My Career In Real Estate, Part 1

Or: A Funny Thing Happened On The Way

People often ask me to tell them funny stories about my career in Real Estate. “Who was the craziest person you ever worked with?.”, “What was the worst house you ever managed to sell?” That sort of thing. Well, I have had some extraordinary experiences throughout my career in Real Estate, so I thought I would dish…just a little.

I won the Pweter award! It was like the Oscar’s in Real Estate terms, awarded for extraordinary efforts and  valor in the face of adversity. Mr Pweter, who was the namesake of the award had a house for sale and every time a prospective buyer arrived  he would sit in his living room polishing his guns. On top of that Mr Pweter’s demeanor was sour and unwelcoming; it did nothing to help sell his house. Prospective buyers left in a BIG hurry. Two years and three listing companies later Mr Pweter’s house was still on the market. Finally the fourth broker was enlightened and realized Mr. Pweter was his own worst enemy. The broker asked Mr. Pewter if he would agree to go into town for coffee during showings and he readily agreed.  The house sold immediately.

I was not the broker who worked with Mr. Pweter but was the second  recipient of the Pweter award for two separate incidents in the same year.

First incident: I was showing a house that I was told was vacant to  a single dad with two small children and his then girlfriend.  As we got to the second floor landing there was a jammed door and as I pushed to get it opened. I heard someone come to the door, it flung open and it nearly knocked  me down. A bare-chested man with Medusa-like hair was furiously screaming at me in a foreign language. Staggering to stand, I looked up to see he had a gun pointed at my head! They do not train you how to deal with this when you set out for a career in Real Estate!  Using the most soothing voice I could muster  and as calmly as I could I kept the madman engaged while my clients were descending the stairs to get out of the house . We all managed to escape unharmed and I called the police. The squatter was arrested and deported.  I found that buyer a house two years and two girlfriends later. I went to the wedding.

The second incident: I had a verbally accepted offer for my buyer to purchase a parcel of land in August, it was a cash deal.  The agent informed me she can’t get the binder signed because her client just checked herself into a mental institution. Four months later I get a call from the listing agent, we have 48 hours to get the paperwork done, her client is home for the holiday.  Can’t fax, she wants to meet us  in person. We jump in the car and drive to Westchester and back. It’s Christmas Eve.

Five hours later, the binder  is  signed. Deed restrictions, right of ways and encroachments have to be sorted out plus it needs a DEP/DEC engineered septic because the property is in the New York City Watershed and a major creek runs through it. We slug through all the permits and paperwork and are ready to close. It’s a sweltering 95 degree day in August of the year following the December when contracts were signed. The closing is scheduled half way between the attorneys offices at the Nanuet Public Library in Rockland County.  Paperwork in hand and driving together down the Thruway the listing agent and I are about 10 miles away when her car just slows to a halt. The car won’t move. I am going to this closing.

We weren't as happy as this guy!

I stick out my thumb out and we start walking. Kay, the listing agent  who is about 70 years old has nearly expired from the heat keeps saying “I’m out of this business”.  A public works truck picks us up and makes us promise we won’t tell anyone who gave us a ride because he could lose his job. He drops us off a block from the library. The closing is in the Non-Fiction section of the library and when we get to the table everyone has to whisper. Cash deal, closed  in 20 minutes and we have no way home. But everyone is happy. My buyer takes us to the train in Tarrytown and we get a ride from Rhinebeck back to Woodstock. On the way home we talk about our career in Real Estate.  A few days later Kay calls me up. “I have a great new listing, do you have a buyer”?

"Just when I thought I was out.....they pull me back in!"

A career in Real Esate – it’s rarely dull!

Old And New Homes for the New Year

2011 Real Estate Reflections

Reflecting on what we have done right over the past year is always a good thing. Coldwell Banker Village Green Realty has had great success in a down market; outpacing all our competition by a significant margin in sold properties.  I attribute this to a highly professional sales staff and great management team that works seamlessly to provide the best real estate service available in the Hudson Valley and Catskill region of New York State.

We have also had our share of challenges in 2011. Hurricane Irene came through Windham New York, home to our Catskill Mountain Village Office and completely destroyed the office. While we were rebuilding we had to vacate our office and work out of a makeshift space while remaining open to serve the community. Our agents and staff endured and persevered through the single most devastating natural disaster to hit New York State with great aplomb. The newly rebuilt office is beautiful and more vibrant than ever.

One of our best decisions of 2011 was to partner with Catskill Farms. This company builds cottage style homes with an old style feel that are perfectly sited and designed for an urban buyer’s desire to have high quality construction with impeccable details. The first new old cottage we marketed on MLS was a three-story 1800 sq ft home on a quiet Ulster County road in Stone Ridge, New York. It was listed at $385,000. I kid you not when I say that Catskill Farms had just broken ground and it sold in 8 days! We are now moving on to a new adventure with Catskill Farms in Woodstock. The word is getting out and soon we will be lining up buyers to get in the door of this latest Catskill Farms project.

We hit the ground running for the 1st quarter of 2012.  Our buyers did not take as much time off as I have historically seen. That is a good sign that confidence in the real estate market is positive.  Typically closings are sparse in January, February and March because most buyers put their home shopping on hold for the holidays. It is always the slowest quarter of the year and we usually start picking up by the end of January when buyers are back from the festivities of the season.  I am charting a new course in expanding our markets and revitalizing our web presence and services. We are already in the shoot for an entirely new website design with more interactive searches, more helpful information for buyers about the areas we serve, and beautiful showcasing of our seller’s listings.

I am expecting a great year in 2012 for Real Estate. I hope you will contact us if you have dreams of making a change, we will help you to realize your dreams. Happy New Year!

Move House In Market Conditions Like These?

Should I Or Shouldn't I Move House in These Market Conditions? THAT is the Question.

The burning Question: Should I move house in market conditions like these?When is the right time to buy or sell a home? The state of the Real Estate Market has been a hot topic in the news for years now.  But as a non-statistic, human being you may be feeling the urge to move or really need to move.  If this is the case you’re probably searching for the answer our burning question.

We’ve all seen the downslide in the Real Estate market for a solid five years. Our current home prices are the same as they were in 2002 so I think we’ve experienced the pendulum swing for this century. Who’s fault was it? The big bad lenders who gave mortgages to people who really could not afford the payments, or the government who did not regulate? Maybe it was the economy that slowed down or the over spending on credit? Perhaps we just can’t compete with China and other countries with a huge cheap labor force. Was it Wall Street and huge investment companies who kept us artificially afloat when they were drowning? Did they cause the housing crash?I don’t want to minimize how devastating this housing crisis was and continues to be for so many families, individuals and small businesses. I believe there were many hands a work who created the house of cards that fell but lets look at some of the good that came out it.

1. We have started to save money again. Our collective experience has taught us to be more conservative in our spending and save for a rainy day.

2. When we buy a home we are buying for the right reason (because we can afford too), and we are much more educated on the market and the process when we buy than we have ever been in the past.

3. We are conserving on energy and understanding the long-term benefits and savings of building green.

4. We are living on less and reorganizing our priorities, need and want are no longer synonyms.

5. We are experiencing tougher banking regulations, but these serve to identify more resposible homebuyers.

6. Mortgage rates are historically low, a great benefit to buyers.

7.  Home prices are finally stable.

But here’s some cheerful news! Residential housing prices have actually gone up 1% over the previous twelve months. I cansay after reviewing all the data that the market is stable.  The number of sales has decreased about 20% for that same time period due to buyers having taken advantage of the first time home buyer tax credit which has now expired. And, real estate is still a good longterm investment.

courtesy of KCMblog.com

The answer to that burning question: Should I move house in market conditions like these? I predict nothing will happen with property values in the next 3-5 years either up or down.  If you are ready to buy or sell there is no time like the present. If you are just getting yourself geared up to explore the idea, call your Realtor for a roadmap, we’ll show you the route thats best for you. www.villagegreenrealty.com

Increase Home Value Without Spending (Much) Money

Before putting your home up for sale you want to make sure you’ve done what you can to increase home value, but chances are you want to increase home value without spending much money. 

Clean it up, Pack it up, Fix it up. You never get a second chance to make a first impression – the same holds true when selling your home.  A little elbow grease, a few cosmetic improvements and perhaps a little cash will increase home value, increase showings and get you to the closing table faster.  To make it easy, follow my TOP TEN LIST for sellers TO ADD VALUE when preparing  your home  for sale:

1.  Curb Appeal – Keep your lawn cut and manicured during the warmer months, keep driveways and sidewalks clear in winter. Clean up trash, leaves and debris. Don’t spend money on landscaping but instead buy potted plants or hanging baskets to dress up your house. Remember: the goal is to make your exterior as appealing as you can so realtors and buyers want to see what is inside.

Increase Home Value With Seasonal Decor

2. Welcome Buyers- A clean and painted front door and entrance with a seasonal door decoration adds to the warmth of the house.  Visually you want to say “Welcome” to buyers as they enter your home.

A Little Paint Goes A Long Way To Increase Home Value

3. Freshen Up – Faded walls and scratched woodwork reduce appeal. The easiest way to brighten your rooms is with a fresh coat of paint. Don’t forget to neutralize the orange day-glow paint in your 1960′s retro family room.  Be wise - neutralize.

4. Kitchen Appeal.  The kitchen in my opinion is the most important room in a house. Unclutter your counters and find a new home for all your counter appliances.  Make sure your fixed appliances shine and give the exterior and interior of your cabinets a good cleaning.  Never leave dishes in the sink and organize your pantry and cabinets. Pack away and store any items you are not using. If your cabinets are old, consider a facelift with paint and new hardware. You will be amazed on how you can transform your kitchen with a little effort.

The Kitchen - The Most Important Room In Your House

5. Bathroom Tips.  Clean the tub and shower top to bottom, repair grout and caulk where it’s needed. Get rid of soap film and polish up the fixtures.  Sparkling bathrooms are a must; and don’t forget to keep the toilet seat down.

6. Less is More.  Avoid a cluttered appearance by removing excess furniture and de-personalize by taking down the wall of family photo’s.  Keep toys and newspapers picked up and start packing and storing.  A clean and neat space will make it easier for the buyers to visualize how they would live in your house.

What a great way to increase home value! Just clean out your closets.

7. Make it Bigger. Clean out the closets so everything looks orderly and only keep what you need.  Getting rid of all the excess will visually expand your storage space in the eyes of a buyer.

8. Let the Sun Shine.  Keep the windows clean. Drapes, shades and blinds should be open to maximize the natural light.  Well placed, inexpensive floor lamps and room fixtures can enhance the ambiance.  Light up your house with both natural and well placed lighting; light makes people cheerful naturally.

9. Maintainance Check.  Change the filter on your furnace; clean the exterior of both furnace and water tanks. If you are representing that mechanicals and appliances work,  make sure they are.  Do minor repairs that will be easily noticed by a buyer: for example, fix loose doorknobs, doors off track, dripping faucets, screens or windows that are broken or loose. Fix noisy attic, bathroom or house  fans. Buyers feeling secure about your home being in working order will increase your home value.

10. Scent It.  There is nothing that will turn off a buyer faster than an odor that is unpleasant to them. If you have pets, be aware that the smell of your perfect companion can overwhelm a buyer and they will walk out.  Deodorizer. Likewise, with cats and litter boxes or just closed up musty old room smells: freshen up.  Shampooing  rugs and dry cleaning your furniture is always a good idea.  Keep your windows open if possible, bring in scented candles, incense or better yet, bake an apple pie!

Now  you’ve dressed your house for success next step;

 CALL YOUR REALTOR,  ITS SHOW TIME!

Build a New Old House in The Catskills?

Interior of A Catskill Farms New Old House - Photo by Thomas Duncan

Build a new old house in the Catskills? For a buyer looking to build a retreat in the Catskills – a  new old house – with character and charm and none of the worries that come along w/owning an antique home, the thought of the building process can be daunting.  But there’s a great solution to the problem so read on!

Twelve years ago I fell in love.  It was a Catskills cottage style home with a huge dose of character and charm. A 2 story river rock fireplace in the living room with cathedral ceilings was the spectacular focal point. A beautiful new kitchen with period details and original old style bathrooms with a perfect claw foot tub in the master bath. OMG I was moving in! I claimed the Arts and Crafts style  sun room as my pottery studio. Complementing the charm inside were mature flower gardens, decks, a stone patio and terracing.  Located on a quiet country lane only minutes to the village of Woodstock with winter views of the Catskill mountains. I loved this house!  Given the fact I spent at least 8 hours a day, every day selling real estate in the Catskill Park, I had a pretty good idea about the market, what I wanted, and where I wanted to be, so this was as perfect as I could get in my price range.  After inspections reality started to sink in…  I reassessed. The house was dark on the inside because it was sited poorly to optimize sunlight,  the bedrooms were a little too small, the land was not as usable as I wanted and there was only a one car detached garage that would be too far from the house in winter. The layout was a bit unconventional and the dining room a waste of space in my opinion. The conclusion of the reassesment? I had to abandon ” almost perfect”. I wanted “perfect” – a perfectly sited, new old house, with the spaces and finishes that I wanted. So I would have to build.

For me the process of building was an incredibly rewarding artistic experience but most buyers eliminate the option because they feel overwhelmed by the details, the cost of building and the time it takes to move through all the steps to line up their team of professionals. While a good Realtor, who understands building, will guide you through the land purchase and can recommend a list of experts to put together a reasonable budget range to work in, that’s just the beginning. These are the first 14 “I have to do” steps before a shovel goes in the ground for your new home. Some of these steps are part of the fun part of building (*), some of these steps are the not so fun part of building (**), but fun or not you usually you have to do these without the help of anyone else.

1. I have to find the land (with a realtor) *
2. I have to determine a suitable house site (with an engineer or builder)
3. I have to get a Board of Health approval for a Septic (with the help of an engineer)
4. I have to get a survey if there is none (from a surveyor)
5. I have to buy or give direction to design house plans,  (from an architect)*
6. I have to get the plans stamped and approved (by the building department of the municipality)
7. I have to finance the purchase (with a lot of restrictions from the bank or pay cash)**
8. I have to close on the property (with a lawyer)
9. I have to get electric and cable to the site (from the electric company)
10. I have to have the house site and drainage field cleared (with an excavator)
11. I have to put in a driveway (with an excavator)
12. I have to drill a well (with a well driller)
13. I have to get construction bids for building (from general contractors)**
14. I have to submit plans to get permits for building (from the municipality)

Now you are ready to start building! AS long as you’ve timed the season right because you cannot break ground and pour a foundation after the ground has frozen, so in Upstate New York no building starts from about December 15th through April 15th.

For the second home buyer the idea of building is even more daunting because its much more difficult to coordinate the team from a distance.  How would you like to just skip all the

A "new old house" by Catskill Farms

steps except the fun part? Impossible? Until recently I thought so as well….BUT, I have found a company that has built over 100 homes for the second home market that are the perfect country getaways with attention to style and details that exude excellent taste in design and materials.  Their houses are exactly what comes to the imagination when you say “new old house”.  Artfully placed salvaged materials alongside modern green building practices.   Catskill Farms has designed, built and sold 62 new old homes in Sullivan County over the past 4 years.  And now, lucky for those of us who want to have ”perfect” without the pain, they are offering architecture and homes for sale in Woodstock and Saugerties, NY. Coldwell Banker Village Green Realty has just entered into an exclusive relationship with the company for building homes in Ulster and Greene Counties. Take a look at what was just printed about Catskill Farms in the New York Daily news: http://bestplaces.nydailynews.com/stories/country-time-catskills-builder-constructs-dream-homes-low-prices.  The best part is they can help you with those 14 steps.  You can skip “how do I get electrical service to my property?” and go straight to “what do I want my bathroom to look like?”.  Viola!  Your perfect new old house!

I do not get impressed easily and rarely will pass on a very strong endorsement of a product or service unless I believe in it 100%, but these homes are very well priced and “perfect”. If you have exhausted your search, long for an architypal American farmhouse or cottage but are fearful of the maintenance, renovation and repair they require, or take a look at Catskill Farms homes and think “I want that!”,  I encourage you to explore the possibilities.   Contact your Coldwell Banker Village Green agent for an introduction to Catskill Farms today.  There is nothing quite like owning your own piece of heaven here in the Hudson Valley and Catskill Mountains. www.villagegreenrealty.com

What Is The Process For Buying a House?

 

What might seem an elementary question for those of us who have bought and sold several homes, “What is the process for buying a house?” is a tough one for the first time homebuyer.  This is for all those first time homebuyers out there who need a guide.

So you’ve decided to buy your first house, congratulations! I hope to give you some sound advice and easy steps to help make the process as seemless as possible.  First consider these questions carefully:

• Where do I want to live?
• What type of home will fit my needs?
•  How much can I spend?
• Who will help me to find what I want?

1.The first step of the process for buying a house? Start with where you want to live.  If you already have a community picked out great, if not, ask yourself what areas make the most sense given your top priorities for moving.  Most people consider the following criteria: Commute to work, school system, proximity to stores, hospitals or recreation, community lifestyle, family ties and cost of living.  Create a list of your top 10 possibilities and visit each one if possible and spend some time there.  When you have decided on your top 3, you have begun your adventure.

2. The second step of the process for buying a house? What type of home will fit your needs? I always ask my clients to begin their search by making a “wish list”.  It’s  fun to fantasize and start a discussion with yourself, your partner or spouse  by organizing a vision of your future home.  Put your list in priority order. If you are not buying a house alone, do separate lists to see what each of you find most important and cannot live without and what you can compromise on. Some things to include: number of bedrooms and baths, style, amount of acreage or setting, garage capacity, approximate square feet of heated living space and age of the home.  Also include amenities such as: fireplace, pool, extra building or studio/workspace, water features, views and proximity to neighbors.  Last ask yourself if you want a home that is in move in condition or,  are you willing to renovate or restore. Now put that list aside for a moment.

3. The third step of the process for buying a house? How much can you spend? The old saying  “don’t bite off more than you can chew” is especially important in purchasing a home. I have always counseled my clients to be conservative and not to end up “house poor”. The last thing you should do is work only to pay your mortgage . Giving up all the pleasures and leisure time activities you love for a house is never good.  To get a clear idea of what you can afford call a local bank or lending institution,  ask for a pre-approval or pre-qualification. Do not apply for a mortgage yet.  This  exercise is for realistic guidelines, so you will only consider properties you can afford and keep within that budget when making an offer on a home you like.  The process of getting pre-approved is simple. A mortgage officer will ask if you have available cash for a down-payment and closing costs plus verification of your income and expenses .  A credit report will be ordered by the lender to see if there are any concerns with repaying debt.  Based on your credit score (which is like a report card for how you handle money) the loan officer will tell you what you can afford and if there are any particular programs that would most suit you as a first time home buyer.  It’s critical at this point to review your personal budget carefully and to be honest with yourself. If you are not willing to give up your vacations in Tahiti or your expensive Brooks Brothers shopping sprees then re-adjust your budget to include those lifestyle choices and reduce your mortgage amount to allow for the additional expenditures.  You will get a certificate from the lender that you are now pre-approved for a mortgage up to a certine limit. This is a huge advantage when making an offer to purchase a home to the seller because they know you are serious and can afford what you are offering. Now you are ready to pull out your “wish list”.

4. The fourth step of the process for buying a house? How do I find my dream home? My guess is that you like most buyers will start looking for properties on-line. It’s easy enough to put in your parameters of price range, areas of interest and to insert your needs and wants. It’s quite satisfying to search, eliminate and review all the available homes. It’s entertaining to look at all the pretty pictures and even ask for more information. BUT you should not choose an agent to assist you in your search based upon the looks of a property they are presenting on a website.  First ask friends and family if they can recommend a full-time professional who works in the area you want to explore, if you get glowing reports then call that person, if the report is just so so, move on. If you have no one in mind then find a company with a proven reputation and national name recognition or ask in your prospective community for a reputable company.  When you hear the same names mentioned over and over you should contact the principal broker of one of those agencies and ask them to match you with one of their agents. As the principal broker of a large firm I often get calls from buyers asking if I would recommend an agent based on the agents expertise for a specific type of property, price range or area they primarily service.  I find myself matching  a buyer with an agent who I know is knowledgable and able to meet the client’s needs.  Another option is to conduct your own investigation by searching on-line for agents’ websites, blogs and agent profiles which give you an idea of the individual behind the picture and some insight into their business style.  I would contact the agents and eliminate anyone who does not get back to you within 24 hours. When interviewing an agent ask for areas they serve and how many properties they have listed or sold where you want to be.  Personally, I suggest you ask the agent send you 5-10 of the best properties that are on the market based on your description and see if they send you what you’ve asked for.  If you like what you see, make the appointment and after your first day of viewing homes, ask yourself if you feel a connection with the agent and was it an enjoyable experience.  It’s fine to sign a buyers contract now when you have identified the Realtor that you want to represent you. A buyer contract is a higher level of committment from the agent to you (as opposed to the sellers of the properties you ae viewing) which clearly describes what service they will provide in exchange for loyalty.

Now you have all the pieces of the process of buying a house in place. Where you want to buy, what type of home, how much you can spend and the Realtor who will guide and advise you.  Buying a house should be a wonderful and memorable experience so now it’s your adventure. If you have any more questions about the process for buying a house or wan’t to begin your search in the Hudson Valley/Catskill area don’t hesitate to contact me by visiting my website www.villagegreenrealty.com.  Happy Househunting!

Food, Clothing and Shelter

	We all need the basics to survive but trends have changed in the last few years, for example: 1.The movement toward healthy eating is an epidemic that is taking hold. 2. Everyone is looking for discounts even if income levels can afford fancy designer labels. 3. Shelter is downsizing, even the McMansions, a symbol of upward mobility have given way to smaller carbon footprints with attention to energy conservation. Of course this is all relative to what your lifestyle and expectations are but I believe all of us are paying more attention to how we spend our money and the benefits we get for our investment. I think there are more people willing to spend significantly more money on healthy food because of the belief in the long-term health benefit. I think given that most budgets have shrunk less money is being spent on clothing but when it comes to shelter some are still stuck with the view that a home is principally a financial investment. In my opinion that will change. Given that housing prices are the same as they were in 2002-03 in the Hudson Valley, no one is predicting they will fall much lower or rise much either for a long time. So what’s a person to do…. buy or not buy, sell or not sell for the next 5 years? Life goes on, and people still want a place to call their own, to live and enjoy family, to become part of a community and to put down roots. We need to buy homes so we can invest in our dreams - not to use as a piggy bank or part of our stock portfolio. We need to sell homes so we can move to another shelter that is suited to our new circumstances, not because it has appreciated enough and we can “cash in”. In my opinion people will only wait for so long before they move on, often by readjusting their expectations. For the last 6 years its been hard on just about everyone. The good news is we  are now buying and selling for the best reason, because we want to. We are not waiting anymore.
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Home Values: You Can’t Always Get What You Want

A homeowner’s valuation of their homes can sometimes be at odds with a Real Estate professional’s valuation.  But in the end, the market is what will determine the selling price of a home. 

A “Market Analysis” is the research that real estate professionals do to determine the value of a property.  There are 3 specific categories we search: 1.Sold properties  2.On the Market/Active properties, and 3. Did not Sell/Expired properties.  We look for properties within the same town, neighborhood or geographic area that are  similar to our subject property and are current in each of the categories we search. The most important category is SOLD properties. Looking at similar properties which have sold gives us proof that a group of buyers have determined a fairly tight value range for a particular type of property.  Next, we review the active listings that will compete with the subject property.  This helps define where we need to place the property in the lineup with its competitors. Finally, we review similar properties that have not been successful in attracting a buyer.  Pricing is the stumbling block for nearly all properties that do not sell, so it is critical we clearly communicate to our clients the price point for properties which are similar to their own that has been accepted by buyers and that which has been rejected by buyers, so we can determine a reasonable asking price for our subject property.

“What I Need” is the emotional analysis that most sellers use when determining the value of their property. There are 3 categories most sellers consider in this type of analysis. 1. How much I need to make for my next move 2. How much appreciation I think I deserve 3. Reimbursement  for all improvements, maintainance and how much I owe.  Refusal to “give-my-house-away” is the mantra for defending a property’s value in the minds of most owners.  Some will take into consideration the geographic area, neighborhood, town or type of property when searching out comparable properties, but often times those properties sold in a different market.  Sellers rarely acknowledge that foreclosures, short sales or market conditions have impacted their property values to the extent that they have. Pricing is the stumbling block for nearly all properties that do not sell.  It is typical and reasonable for all property owners to want to get the highest possible price for their home or investment. If there is no urgent need to sell then it could make sense to wait…. the question is HOW LONG ?

Market Projections are based on sales price analysis and absorption rate trends for any given market and type of property. At Coldwell Banker Village Green Realty I provide the agents and clients with this information.  Market projection pricing requires us to look at the trend up or down in terms of sales prices. If prices are moving down we price for that downward number, if stable we price according to our recent solds, and if going up we price for the increase in value.  Absorbtion rate is how long it takes the inventory to sell based on the number of homes and number of buyers in a given year. In our market the average home takes almost 12 months to sell, longer for luxury properties and shorter for entry-level housing.  

I have just completed my mid year statistics and some interesting facts have emerged. The Residential sales price is down 4% from last year. The number of Residential sales is down 20% from last year,  approx 1300 sales to 1000 sales. The inventory is high and the competition is sharp in all price ranges but particularly for properties priced over $600,000.  Homes are selling well in the $150,000- $275,000 range and that is a significant part of our local market. Its great news that this range appears stable.

I have no delusions, the market will not rebound any time soon, we are in a holding pattern in most segments.  Another dip in prices, if it happens should be minimal, I predict 3-5%  if the inventory does not move quickly enough. I am encouraging all my clients to price 5% below your best priced competition if it’s important that they close within 6 months of listing.  For the long term view I do not expect any significant increase or decrease in values for at least 3-5 years and even when the market turns it will be slow, small and steady.  In my opinion if you are going to wait for the market to “go up” by any amount  more than 3-5% you are looking at a long road and it’s likely not to happen before 5 years.  My advice: We are near or at bottom so take what you can and do what you can with it so you can move to your next goal. Oh and don’t worry, you are not giving your house away, it will sell at what the market dictates and unfortuantely not what you need.

Hit Me With Your Best Shot

Great Interior

 

Great Opening Picture

         

Not So Great Exterior Shot

Less Than Desirable InteriorGreat InteriorGreat Interior Photo Great Interior Photo

A picture is worth 1,000 words.  Catch my attention and its more likely I will pass on information about your property to one of my buyer clients.

My evening pastime is to review the market and new listings, it’s something I do every day. It makes me aware of which of my agents are bringing in business, where the new property is located, price point and general appeal. The very first thing I do is look at the pictures, all of them. If I am impressed with what I see I read the comments, if not, I move to the next one. 

It is our job as real estate professionals to select the best photos and highlight the most desirable features of the property in order to grab buyers’ and agents’ attention.  We know that buyers look at the first 4 photos and either move on or continue after that point.  We also know that, depending on the website, we can post  more than 25 photos in addition to a video or virtual tour. Unfortunately all  realtors are not great photographers and the most important visual introduction to the market is oftentimes less than impressive.  Its also true some exteriors just do not photograph well so unfortunately those houses will get passed over by the public and the realtor representing that client will have to work much harder to encourage showings.

There is no dispute that today’s buyers are very well informed when they start their home search, and its commonplace for buyers to decide what  they want to see when meeting a realtor for the first time.  This is how it works, either:  an agent gets a call or e-mail and after discussing the client’s needs sends listings to the client and then the client decides which homes to see, or, a client goes on a website and finds homes that are interesting to them and calls an agent to make appointments. In either of these scenarios unless the agent is very familiar with the market and has taken the time to preview, the only criteria that will get one house shown instead of another is a pretty picture. It takes a seasoned, full time professional to know the market well enough to be able to recommend properties based on criteria beyond what the photos on MLS show, its what distinguishes us as trusted advisors and not just tour guides.  My advice as far as photos go…its always “hit me with your best shot”.

Dress For Success

Particularly when we are trying to make an impression we dress for the occasion.  We might get our nails done, get a haircut, spend a little extra time primping and choosing exactly what shows off our best features.  Think of the last time you wanted to dazzle that special someone and the process you went through to get the message across, preparing a house to sell is no different. There are some people who have the talent to transform their home to look like a magazine ad but for most of us, it’s just not the case. We can’t see past the “pink elephant” in our rooms staring at us while eating up our hard-earned money.  On the flip side, most Realtors are hesitant to give their clients a “to do” list that may require sserious reorganizing, cleaning and de-cluttering.  Realtors don’t want to push too hard because although we are advisors, we worry our new client will think we are criticizing the housekeeping or  decorating, and even worse, that our ideas will be rejected. It takes years for Realtors to find diplomatic ways to tell owners that their house stinks or is a disaster, most can’t say those words no matter how they try to sugar coat it, it feels too personal to discuss. 

Realtors automatically are drawn to the well dressed house, just as one would take note of an attractive person. All of us like to show off the best of what we have to offer and that is what the homeowner needs to focus on,  how to impress the agents. In my opinion there ae three components to success:  The right price, presentation and representation.  I have personally always had the help of a home stager when I presented one of my own properties and have encouraged all my agents to promote the benefits of staging to our clients.  In the Hudson Valley we are experiencing a very healthy inventory and the values are excellent. It is more important than ever to stand out in the crowd by being priced as the best value in the range of competing homes and to have the best presentation. If you are listed with Coldwell Banker Village Green Realty the exposure you will get will surpass any of our competitors and your agent will add their own personal spin to the marketing efforts.

So what about the pink elephant ? It will eat up some of your equity and your time. Your offers will be lower and take longer to come in.  Pride of ownership and presentation does bring higher prices because buyers will feel more confident that the house has been maintained and well cared for. A little effort goes a long way so listen to your Realtor and your stager and you’ll be on your next adventure before you know it. Start packing! For more information on one of the finest home stages servicing the Hudson Valley and to learn more go to www.Housesetters.com