weschester home values: How NOT to Price Your Home
- 11/27/09 05:02 PM
How not to price your home: Take your mortgage balance. Add your credit cards. Throw in your cars. Add a generous portion of all the money you borrowed from relatives. Pile on your down payment for that other house you have your eye on. Last but not least, give yourself an extra 50 grand just for being you. Get a blank look on your face when you are told that the buying public doesn't care what you owe. Wait. Wait some more. Decide you'll stay after all. Here's a better plan: Find out what homes like your have sold for in … (25 comments)
weschester home values: Westchester County Median Home Price Dips Below $500,000
- 06/24/09 02:27 PM
According REALIST, to the public data provider for the Westchester -Putnam Multiple Listing Service, the median price for a single family home in April of 2009 was $491,250. After peaking at over $700,000 in 2005, this is the first time in a long time the median price has fallen below half a million dollars.
We are also at a low ebb for transaction totals; 2008 was a deplorable year, with fewer than 4000 titles transferred. 2009 is on pace for fewer than 2500 single family homes sold. In 2005 there were over 6000 sales. This means that home values have … (0 comments)
weschester home values: But Zillow Said...
- 02/10/09 06:17 AM
One of the biggest thorns in my side is how Zillow offers to estimate home values for consumers. It never fails to amaze me how I can walk through a home, sit with the owner, apply my 13 years of experience to a detailed market analysis, quote the owner my best price opinion, and then be told with a straight face "but Zillow said it is worth $50,000 higher." I have had irate buyers call me at 9pm, almost screaming that they just overbid on a home because Zillow said it was worth $25,000 less. There was a time that I just … (8 comments)
Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 80 agents & closed 1000+ transactions valued at over $1 billion. He was 2014 President of the HGMLS and a 2017 Inman Influencer. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900. Warning: *Sarcasm and irony advisory at all times.*
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