Pulling House to Sell in Spring Market?

We greatly underestimated the current down trend in the market for the fall, while trying to sell a SFH in a very popular part of Brooklyn. We have read it is the worst market for sales since 2008? We currently have an offer we are considering that is definitely below the market value of our place, and quite frankly we are insulted by it. We are not desperate to sell, but do intend to sell within the next year in order to move on to our next home. (Which needs to be funded by the current place being sold.) Is there a real benefit to coming off the market now, and coming back on in the spring? Or is this as good as it gets for the short-medium term pricing. Any input welcome.

prkslope1234

in Real Estate - Sales 9 years and 5 months ago

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hoytdude | 9 years and 3 months ago

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So? Did you sell your house? And if not, where’s the listing? 😉

lewventry401 | 9 years and 5 months ago

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It is true that you should compare selling prices of houses similar to your single family house type. All the factors are important which include floor area, location, and amenities to name a few. This will give you a more relevant comparison and a rough estimation. I wouldn?t worry too much if I were you until the extent of feeling offended due to fluctuating market conditions. Instead, you can spend your time planning your next move like hiring house removals, movers, packers and so on.

casacara | 9 years and 5 months ago

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We had a much more difficult time than expected renting a one-family townhouse in Cobble Hill this fall. [](http://brownstoner.staging.wpengine.com/blog/2013/04/rental-of-the-day-6-verandah-place/)It took nearly three months and two rent reductions before we found tenants, and not because people weren’t looking or because there’s anything wrong with the house — it had just undergone a summer-long renovation and never looked so beautiful (though some people complained about dated bathrooms). The real estate brokers were as puzzled as we were as to why it didn’t rent more quickly, or as quickly as it had in the past. It was only after we signed a lease and I was leaving the broker’s office that she told me she thought she knew what the difference was between now and years past, and this would apply to selling a house as well as renting one out. “People are looking in all different neighborhoods now,” she said, than they were the last time we had the house on the market in 2009\. “It no longer has to be Brooklyn Heights, Cobble Hill or Carroll Gardens; it can be Fort Greene, or Clinton Hill, or Bed-Stuy” or any number of other areas. Maybe this is self-evident, but it really hadn’t occurred to me that, while Cobble Hill used to be considered primo, now it’s just another of many desirable neighborhoods. I don’t think seasonality has as much to do with it as that explanation.

bklyngirl | 9 years and 5 months ago

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Hi, I think you have to factor in the emotional psychology of most buyers along with the time of year. At this time of year most independent buyers and even some investment purchasers are as wrapped up as the rest of us with the holidays, wrapping up end of year business at work, schlepping to see young children in the various plays and productions at school, hosting friends and family or just nesting in. My realtor has always told me that soon after Labor Day the market cools. Over the years she has rented out our apartments her words have held tons of truth. I think that if you pull your house and wait until Spring the benefits are theses ; Companies are hiring fresh young talent (especially in those industries that can plunk down the $$ you may be asking) from across the globe. BK trees will be starting to bloom and that always looks best to interested buyers over staring at piles of snow or old leaves enroute to your SFH. If its a cold winter in NYC then you got young couples who may be in a family way and looking to add more space, Graduates are getting out of school and at the graduate level many of them have money to spend and in general folks want to be out and about living life and are over being indoors. It’s infectious. If your SFH needs anymore sprucing up then take the winter to do so and then come out guns blazing to sell it. Also never be “offended” by any offer. An offer is always a starting point to a conversation. Good luck.

christina123 | 9 years and 5 months ago

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As an realtor its always been my experience fall/winter the market “softens” as people shift their focus to the holiday season. We experienced the same market “softening” last year and had an amazing spring/summer. Ideally spring/summer are better times as more people are able to attend open houses. There will always be folks who make offers that “appear” to be insulting, these are folks who may simply not know the market or their agent is not familiar with market trends. This is why its very important to work with a knowledgeable agent on the selling/buying side to insure you get the best representation. I recommend sitting with your agent and discussing your strategy.

mariad514 | 9 years and 5 months ago

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Hi There, The real estate market has evened out. It is by no means a bad market. Low inventory and still plenty of serious buyers. A condo is not a comp. Period. If a house is priced appropriately it should have offers in the first couple of weeks regardless of the minor market fluctuations. There is the “value” of a home, and then the “true market value.” The ladder is what people are willing to pay for a particular house. If its been on the market for a whike and not sold, it is over priced and/or requires much work to make it a good investment. If you are having issues after the inspection then it indicates there are flaws that effect your property value. Those flaws will be found and addressed no matter what the season. Its important to look at all these factors and have an agent who has a good rep and one you trust. The crazy pricing frenzies have tapered off a bit but there are a lot of very serious buyers out looking right now. If you are asking a premium than the house should be without flaws, open oermits, code violations and or inspection issues. If these problems exist, either rectify them or expect to make some concessions on the price. As a person who works in this business in Brooklyn, I know of what I soeak. I work with buyers and sellers in multiple price points. Hope this helps!!

townhousemaster | 9 years and 5 months ago

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I have noticed price drops of 21% plus on houses all across brownstone Brooklyn. Prices are dropping and the rates have remained low without a Fed increase. I suspect prices will continue to go lower after the fed raises rates. Prices have been artificially inflated due to Brokers trying to get listings in a super low inventory market. But now the inventory has gone up drastically and buyers are balking at these prices. Right now it’s a buyers market! But the following years will become even more of a buyers market. Things like the stock market and housing market have gone up so much since 2008. If Your buying something right now and think your not buying at the top ? Then your only fooling yourself.

cordeliamilesx | 9 years and 5 months ago

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Hi hkhouselove. There is a lot of good advice in these comments. While you may be seeing the market cool down in your neighborhood, we remain in a very strong market overall. You should not have to suffer through this if the property is being promoted well and priced correctly. I work with both buyers and sellers as an agent with Corcoran, and the biggest challenge I have right now is that my buyers are eager but there is not much on the market. Meanwhile, I am listing a townhouse in Park Slope next week instead of waiting for the spring because the market is still solid and there is very little competition for sellers. To put things in perspective, here is a link to some Brooklyn market data we released for the [3rd Quarter of 2015](http://j.mp/2015-3Q-Corcoran-FB). If you are working with a sales agent, make sure they are using truly comparable properties to price and promote your property, and make sure they are reaching the largest market possible by sharing the listing with other agencies. If you are not currently working with an agent, I will be happy to send you up-to-date numbers, true comps, and some suggestions for promoting your property. Best, Rob Millis rob.millis@corcoran.com

brokelin | 9 years and 5 months ago

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You will have more people out there looking in spring – but those who trudge out in the winter to look tend to all be serious buyers, in my experience.

brokelin | 9 years and 5 months ago

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Also, don’t waste your time getting insulted at low offers – it is a business transaction. That you get insulted indicates that you aren’t viewing it as such shows that your attitude could be part of the problem. (I sold a place and did not get insulted by lowball offers, so I know what I’m talking about – I answered their questions about the place and continued to respond to them all along, because they might turn out to be my best offer, though I strongly suspected they wouldn’t be – I did get an take full price offer.) Clearly, if there are legitimate things to negotiate after an inspection, then your house is not in as good shape as it could be. And this may be what is keeping offers from coming in – especially if the price is in line for a long that needs less work. Just see it as a business transaction – the place will sell for what it is worth in this market – and don’t get insulted.

brokelin | 9 years and 5 months ago

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If your closest comps are truly condos, then I am guessing that your sq. footage is not so large… and then perhaps the closest comps are really condos. For a condo sized house, it being a single family house is not SO different, especially in a neighborhood of row houses. If you are FSBO, get a realtor. If you have one, switch to a better one. If you have not decluttered completely and removed a fair amount of your stuff to stage the house just right, and fixed cosmetic issues to make the house shine, then you need to do so, especially in a smaller house.

peaceout | 9 years and 5 months ago

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Listen to Slopefarm re:the comps.You need to have comparable sales (same sq ft homes, etc) not condos. There can be many variables with you home which we do not know from a post. Are you using a realtor? Where is it located? Has all work been filed? What are the bones of the house? I have been involved in real estate for years, this is a sellers market. There is a false positive in some areas, without knowing specifics, it’s hard to gauge what is happening with your property.

slopefarm | 9 years and 5 months ago

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If you think your closest comps are condos but you are selling a single family house, you are not thinking about this correctly. Your closest comps are recent sales of similarly constructed houses near yours. Whatever those house have sold for will give you an idea of what you should be asking for yours.

nyc_sport | 9 years and 5 months ago

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I am confused. All reports indicate that 3Q 2015 Brooklyn prices smashed records and houses were selling under 2 months. http://www.dnainfo.com/new-york/20151008/park-slope/brooklyn-queens-real-estate-prices-hit-record-highs-again 2008??? Not even close.

chjuran | 9 years and 5 months ago

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‘very popular part of Brooklyn’ ‘worst market for sellers’ huh, that’s news to me. Though recognizing there are variations within the same nominal neighborhood. This is FSBO? Maybe a different marketing plan to get more eyes on the property? Unless…something came to light in the inspection?

randolph | 9 years and 5 months ago

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i assumed “single family house”

BobMarvin | 9 years and 5 months ago

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Whats a “SFH”? Google is no help.

carmenf | 9 years and 5 months ago

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Has something dramatically changed in the last few months? We had friends buying two months ago who were in an over-ask bidding war on a SFH… maybe you’re priced too high?

prkslope1234 | 9 years and 5 months ago

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Thank you randolph and slopefarm. Both of these sentiments are our thoughts. It only takes on buyer at any price. We started at a fair price, received an offer at asking price. The sellers backed out. We then dropped the price prematurely, and the new offer from new buyers has been negotiated down significantly. Post inspection, they are requesting a drop so steep, that had they started with that, we would not have been willing to negotiate with them in the first place. We know that we are the cheapest place of our kind in our neighborhood. It is nicely done, modernized, not in need of gut reno. Closest comps are condos…which seems like apples and oranges to a SFH.