) and 3 over asking. I took the 2nd highest as the couple had good jobs, big down payment and IMO most likely to close.

Sale went off w/o a hitch.

 

[Slinky Bender]

The last house I sold (I upgraded to a bigger house/better part of town) I called in the top realtor in the area. I went over the house , comps etc and came up with a selling price.
the market at the time was hot so I said to him that the houses around here are selling quickly (literally selling out of open houses with multiple bidders and even bidding wars) so I wanted him to accept 4% instead of 6%. He said no only would work for 6%.
I thanked him for his time.

So I placed a ad for an open house on a Saturday at the price he said it should sell for.
13 (usually couples) set up appointments and I said to each give me a best and final offer as there will be no bidding war or negotiating and I will not tell others what the offers were. I told each to do their research (area, comps, schools, etc) and make an offer in 10 days.

I got 6 offers at asking, 1 at 10% below (an Indian couple) and 3 over asking. I took the 2nd highest as the couple had good jobs, big down payment and IMO most likely to close.

Sale went off w/o a hitch.

If you ever need a broker in New York State who's willing to work with you on reasonable terms drop me a line.

 

[trader1]

If you ever need a broker in New York State who's willing to work with you on reasonable terms drop me a line.

From a buyers perspective ( family member looking for 1st home on LI) what should someone look for when choosing a broker to help them find a home?

Would one even need a broker, assuming they found a house ( on one of the Internet real estate sites) and had their offer accepted?
TIA

 

[billyS]

I got 6 offers at asking, 1 at 10% below (an Indian couple)

When we were selling my parents house Indians would always come in with low ball bids. And I am talking insulting type bids but then they claimed it would be cash. Stupid because if the people are pre approved for a mortgage it's cash to me anyway.

The neighbors begged us not to sell to Indians anyway, as they have shitted up the adjacent neighborhoods in Queens.