Five Properties Hit Real Estate Market

The heat wave may have slowed everyone down a bit, but the local real estate market keeps moving along. The area saw five new listings hit the market, including:

• 4 Parkway Drive, West Nyack - $374,900

• 80 Green Road, West Nyack - $499,000

• 713 Abbey Lane, Valley Cottage - $375,000

• 53 Gair Street (condo), Piermont - $479,000

• 597 Sierra Vista Lane, Valley Cottage - $272,000

The most interesting news were the eight properties that went under contract:

• 10 Wheeler Place, West Nyack - Days on the Market (DOM)= 175

• 23 White Ave, South Nyack - DOM = 57

• 2 W. Lawrence Park, Piermont - DOM = 25

• 594 Sierra Vista Lane, Valley Cottage -DOM = 61

• 672 Sierra Vista Lane, Valley Cottage -DOM = 7

• 935 Sierra Vista Lane, Valley Cottage - DOM = Over 2 years

• 314 North Midland Ave, Upper Nyack - DOM = Over 1.5 years

• 867 Route 9W, Up.Grand View (land) - DOM = Over 2 years

And we had three properties title transfer this week:

• 237 Strawtown Rd, W. Nyack - SOLD $800,00  (20% off Orig. List)

• 444 Sierra Vista Ln, VC - SOLD $265,000 (7% off Orig. List)

• 437 Piermont Ave, Piermont - SOLD $410,000 (12% off Orig. List)

As you can see from this small sample, days on the market and percentage off list price can be at each end of the spectrum. The "norm" used to be about 90 days on the market, and about three percent off list price.

In this market, as a buyer, it's important to look at the actual history of a listing. This could tell you a lot about the motivation of the seller. In general, the longer a home has been on the market, the more negotiable the owners may be.  

And for sellers: you don't want to have your home sit on the market too long. Buyers have so much information now; they can easily find out how much you paid, what your original price was and when you made your price reductions. Accurate and realistic pricing from the beginning is imperative. You don't want your home to become a stale listing—people will start to wonder why it hasn't sold. 

Thanks for checking out this weekly column, and please feel free to leave questions or comments.

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