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Sean J. Bennett

Sean J. Bennett

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Setting an Unrealistic Price When Selling Your Home

(Published on - 5/12/2019 1:53:46 PM)

Whether you're working with an agent or going it alone, setting the right asking price is key. Remember the comparable market analysis you or your agent did when you bought your home to determine a fair offering price? Buyers will do this for your home, too, so as a seller, you should be one step ahead of them.

 

Absent a housing bubble, overpriced homes generally don't sell. Don't worry too much about setting a price that's on the low side because, in theory, this will generate multiple offers and bid the price up to the home's true market value. In fact, underpricing your home can be a strategy to generate extra interest in your listing. And you can always refuse an offer that's too low.


Queens Real Estate Reaches New Record; Brooklyn Continues To Climb

(Published on - 5/12/2019 1:53:35 PM)

NEW YORK (CBSNewYork) – Real estate market reports are out for the fourth quarter of 2018, and one company’s numbers show new price records are being set in Queens and prices are on the rise in Brooklyn, too.

What does that mean for those looking to rent or buy? Douglas Elliman’s New York City CEO Steven James stopped by CBSN New York to explain.

“The consumer who’s looking to get the best value for their dollar still feels that Brooklyn is the place,” he told Alex Denis. “Brooklyn is the largest borough in the size of citizens, followed by Queens and then Manhattan. So that consumer wants to be able to use their money at the best possible thing, and Brooklyn’s been a really, really good opportunity.”

Has the back and forth over the L train shutdown had an effect on the market there?

“I think it’s affected in the sense that it made people feel really good. Whether that’s actually translated into more sales, better sales, whatever – I think it remains to be seen. But the good news is there’s a solution here and people feel that’s a good, positive sign,” said James.


: Open houses can help homes sell for more — depending on the market

(Published on - 5/12/2019 1:53:16 PM)

Open houses are a good way to get attention. There are ads in the paper, signs on the corner and sometimes even a few colorful balloons. They rarely, however, lead to a higher price or a quicker sale, according to officials at real estate brokerage Redfin.

The vast majority of listings today go up on various websites before anyone opens a door. If a home is that great in New York City and it’s priced right, it will sell within days. Only the less desirable ones are still around on the market a week later, when it’s time for the open house.

There’s one exception: If you list the home online and hold an open house almost immediately, the home can sell more quickly — and for a higher price. The higher the exposure, the greater the competition and therefore the price.


Rent in Manhattan, Brooklyn & Queens hits new highs, report shows

(Published on - 5/12/2019 1:53:02 PM)

New Yorkers looking for a new apartment in the next couple of months shouldn't expect any bargains, according to a StreetEasy report released Thursday.

The real estate listing site's report on the first quarter of 2019 for Manhattan, Brooklyn and Queens properties found that median rent for the three boroughs reached new highs.

Manhattan's median rent was $3,217 — a 2.6% jump from the first quarter of 2018, and, according to StreetEasy's records, the quickest jump in rent in the borough since 2016. Brooklyn's median rent was $2,608, a 2.2% jump from the same period last year; and Queens's median rents were $2,173, a 2.5% increase from the first quarter of 2018.

StreetEasy senior economist Grant Long said fewer leases in the first quarter came with asking-rent cuts as a concession, particularly in Brooklyn. About 17.1% of units in the borough came with offers for rent markdowns in the first quarter of 2019, compared with 23.8% during the same period last year, according to the report. 

 

“We’re coming out of an unusually competitive winter rental season in which many renters found themselves in a weaker negotiating position than in years past," Long said in a statement. 

Long predicted that landlords will "have the upper hand" in the spring and summer when it comes to leasing. 

“As would-be buyers opt to embrace renting while sale prices are falling, the competition that new grads and other transplants entering the city’s workforce would typically bring this time of year will be even more pronounced," he said. 

The report said there was one location in the three boroughs that saw a year-to-year dip in median rents: northern Brooklyn. The median in the first quarter was $3,061, a 0.5% decrease from the same time last year, due to an oversupply of units in neighborhoods such as Williamsburg and Greenpoint. StreetEasy cited the now-canceled total L train shutdown as the main factor for those vacancies.


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