trying to figure out if we should sell our apt now assuming it's lost about 1/3 of value or wait, risking it losing even more...
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Anonymous
Sep 23 · Edited: Sep 23
I was just able to negotiate a price decrease of about 1/4 on an investment property that I will rent out; this was off a price that was already about 1/5 off of an October 2019 price...so I think if your property is well-located, you can price it at 1/3 off, and expect to get offers of a less than that. Another property I was considering was already priced competitively due to its unrenovated status went for its asking price. Incredibly well-located and great co-op building.
If you don't need to sell now, I would absolutely not sell. The market was already soft before Covid, and now it's in a (temporary) freefall. I suggest waiting until next fall when hopefully schools will reopen full-time and office workers will be expected to come back. Do you need to sell now?
I don't see anything that looks like free fall. Prices seem to be holding fairly steady and I know two people who were recently able to sell for close to asking price.
I'm looking to upgrade and I have not seen places drop by so much. Also, I'll say it and say it again: there hasn't been a uniform price impact across all housing levels. If you have an apartment that is $6 million or $1.5 million or $700k, the impact of COVID on your price will be different.
I would love to upgrade now too, but DH thinks it's a bad idea to own TWO apartments when the market is so uncertain. Do you think you'll pull the trigger? Would you sell your existing place or try to hang onto it until market improves?
@anonymous I actually just refinanced my current place this week, so I guess I'm hedging on whether I'll actually be able to upgrade. However, with the refinance, our current place has really really low carrying costs now (which is how I've managed to save up for an upgrade).
@Anonymous Out of curiosity, what's the price range you're looking at? I'm browsing at $3-4M (bought our current place for $3M at the top of the market, but certain it's worth less than that now). But I doubt I'll pull the trigger so this is more of a pipe dream.
No idea, not planning to sell. If you don't need to sell, I would not do it now. Market has been soft for a couple of years and not better now for sure.
I was just able to negotiate a price decrease of about 1/4 on an investment property that I will rent out; this was off a price that was already about 1/5 off of an October 2019 price...so I think if your property is well-located, you can price it at 1/3 off, and expect to get offers of a less than that. Another property I was considering was already priced competitively due to its unrenovated status went for its asking price. Incredibly well-located and great co-op building.
If you don't need to sell now, I would absolutely not sell. The market was already soft before Covid, and now it's in a (temporary) freefall. I suggest waiting until next fall when hopefully schools will reopen full-time and office workers will be expected to come back. Do you need to sell now?
I don't see anything that looks like free fall. Prices seem to be holding fairly steady and I know two people who were recently able to sell for close to asking price.
@anonymous Look at how long inventory is sitting on the market. The market is not healthy.
I'm looking to upgrade and I have not seen places drop by so much. Also, I'll say it and say it again: there hasn't been a uniform price impact across all housing levels. If you have an apartment that is $6 million or $1.5 million or $700k, the impact of COVID on your price will be different.
I would love to upgrade now too, but DH thinks it's a bad idea to own TWO apartments when the market is so uncertain. Do you think you'll pull the trigger? Would you sell your existing place or try to hang onto it until market improves?
@anonymous I actually just refinanced my current place this week, so I guess I'm hedging on whether I'll actually be able to upgrade. However, with the refinance, our current place has really really low carrying costs now (which is how I've managed to save up for an upgrade).
@Anonymous Out of curiosity, what's the price range you're looking at? I'm browsing at $3-4M (bought our current place for $3M at the top of the market, but certain it's worth less than that now). But I doubt I'll pull the trigger so this is more of a pipe dream.
I'm in the outer boroughs and nothing has dropped here. Prices are still trending up.
No idea, not planning to sell. If you don't need to sell, I would not do it now. Market has been soft for a couple of years and not better now for sure.