Why would a property increase in price after 121 days on the market?
We’re new to home-searching so I am completely perplexed by this property going *up* in price after not selling for over 100 days: 632 Baltic in Park Slope. Thoughts? I just need to understand.
We’re new to home-searching so I am completely perplexed by this property going *up* in price after not selling for over 100 days: 632 Baltic in Park Slope. Thoughts? I just need to understand.
Thank you very much, Brokelin, very good information.
Look all year – it will take you awhile to find what you like and land it.
Advantages of spring through fall – often, much more on the market to look at. Disadvantage is you may face more competition in bididng for nice places.
In the winter, or when there is ominous financial news (which can create small winters in the real estate market – I landed my place during one such without competition from other bidders, as everyone else was spooked for a short while), there is less on the market, especially less new stuff (always some stale old stuff that hasn’t sold), but usually less people bidding then.
Interesting! Thank you so much for all this info. We weren’t looking at this property, just wondering why something would go up after not getting sold for a length of time at a lower price.
Now we feel kind of sucker-ish for starting our search in Spring like everyone else. When is the best time to look from a buyer’s pov? Winter? Summer?
or the price went up because the owner has made improvements in an effort to address concerns presented by prospect buyers.
Also is my understanding that many developers right now think that the market is picking up. While this might only be a seasonal adjustment, from a seller’s point of view it doesn’t matter… if there is more demand, the prices can go up.
maybe he filled his oil tank….. that would explain a steep rise in price ( just kidding) its probably a seasonal adjustment being the market is going to start becoming fuller with new spring buyers
All it really says is you won’t get a big discount right now. The investor seller will try his new price point for a while.
Just move on. Keep looking and trust your instincts.
Wasn’t there a house across the street with less square footage that sold much more quickly? My guess is that that house came in close to this price and the agent or owner feels that justifies a different ask. (Although that house had fairly decent curb appeal, IIRC. This house is a sad looking 80’s new build with a creepy open space next door — although maybe that is being filled in by the Board of Ed.)
I seem to recall that some of the houses on Claremont in Fort Greene raised their asks after a significant time on the market without any strong comps nearby to justify that move, so maybe there is some other reason. Maybe the owner and agent decided to raise the ask as a signal to bottom feeders to stop coming in with bids significantly away from where they want to sell.
BoD is right plus the season is changing and it’s now almost Spring. Much better market for selling.
Maybe a nearby comp sold at a decent price, effectively raising the property’s value.
Plus, not everyone NEEDS to sell. So, they are free to move the price around at will.