Authored by: Options Realty

October 14th, 2007 

With the real estate sales venue holding properties for a longer period of time than they might have several months ago, are there properties on the North Fork that offer investment potential?

There is no question, as we speak with buyers and sellers, that this “niche” is looking at the market. Some sellers owe more than the property is worth; a short sale might be in order (call us). Some sellers, recognizing that the market as depicted by the news might prompt investor “types”, are looking at less fix up, and more…reduction.

The result of the market changes is that some North Fork, Long Island sellers are deciding to put their investment back into their own pocket, and seeking renters until the market responds to their asking price.

Other sellers, if they are motivated, are working with the market changes (however large or small) and making certain, for a certain sale, that their homes are the BEST PRICED, and in the best condition. The only certainty.

What about those that, for financial reasons, are unable to rent (rent is less than the already behind payment) and market conditions indicate certain failure due to a loan amount that exceeds value?

INVESTORS ARE SEEKING PROPERTY. Here’s what’s ideal: a property, viewed as a market value parcel. Upon examination, items need to be FIXED. Double the amount of the fix. Does this provide a reasonable return on investment (because the home, after all, has become a house that needs to sell)? Offer THAT amount (double the fix) below “market value”.

If buyers are looking for their HOME, all homes viewed need to be “home” ready. HOME BUYERS differ drastically from INVESTORS. If you don’t update, we won’t be able to compete to your advantage with many homes that are “HOME” ready. Don’t want to spend $4000. (example) to get it competitive? Reduce the asking price by $8,000. below market- INVESTORS… Is your kitchen outdated, without the benefit of historical charm? Reduce. Baths, with the same historical charm caveat? Reduce. You are marketing to investors. Is your home completely updated, at market value? That’s a certainty.

MANY PEOPLE HAVE UPDATED THEIR ‘60′S THROUGH 90′S HOMES. If you haven’t, be prepared to compromise on your price if you want your house SOLD.

Some homeowners are not ready for a realistic market analysis. For those that are, call us. If you NEED to sell your home, we’re ready. If you want to get a true market analysis, call us. No baloney- in a tougher market than recent years, you need to know whether to hold or sell.