All Forum Posts by: Greg Barnes

Im basing the 650 off of what I hope is a worst case scenario if I have to drop the price. The brokers have said a higher price was normal, and the agents at the broker open said as well, but the price has not generated the traffic I hoped for. The late summer season is a big factor tho. For those of us in the weeds here in NY things are kinda bad but not horrible. like I said things are selling now about 5 to 10% lower then before and now there are some 5% drops and no bidding wars, but people are buying at the right price

Sorry I didn't make it clear but I already just bought a second home to live into and move into. That's the one that I overpaid for. I didn't overpay for the home in question that I bought in 2010 that I'm considering renting, I bought it back then in a buyers market.

People in the NY area are holding back due to the tax changes. It's a little irrational but it's spreading. I live in an expensive area and the neighborhood is typcially in high demand.  I think the downturn is going to be temporary and will effect everyone, but who knows. It's not a major downturn yet but places are starting to sell for about 10% less then they were in 2016 and 217

Hello All,
I'm getting hit hard by the "slowdown" in Westchester, NY.

I've owned my home for almost 8 years now. I bought it for $524,000 with a $417,000 loan at the end of 2010. I have a $3300 mortgage payment that's about $800 principle, $1250 tax and $1250 interest a month.  I put $100k into it since I bought it. I was planning on selling my house for around $700k - $750k but now the market is... well slowing down. I hit this head on cluelessly buying a more expensive house that I overpaid for, but what's done is done. :(

I'm looking at realistically selling my place for $650,000 and about breaking even or renting it out for about $4500 a month.  I researched like crazy over the last 2 days and after all income, costs, taxes including tax benefits, maintenance, vacancy costs, broker fee etc, I expect to get about $200 net income a month for the place. My assessment is like 20% house value and 80% land(!) cause the house is so small and the land so expensive in Westchester county.

So does it make sense to just rent it out every year having someone else "pay" for the house? This is as opposed to leaving it sit empty while I keep trying to sell it. Or just drop the price and shoot for a $650,000 take. I suppose a lot of that is a personal decision, but I don't know if i'm sitting on a "good rental" since I've locked in a lower tax assessment then usual for my town (believe it or not) and 8 years into principle in the mortgage, or if this is a "losing deal" vs the cash I should get. Thanks,

-Stressed in Westchester