Real Estate in the Hamptons is not the same as real estate in the rest of the country. How do you know what’s the right price to pay for a home on the East End? What factors have an impact on both buyers and sellers in the Hamptons? We turned to Bill Carroll at Hampton One Real Estate Group for his insights.
The Question: In your previous ASK THE EXPERT you made a point of mentioning that although we are in the midst of a buyer’s market, not every home for sale is priced to match the market. Is that a fair assessment of your answer?
The Answer from Bill Carroll at Hampton One Real Estate Group: Absolutely. I was especially speaking about our market here in the Hamptons. That’s what makes buying in our market so tricky. If one were to watch the real estate market from a national perspective, it would seem you could throw a dart and find a deeply discounted home—and in some markets, that would be true. But not here on the East End of Long Island.
Why is that?
The Answer from Bill Carroll at Hampton One Real Estate Group: Because real estate is local. We use national numbers and statistics to gain a certain perspective, but it’s important to remember those averages are derived from data compiled by grouping different locations and circumstances. One of those circumstances we have not experienced here is a significant release of bank owned property inventory (foreclosures). It’s not that we don’t have them—rather, the banks have chosen not to release many for sale to date. In addition, there are other factors here in the Hamptons that are different from most places.
What other factors?
The Answer from Bill Carroll at Hampton One Real Estate Group: Well, first and foremost, seller motivation. Plain and simple, not everyone here who has their home on the market needs to sell. In breaking it down, you would see that, for the most part, we have three different types of home owners here: year round residents, second-home seasonal residents, and investment home owners.
Each different type of seller generally represents a different type of motivation—need, want and speculative. Mix the three together and the market becomes cloudy for prospective buyers—what’s priced correctly and what’s not? Many times, buyers are left asking the question, “Will I—or worse, did I—overpay for this home?”
So what’s the secret to a favorable purchase for a buyer?
The Answer from Bill Carroll at Hampton One Real Estate Group: It’s no secret as far as I’m concerned: find the true market value for a home and create an argument for getting that home at the best price possible. It’s about having the information and doing the research. It’s about culling out the motivated sellers from the unmotivated.
Where does a buyer obtain this information?
The Answer from Bill Carroll at Hampton One Real Estate Group: With enough time and energy, just about anyone can find the answers. But the last time I checked, the shortest distance between two points was a straight line…so find a Buyer’s Agent. There’s no better way to purchase a home than by having a local expert represent you and act in your best interest at all times.
If you have questions for Bill Carroll at Hampton One Real Estate Group, where buyer clients never pay anything additional for their service, you can contact him at (631) 241-8168 or by email at [email protected]. You can also ask questions and find answers from Hampton One Real Estate Group on Facebook.