Sellers should use recent value and price gaps to decide how aggressive to be.
If you are debating how much room you have on price in Forest Hills, NY, I would start by comparing the typical asking level with the typical estimated value. That gap does not block a strong asking price, but it does mean sellers need a reason buyers will accept.
The typical estimated multifamily property value in Forest Hills, NY was $1,293,000 recently, while active multifamily listings last month showed a typical asking price of $1,498,000. The estimated value was flat from the prior month and 0.23% above the prior 3-month reading. My read is that sellers can still aim confidently, but not casually. When the asking benchmark is above the typical estimated value, the property itself has to justify the difference. In Forest Hills, NY, I would expect buyers to compare that gap quickly, especially in a market with 7 months of supply. Be honest about where your property fits. Fix the details that support a premium. If the condition does not back up the price, adjust the plan before the market does it for you.
About Allstar Team
Allstar Team is a licensed Real Estate Professional affiliated with RE/MAX City Square, specializing in the Forest Hills market. With a focus on strategic marketing and deep local knowledge, Allstar Team provides clients with expert guidance in navigating complex real estate transactions. View full profile →
