2017-04-21 / Business News

Overpriced?

REAL ESTATE CORNER
by Robin Shapiro

In Rockaway, we often see overpriced properties. This happens because some sellers have an inaccurate opinion of market value. They love their property. It’s worth more just because it’s THEIRS! Also, the NYC property assessment estimate may mislead them.

Alternatively, inventory levels are light and some brokers may tend to overestimate property values JUST to obtain listings. The aim is to show market share in advertising space and hope to keep the listing as the client forces price reductions over time. Sometimes the client changes brokers and reduces the price. Often, the broker strategy works and the client reduces price with the same broker.

What’s the DAMAGE? Overpriced listings don’t sell unless a delirious buyer emerges - akin to winning lotto! Time will be wasted on the overpriced listing. The number of days/years on the market becomes public record and tends to diminish “appeal”. Why is it on the market for so long? What’s wrong with it? Meanwhile, the owners continue to pay expenses: insurance, taxes, maintenance, etc. The owners cannot “move on”.

There are a number of overpriced listings in Rockaway. Some have been on the market for years. Call me for an accurate comparative market analysis.

Call me. Love, Robin

Robin Shapiro: 718-490-9463

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