Real Estate Brokers Says Selling from the East End is Tough
Multi-million homeowners are doing extra effort to sell theirs estates. A real estate broker was even offered 7 percent commission, higher than the average of 5 to 6 percent commission.
High end sellers think that by offering higher commission and by adding in some bonuses, real estate brokers will do the best they can to sell their property. But for this commission and this bonus to materialize, home brokers must seal a deal and sell their home. But knowing the current state of the economy, this is not easy. There are only few successes that actually received the good commission and the said bonus.
The East End did not dodge the effects of the bursting of the real estate bubble. Prudential Douglas Elliman says that the first quarter home sales is just around half of last year’s 400. Median sales price even faltered 23.4 percent from $790,000 to $605,000. This is due to the 24 percent increase in homes available in the market. There are about 2,289 homes in the inventory.
Real estate brokers must do extra work with only fewer transactions and the down dollar value.
So, East End real estate brokers are taking their sells to the buyer. Instead of buyers coming to see the properties, forty East End real estate brokers set up an East End rental expo so they could bring the market to the potential buyers. This is an unusual step since wealthy owners can usually wait. But the brokers cannot.
Luxury market sales were down from last year’s 40 to only 20 successful deals in this first quarter. Luxury sale price average also fell by 46 percent and is now only $308 million. This depreciation is caused by the increasing inventory that rose a whopping 33 percent to 470 properties.
The market is very dull and real estate brokers are having a tough time attracting buyers to purchase a property.
Daniel Gale Sotheby’s International Realty’s Southold licensed associate broker Eileen Tonsmeire said buyers do not see that if they want to purchase a good property with a great offer, they must act fast. You must never let a considerably great property in a descent location slip from your hands for these estates can go out of the market fast.
Real estate brokers, like Jay Flagg the senior managing director at Prudential Douglas Elliman’s Southampton, are also meeting a new trend of buyers: younger (between their 20s to 30), and there are those who were once priced out of the high end market.
Real estate brokers hope that the top end luxury market will recover. It might not be now, but it will come.
