Looking for real estate advice

hmom5
Tue, 06 Jan 2009 00:23:03 +0000

If your community is one lived in by people commuting to NYC, it’s a market that is at high risk for getting worse. NY is a mess. Fully half the shows on Broadway will be closed by the end of the month! That’s one I haven’t seen in other recessions. Because a quarter of the jobs are Wall Street related, I think it will be at least a couple of years until things start going better.

I’d be inclined to keep it on the market. I’d take a hard look at very recent closing prices in considering repricing. I would pull out the stops to make it as attractive as possible.

Also beware of the high number of people backing out of these deals or making offers and then not getting financing, so be careful about the buyer you deal with if you have choice. This is the time to hire very sophisticated agents, I’ve seen so many blown deals lately, usually because the agents don’t understand how to deal with this new market and it’s new issues.