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Factors That Influence The Offer
Property Condition
Since you have toured the property you are interested in, you should know how it compares to the general neighborhood. All you have to do is put the home in one of three categories - average, above average, or below average.
When evaluating a home’s condition, there are a number of things you should consider. Structural condition is most important - items such as walls, ceilings, floors, doors and windows. Then paint, carpets, and floor coverings. Pay special attention to bathrooms and bedrooms and whether the plumbing and electricity work efficiently. Look at the fixtures, such as light switches, doorknobs, and drawer handles. The front and back yards should be in reasonably good shape.
The missing ingredient will be information on the condition of the homes from your comparable sales list. Provided you chose the right agent to represent you, they will have actually visited most of those homes and be able to provide key insights.
Home Improvements
Even when comparing exact model matches within a tract of homes, you should note whether the previous owners have made any substantial improvements. Cosmetic changes should be largely ignored, but major improvements should be taken into account. Most important would be room additions, especially bedrooms and bathrooms. Other items, like expensive floor tile or swimming pools should be taken into account, too, but should be discounted. A pool that costs $20,000 to install does not normally add $20,000 in value to the home. Rely on your agent to give you guidance in this area.
Market Conditions
A hot market is a "seller’s market." During a seller’s market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyer’s want to get a "deal" on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.
A slow market is a "buyer’s market. During a buyer’s market properties may languish on the market for some time and offers may be few and far between. Prices may even decline temporarily. Such a market would allow you to be more flexible in offering a lower price for the home. Even if your offered price is too low, the seller is likely to make some sort of counter-offer and you can begin negotiations in earnest.
More often than not, the market is simply "steady," or in transition. When a market is steady, no real rules apply on whether you should make an offer on the high end of your range or the low end. You could find yourself in a situation with multiple offers on your desired house, or where no one has made an offer in weeks.
Transition markets are more difficult to define. If the economy slows unexpectedly, as it did in the early nineties, people who buy on the high end of a seller’s market (like the late eighties) could find their home loses value for several years. So far, no one has proven reliable in predicting when markets change or how good or bad the real estate market will become.
Seller Motivation
Truthfully, it is rather rare that a seller’s motivation will dramatically affect the price of a home, but it is often possible to save a few thousand dollars. The most common "motivated seller" is someone who has already bought his or her next home or is relocating to a new area. They will be under the gun to sell the home quickly or face the prospect of making two mortgage payments at the same time. Since that can drain a bank account quickly, most sellers want to avoid such a situation and may be willing to give up a few thousand dollars to avoid the possibility.
There are also family crises that can motivate a seller to make a quick deal. However, when you see a real estate ad that mentions "divorce," "motivated seller," "relocation," or something to that affect, beware. Although the facts may be true, that does not necessarily mean the seller is motivated to make a quick and costly sale. Most likely, the ad is more designed to generate phone calls and leads rather than sell the home.
However, there are times when a seller is truly distressed, willing to make a quick sale and sacrifice thousands of dollars. With the seller’s permission, the listing agent will post this information along with the listing in the Multiple Listing Service. They may also inform other agents during office and association marketing sessions or by flyers sent to other real estate offices. Provided this information has been made generally available to Realtors, your agent should know when a seller is truly motivated and when it is just "puff" designed to elicit interest in a property.
The exception is when an agent is selling a home they have listed themselves or selling a home that was listed by another agent from their own company. In such a situation, the agent may be acting as an agent for the seller, or as a "dual agent,” representing both you and the seller. In such a situation, they cannot legally provide you with information that would give you an advantage over the seller.
Other Articles About Buying A Home From The Queens NY Real Estate Experts
Homebuyers' Guide To Submitting Offers: The Basic Parts Of An Offer
Homebuyers' Guide To Submitting Offers: Use Comparables Sales To Determine Your Offer Price
Understanding The First Time Homebuyer $8,000 Tax Credit
FHA Loans Make Home Ownership Possible In Todays Economy
Home Buyers: Tips On Reading An Inspection Report
June 2009 Market Report For Queens County NY: Condo & CoOps
June 2009 Market Report For Queens County NY: Single & Multi Family Homes
Concert - Soul
Gladys Knight & The O'Jays at Asser Levy Seaside Park
W 5th St (at Surf Ave)
Brighton Beach/Brooklyn
(718) 469-1912
7:30PM
Gladys Knight-ya know, of the Pips?-had a string of hits in late 1960s and early 1970s with songs like "I Heard It Through the Grapevine" and "Midnight Train to Georgia." Catch her beltin' 'em out tonight. Openers the O'Jays offer springy grooves outfitted with string sections that aging crowds still yell for.
Seminar
Interactive Hit Factory Salon at Word
126 Franklin St. (at Milton St)
Greenpoint/Brooklyn
(718) 383-0096
7PM-9PM
The brains behind Hit Factorie designed a special multimedia installation inspired by summer reading (comprised of pieces called "Hit Books") which is displayed in the window of Word. Tonight, the artists explain the piece and their process, and invite visitors to create their own Hit Book.
Books
Non-Motivational Speaker Series at JLA Studios
63 Pearl St (b/t Broad St and Coenties Slip)
DUMBO/Brooklyn
7PM
The series welcomes two authors to reflect on the oddities, eccentrics and little-known tragedies of the Middle East: Neil MacFarquhar, Libyan-raised former Middle East correspondent at The New York Times and author of The Media Relations Department of Hizbollah Wishes You a Happy Birthday, and Lucette Lagnado, author of The Man in the White Sharkskin Suit, a memoir of growing up Jewish in Egypt.
Dance
Stephen Petronio Company at Prospect Park Bandshell
Prospect Park West (at 9th St)
Park Slope/Brooklyn
(718) 855-7882
8PM
As part of the Celebrate Brooklyn festival, Stephen Petronio celebrates his company's 25th-anniversary season with I Drink the Air Before Me, an evening-length work inspired by the power of extreme weather, set to a gorgeous score by Nico Muhly.
Exhibit In The Making
Tea Cart Stories at Lower East Side Tenement Museum
108 Orchard St (at Broome St)
Lower East Side/Manhattan
(212) 982-8420
4PM-7PM
Artist Michele Brody is the brains behind this public art project/storytelling event: She invites participants into a large copper cart across the street from the Tenement Museum, where they can sip tea and tell her a story about themselves. She'll then transcribe the stories onto paper tea bags, which will be displayed in the museum window through December.
Gay
Bruce Benderson at Dixon Place
161 Chrystie St (b/t Delancey and Rivington Sts)
Lower East Side/Manhattan
(212) 219-0736
9PM
Nonconformist queer identity and hustlers loom large in the work of acclaimed author Benderson. Tonight he reads excerpts from his work, including his upcoming satirical novel Pacific Agony.
Security Tips For Sellers
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For your own safety, never set an appointment with anyone to see your home unless they have given you their name and number and you have called back to verify that number. An easy way to do this is to say. “Let me check with my husband/wife for the best time and I will call you back.” Use this method even if you are not married.
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Never let potential buyers know your schedule. Don’t ever tell them when you won’t be at home, when your spouse won’t be home, when you pick up the kids, when you work, when you will be on vacation, etc.
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Never give a caller information about your home’s security such as deadlock bolts, security systems, and so forth.
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Always have a back-up plan when you allow strangers into your home, especially if you have children. Have a neighbor look out for you until the lookers have gone.
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Never let a stranger into your home without seeing some identification. If the person says he/she is a real estate agent, ask for a card, then call his/her office to verify the information if you don’t recognize the person.
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Keep a log of everyone who has looked at your house. Get their name, telephone number, address, car description, tag number, and any additional information that could be helpful in the event of a future burglary. All of these people would be suspects.
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If you make a flyer to advertise your home, don’t include any information that might breech security.
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Remove from sight all valuables, including guns, jewelry, silverware, and collections. Recently, there was an incident in South Florida where a couple was going around with a real estate agent and stealing things from houses they visited. The couple actually stole over $150,000 worth of valuables. If possible, screen all potential buyers via a thorough pre-qualification process before you let anyone into your home.
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Never leave strangers alone, and watch their every move while they’re in your home. One of the latest scams, according to Real Estate Today magazine, involves prescription drugs. A nice-looking, clean-cut couple will make an appointment to view your house. Once inside, one of them will ask to use the bathroom and will search for prescription drugs while inside. There is a huge market for such drugs. So make certain your prescription drugs are well-hidden before anyone looks at your home.
Other Articles For Home Sellers
Helping Sellers Understand The Listing Contract
Hard Truths For Sellers
Home Improvements That Increase The Value Of Your Home
June 2009 Market Report for Queens County NY: Single Family/Multi-Family Homes
June 2009 Market Report for Queens Coutny NY: Condo/Co-Ops
Concert - Rock
KRS-One at Crotona Park
173rd St (at Crotona Park East)
Bronx
7PM
For years, Kris "KRS-One" Parker has been sort of weirding his way into irrelevance from the hip-hop world that he helped define in the late '80s-really, his best work is unquestionably among the genre's finest ever, and he remains a force in the community.
Books
Park Lit at Tompkins Square Park
Ave A (b/t 7th and 10th Sts)
East Village/Manhattan
6:30PM
The outdoor reading series welcomes contributors to Bomb magazine's latest literary supplement, including Matthew Sharpe, Frederic Tuten, Pam Dick and Alan Gilbert.
Clubs
Waterfront Wednesdays at Water Taxi Beach/Hunters Point
2-03 Borden Ave (at 2nd St)
Long Island City/Queens
(212) 742-1969
6PM-Midnight
Long Island City's Water Taxi Beach sets sail in a teched-up direction on Wednesdays, with Alex Ward, Lisa Fox and Sameer joined by top locals and the occasional out-of-town visitor.
Health & Wellness
Midweek Reiki Refresher at T Salon
459 W 15th St (b/t Ninth and Tenth Aves)
Chelsea/Manhattan
(212) 243-0432
7PM-Midnight
Reiki, which means roughly "spiritually guided universal life force energy" in Japanese, aims to heal and relax the inner and outer soul through the light, feathery touch of a practitioner, who allows energy to pass between the two of you. Some say the treatments can improve heart rate and blood pressure, reduce stress and anxiety, improve fatigue and depression, and strengthen quality of life. Pamela Miles, who has been practicing reiki since 1986, offers a free introduction and treatment so you can judge for yourself if the claims are true.
Transcendental Meditation Technique at Transcendental Meditation
Broad St.
Financial District/Manhattan
(212) 779-9933
7:30PM-9PM
Since Maharishi Mahesh Yogi introduced this practice to the U.S. 50 years ago, more than 37,000 New Yorkers have adopted it. Learn about its benefits to the mind and body at these free introductory lectures. Reservations required
Theatre
Click, Clack, Moo at the Lucille Lortel Theatre
121 Christopher St (b/t Bleeker and Hudson Sts)
West Village/Manhattan
(212) 279-4200
10:30AM
In this musical adaptation of Doreen Cronin's popular children's book, a group of typing cows bands together to protest their working conditions: Consider it a kiddie cross between The Pajama Game and Animal Farm. John Rando directs for Theaterworks USA. (Tickets are free and can't be reserved in advance; they are distributed an hour before curtain time, so just get to the theater early and line up.)
Tenant Rights: Sharing Your Apartment in New York
Living in an apartment in the New York City area can be tricky business - and its important to know what your rights are as a Tenant. Don't assume that your Landlord knows your full rights or that what they are telling you is 100% correct until you do some research. For instance, do you know what your rights are when it comes to sharing your apartment? Can your boyfriend just move in with you? What if your child loses her job and needs a place for herself and your granddaughter to live??
New York Tenant Law says that if you live alone in either a rent controlled or rent stabilized apartment, you may invite an unlimited number of immediate family members to share the apartment with you. In addition - you are also allowed to invite one non-immediate family member (and their children, if under the age of 18) to share the apartment.
However, if more than one person has signed the lease....the amount of people who can live in the apartment is limited to the number of lease signers - and at least one of the lease signers must remain an occupant at all times.
Do I need to do anything when someone moves in with me?
Though your right to share your apartment is automatic and cannot be taken away (even if stated in your lease), you should notify your landlord in writing 30 days prior to the date your roommate is scheduled to move in. If you do not, you will have to answer any inquiries made by your landlord within 30 days of them asking you about sharing the apartment.
Other Articles For New York Tenants
June 2009 Market Report For Queens County: Rental Properties
A Guide To Finding Your Apartment On Craigslist
Queens Apartment Advice: Don't Let The Bedbugs Bite!
Dear NYC Area Tenant: A List Of What You Need To Be Able To Rent
When Life Gives You Lemons...Lower Your Rent
How Do I Sublet My Apartment In NY?
Opera & Classical
Haruka Fujii at the Julliard School Room 309
60 Lincoln Center Plaza (at 65th St)
Upper West Side/Manhattan
(212) 799-5000
7PM
Percussionist Haruka Fujii, of the excellent contemporary-classical quartet Flexible Music, presents a recital as part of this year's Juilliard Percussion Seminar. The program includes new pieces by Carl Schimmel and Moto Osada; Flexible Music pianist Eric Huebner and New York Philharmonic cellist Sumire Kudo are featured guests.
Books
The Adventures of Tom Sawyer at the Bryant Park Reading Room
W 42nd St (b/t Fifth and Sixth Aves)
Midtown West/Manhattan
(212) 768-4242
12:30PM
Novelist Amy Bloom-author of the crossing-America novel Away-shares her thoughts about Mark Twain's classic picaresque.
Comedy
Giggles at Sweet Ups
277 Graham Ave (b/t Grand and Powers Sts)
Williamsburg/Brooklyn
(718) 384-3886
9:30PM
Donald Stahl hosts this stand-up showcase in the 'Burg, featuring Sean Donnelly, Carlen Altman and Hannibal Burress.
Gay
Love Boot Camp at The Center
208 W 13th St (b/t Seventh and Eigth Aves)
West Village/Manhattan
(212) 620-7310
8PM
Psychotherapist and author (Straight Acting: Gay Men, Masculinity and Finding True Love) leads a workshop on how to build authentic connections.
Concert - Rock
Lovebug Starski and Friends at Queensbridge Park
Vernon Blvd (at 41st Ave)
Long Island City/Queens
(212) 360-2756
7PM
Bronx legend Lovebug Starski-no less an authority than Afrika Bambaataa credits him with coining the term hip-hop-rocks the park in Queens.
Exhibits
'09 Oh Cow at Crossing Art
136-17 39th Ave (b/t Main and 138th Sts)
Flushing/Queens
(212) 359-4333
11AM-6PM
More than 20 local artists, including Linda Blueml and Lin Shih Pao, explore the cultural significance of the cow in this exhibit, presented in conjunction with the Flushing Cow Parade. Using photography, videos and traditional oil paint, the artists examine how we relate to the animal (beyond its place in the food chain).
The La Guli Bakery in Astoria (Queens NY)
If you take the N train all the way to the end of the line...you might not expect to find anything but a million Greek restaurants and Con Edison - but hidden in the streets of Astoria is a little Italian gem: The La Guli Bakery.
Seventy years ago Paolo Notaro opened up this little bakery after immigrating to Queens from Palermo, Italy. Since then almost nothing has changed - the storefront, interior woodwork, shelves and terrazzo floor are just the way Paolo designed it. Today the store is run by Paolo's son, Rosario and his granddaughter Maria, who carry on the family tradition by making exquisite pastries from scratch every day.
Their ovens run morning, noon and night so that they can always offer fresh baked goods to the community. Over the years, the store has grown from its humble beginnings to the leading supplier of baked goods for many restaurants and businesses in the Tri-State area. Whether its a homemade cannoli, freshly baked cookie - or one of their amazing cakes, you can't go wrong with 70 years of Italian experience!
Film
West Side Story at the Elevated Acre
55 Water St
Manhattan
8:00PM
Can't afford to see the spectacle on Broadway? Skip the lines, doff the suit and head out to the Acre to catch the free movie that inspires all those foreigners to "Feel Pretty" and come to "America."
Books
Derek McCormack and Edmund White at Bluestockings
172 Allen St (at Stanton St)
Lower East Side/Manhattan
(212) 777-6028
7PM
McCormack discusses his fiction with novelist-biographer-memoirist White.
Craig Nelson at Barnes & Noble
396 Sixth Ave (at 8th St)
Greenwich Village/Manhattan
(212) 674-8780
7PM
The ex-astronaut recounts the thrills and challenges of space travel in Rocket Men: The Epic Story of the First Men on the Moon.
Opera & Classical
New York Philharmonic at Kupferberg Center For The Arts/Queens College
65-30 Kissena Blvd. (at the LIE)
Flushing/Queens
(718) 793-8080
8PM
You didn't think the Phil was going to forget about you this year, Staten Island and Queens, did you? Your concerts are just as free as the ones the other boroughs enjoyed, but look at your fringe benefits: air conditioning and acoustics! The Thu 16 program repeats, and you'll need to pick up tickets in advance at your respective box offices.
Classes & Workshops
Optimal Fertility with Acupuncture & Chinese Medicine at Turning Point Acupuncture
1841 Broadway (at 60th St)
Midtown West/Manhattan
(212) 489-5038
12:30-1:30
For some people, trying to conceive can be difficult. If you're having trouble bringing a bundle of joy into this world, check out this introductory workshop. You'll learn how ancient Chinese wisdom relates to conception and pregnancy.
Dance
A Space Funk Invasion at the South Street Seaport
Fulton and Front Sts
Financial District/Manhattan
(212) 219-9401
6PM
Nicholas Leichter Dance and Monstah Black present this hybrid of dance, culture, fashion and funk music. The work, part of the Lower Manhattan Cultural Council's Sitelines series, will be performed for bystanders and patrons of four outdoor bars.
Gay
In the Life: Summer of Stonewall on PBS Channel 13
Midtown West/Manhattan
10:30PM
The 17-year-old LGBT newsmagazine continues its three-part miniseries celebrating the 40th anniversary of the Stonewall riots. Tonight's, "Civil Disobedience," looks at LGBT centers, activists including Katherine Acey of Astraea and Kevin Cathcart of Lambda Legal, and activist and drag performer Storme DeLarverie.
Games
Monthly Quidditch Match in Riverside Park Fields
103rd St and Riverside Dr.
Upper West Side/Manhattan
3PM
You won't actually get in the air for this Quidditch match, organized by the Harry Potter fan organization the Group That Shall Not Be Named, but you will be in for a brutal competition. This is the final Quidditch match before the group's Tri-Wizard Tournament in September
Books
Dirk Wittenborn at Freebird Books and Goods
123 Columbia St (b/t Degraw and Kane Sts)
Cobble Hill/Brooklyn
(718) 643-8484
7PM
The excellent Brooklyn bookstore welcomes local author Wittenborn, whose novel Pharmakon is a literary cocktail that cleverly meditates on, among other things, the dawn of antidepressants, family tragedy, drug abuse, father-son tensions and stardom.
Concert - Rock
Paranoid Larry and His Imaginary Band at Otto's Shrunken Head
538 E 14th St (b/t Aves A and B)
East Village/Manhattan
(212) 228-2240
9PM
Paranoid Larry is a scratchy-voiced Brooklyn songwriter whose tunes combine political outrage with droll humor.
Comedy
Ditch Comedy Sundays at Bar 4
444 Seventh Ave (at 15th St)
Park Slope/Brooklyn
(718) 832-9800
8:30PM
Yannis Pappas hosts a different lineup of local comics each week and screens shorts from Ditch Films.
Festivals
25 Annual Columbian Independence Day Festival in Flushing Meadows/Corona Park
111th St to Van Wyck Expwy (b/t Flushing Bay and the GCP)
Queens
(718) 699-4833
10AM-6PM
Kick off your Colombian staycation by heading to what's arguably the biggest (and best!) Independence Day celebration outside of Bogotá. Colombians gather in Queens to catch performances by regional music and dance groups like this year's two main acts, the orchestra Conga de Oro de Barranquilla and Ballet Nacional de Colombia. Expect a feast: Lines of friendly vendors sell traditional Colombian fare like roasted chicken, empanadas, chuzos (the shish kebab's Colombian cousin), cholados (a shake made with fruit, ice and condensed milk) and the hearty bandeja paisa (a dish containing rice, beans, grilled steak and fried pork rind). This year, organizers expect more than 300,000 celebrants to turn the park into a sea of yellow, blue and red-the colors of the Colombian flag.
Concert - Reggae
Nation Beat on Roosevelt Island
Main St (near Road 5)
Roosevelt Island
5PM
Inspired by Chico Science's mangue beat, Scott Kettner and his combo blend Brazilian maracatu, coco, baiao and other folkloric traditions with a New Orleans second-line backbeat.
Skateboarding
Block Star 1: Brooklyn in Park Place
Albany and Kingston Aves
Park Place/Brooklyn
(718) 774-9575
Noon-6PM
Learn how to catch some air, or just show off your gnarliest tricks, at this block-party-cum-skateboarding-workshop, which features tutorials by the Uptown Skate School and a live performance by Native Son Audio.
Exhibits
Architectures of Crisis/Architectures of Residence at SculptureCenter
44-19 Purves St (at Jackson Ave)
Long Island City/Queens
(718) 361-1750
2PM-7PM
In conjunction with the University of Trash exhibition, the Center for Urban Pedagogy presents slide shows and a discussion on urbanism at the U.S.-Mexico border.
Comedy
The Hank Schwarzkopf and Peanut Butter Baby Show at Two80 Cafe and Lounge
280 Knickerbocker Ave (b/t Starr and Suydam Sts)
Bushwick/Brooklyn
(718) 684-2422
7PM
Comtemplate Bushwick culture over free PBRs while Schwarzkopf and crew host a borough-centric variety show complete with comedy, music and a Q&A with a local vendor.
Dance
Irish Family Dance at Esplanade Plaza
Battery Park City (West St at Liberty St)
Financial District/Manhattan
(212) 267-9700
6:30PM
Irish dance featuring the Pender-Keady Academy of Irish Dance and New York musical group Morning Star.
Fitness
The Balanced Runner: The Secret To Running Fluid at Engineers Gate/Central Park
90th St at Fifth Ave
Manhattan
(646) 256-4414
7:30PM-7:45
Do your knees take a pounding when you run? This complimentary 15-minute Feldenkrais lesson will teach you the essential element of comfortable, healthy, fluid running. Use it as a warm-up before your actual run.
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