Archive for the 'Sellers' Category

Just What Long Island Real Estate Consumers Need…More Junk Fees

July 11th, 2008 category: Buyers, SellersNo Comments »

Bob Sullivan from MSNBC’s Red Tape Chronicles posted this today. We thought it was valuable enough to show it to you here, at least the opening paragraph. Click here to read his entire post over at the Red Tape Chronicles.

“Traditionally, buying a home has been “free,” at least with regard to real estate agents. Sellers pay steep commissions — usually around 6 percent – which are split with the shoppers’ agent. That allows home buyers to focus their energy on hunting for hidden fees from their mortgage provider.”

To home sellers and buyers on the North Fork of Long Island: Please click here to read the entire article.

While I had heard of vague “administrative fees” becoming common, it was something that seemed minor relative to the rest of certain real estate issues that occur on Long Island, in addition to an ever changing market.

Deciding, as a broker, to add fees that (if they are explained as competently as the agency disclosure often is…NOT…you will likely view this inserted creative “fee” at closing) is unacceptable, whether in a slow market or not.

Not because there are certain administrative tasks associated with a real estate transaction, but because fees charged to consumers is for the purpose of a completed transaction. Isn’t that what “commission” is supposed to cover?

Hopefully, awareness of what we concur is a sneaky and unacceptable “fee” (what- paying a real estate agent along with an attorney isn’t enough for Long Island consumers??) will eliminate it. Awareness is everything, and administrative fees coming from a real estate broker/owner are completely ridiculous. Opinion, of course…

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Working with Buyers on the North Fork of Long Island

April 11th, 2008 category: Buyers, SellersNo Comments »

SELLERS OF HOMES ON THE NORTH FORK OF LONG ISLAND: YOUR BUYER IS OUT THERE.

 

While frustration has been, of late, the order of the day for home sellers in general, there are homes going under contract, and there are buyers looking for properties.

The homes that go “quickly” are priced in such a way as to get the buyer to land, with a bit of negotiating on occasion, and a willingness on the part of both buyers and sellers to compromise.

Nationally, we are in a precarious place- with the recent down payment increases becoming common, buyers are educating themselves in impressive numbers, as they decide if things are close to “hitting bottom” in a declining market.

Presentation of your home on the Internet is critical- a single photo on Realtor.com (a spin off of the MLSLI) doesn’t cut it with today’s home buying contingent. Additionally, while exposure on numerous websites has gained ground, there are still hold outs that are not maximizing the exposure needed for your home.

Pricing is tantamount to success- with buyers deciding that a fence upon which to sit is a safe route, offering a home that is accurately priced is still the best formula. Determining this can be tricky, but there are several ways in which to approach the dilemma- not the least of which is to take a hard look at your competition.

While ignoring the headlines in favor of local results is difficult for both sellers and buyers, the fact remains that real estate is LOCAL, and our area appeals to many outside of the North Fork. A home priced within the range of recently closed properties is far more practical than pulling up properties that closed more than a few months ago- while we haven’t seen NEARLY the disastrous market in evidence in other states, there is a knowledge among buyers that things have dropped from the highs of a few years ago.

Viewing the entire process as one in which cooperation is essential will provide sellers with able buyers, and buyers with properties that don’t run the risk of being “under” appraised- starting out with accuracy is, and always has been, a key component.

CALL US FOR AN ACCURATE ESTIMATION OF THE VALUE OF YOUR HOME. GETTING BUYERS TO LAND ON YOUR HOME IS OUR PRIORITY.

(PHOTO OF OSPREY AND A VISITOR- Options Realty)

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Before You Buy or Sell a Home on The North Fork of Long Island

March 17th, 2008 category: Buyers, Real Estate News, Real Estate Philosophy, SellersNo Comments »

Before you buy or sell a home in New York, you might want to read the article The practice of Sub-Agency is Dead. For Gosh Sakes, Let’s Bury It!
by Avery Yarbrough located here.

While we strive to provide updated market information, the above article does a better job than many others of explaining the practice of agency relationships, as presented to consumers in New York. If your listing agent is offering compensation for a “sub” agent, vicarious liability is present in the purchase. Something to think about.

Read the article Vicarious Liability
From James Kimmons here.

If you are considering a home on the North Fork of Long Island, check this out before you list your home, or purchase a home. Engaging in “dual agency” is a bad plan; better for all simply to have your real estate agent represent you, and allow the buyer’s agent to have their own representation (for whom you carry no vicarious liability).

We operate with the knowledge, having practiced Real Estate in other areas of the country, that is offered in the above article. Long Island, New York is one of only a few areas having difficulty with a transition that took place in many areas over ten years ago- don’t be behind the times!

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North Fork -Long Island Real Estate Market Update

February 5th, 2008 category: Buyers, Real Estate News, SellersNo Comments »

What has gone under contract so far in 2008 on the North Fork of Long Island?

The following report, using figures from mlsli, indicates properties that (while some are not closed) have enjoyed a contract in 2008. These transactions occurred from Jan.01, 2008- February 5, 2008.

The towns included in the search are: Aquebogue, Baiting Hollow, Calverton, East Marion, Jamesport, Laurel, Mattituck, Riverhead, and Southold, New York. Included in the search, but showing no contracts, are Greenport and Orient/Orient Point, New York. *Always check figures with MLSLI for the most up-to-date numbers.

Aquebogue: 2 U/C. One was priced at $339k, the other at $375k. The days on market average is:231.5
Baiting Hollow: 1 U/C. This home was priced at $599,750. The days on market average : 59
Calverton: 2 U/C. One was priced at $369k, the other at $649,999. The days on market average:168.5
East Marion: 1 U/C. This home was priced at $865k. The days on market average:92
Jamesport: 3 U/C. One was priced at $479,846, one at $544k, one at 599k. The days on market average:183
Laurel: 1 U/C. This home was priced at $469k. Days on market was:259
Mattituck: 3 U/C. One was priced at $470k, one at $525k, one at $799k. Days on market average:303. This figure is skewed by a home that spent 772 DOM.
Riverhead (excluding mobile home sales): 8 U/C. Pricing: $150k; 225k; 290k; 428k; 450k; 469k; 599k; 649k. Days on market average: 196.
Southold: 2 U/C. One was priced at $525k; the other at $699k. Average days on the market:81

This snapshot provides activity (buyers) making their presence known (performing a contract) from Jan.01, 2008 to Feb.7, 2008.

It does NOT include buyers that may have entered into a contract prior to Jan 01.

The following is a report on available homes on the North Fork, Long Island.

Aquebogue (excluding mobile homes/seasonal cottages): 60
Baiting Hollow (excluding mobile homes/seasonal cottages): 50
Calverton (excluding mobile homes/seasonal cottages):19
Cutchogue: 46
East Marion: 25
Greenport: 35
Jamesport: 27
Laurel: 17
Mattituck: 47
Nassau Point: 3 (likely located under Cutchogue)
Orient: 16
Riverhead (excluding mobile homes/seasonal cottages): 145
South Jamesport: 8
Southold: 104

TOTAL PROPERTIES AVAILABLE: 487
TOTAL HOMES U/C IN THE FIRST MONTH OF 2008: 23

To sellers of homes on the North Fork of Long Island: competition is accumulating. While selling your home is always a possibility, it is critical (in a market that shows no indication of immediate improvement) to determine whether the need to sell is paramount. If not, based on reports of a challenging year, it might be better to hold off, and sell when things begin to improve. Patrick McGeehan at The NY Times, recently quoted Jeffrey Otteau about this in his article entitled Home Prices Start to Dip, Recalling ’90s Slump.

Homeowners who are waiting for the market to rebound to sell their houses will regret that decision, Mr. Otteau said.

“For those sellers who’ve decided to wait until spring to get what they think their house is worth, the spring they’re waiting for is a very long time off,” Mr. Otteau said. “Unless you have the ability to wait this out for five years, waiting is a losing game.”

While it is very early in the year, we are in a “buyers market”- and as those buyers consider properties, pricing appropriately is paramount to success. Choices are plentiful, but the reason behind the choice is clear: we’ve lost many of our “first time” buyers. Lenders have tightened the grip, preventing many from purchasing. This impairs the “move up” buyer- and so on. We haven’t seen the impact of foreclosed properties yet- while they are present (often the result of those that purchased in the last few years, and are now upside-down) the impact has not been fully recognized in this area- YET.

There are occasions in real estate that make it sensible to “test the waters”. In our opinion, we are not experiencing one of those times- to the contrary, less is (for the market as a whole) a better alternative- properties that are languishing with reluctant sellers are impacting the area negatively. Buyers are making their ability/interest clear: if it’s not priced appropriately to the current buying climate, it isn’t going to sell.

If you NEED to sell your home, get a current, accurate market analysis. Don’t gamble in a downward market by shutting out buyers that may have an interest, but are waiting. Accommodate buyers by pricing correctly.

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Real Estate Agency, North Fork, Long Island

January 25th, 2008 category: Buyers, East End LI Foreclosures, Real Estate News, Real Estate Philosophy, Sellers1 Comment »

If you are thinking about selling or buying a home on the North Fork of Long Island, New York, real estate companies have a revised document for you to sign with regard to AGENCY RELATIONSHIPS.

Acknowledgement of agency laws is required by the New York Department of State in order to encourage all consumers to understand what role a Realtor will play in the way of representation to each party- the seller and the buyer. In our opinion, the bold-ed verbiage is worth note. In that way, it differs from the form that you will be signing. THIS FORM IS NOT A CONTRACT.

The following is taken directly from the New York Disclosure Form for Buyers and Sellers, and will be presented to you, with an explanation of each representation so that you are able to determine who is on your “side”, once the agency relationship has been determined. As offered by the DOS, “this disclosure will help you to make informed choices about your relationship with the real estate broker and its sales associates.”

Sellers Agent: A sellers agent is an agent who is engaged by a seller to represent the seller’s interests. The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller. A seller’s agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should a) exercise reasonable skill and care in performance of the agent’s duties; b) deal honestly, fairly, and in good faith; and c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
Buyer’s Agent: A buyer’s agent is an agent who is engaged by the buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care,undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyers agent does not represent the interests of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should a) exercise reasonable skill and care in performance of the agent’s duties; b) deal honestly, fairly, and in good faith;and c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer.

Broker’s Agent: A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyers agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyers agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer’s agent’s buyer. The broker’s agent does not have a direct relationship with the buyer or seller and the buyer or seller can not provide instructions or direction directly to the broker’s agent. The buyer and the seller therefore do not have vicarious liability for the acts of the broker’s agent. The listing agent or buyers agent do provide direction and instruction to the broker’s agent, and therefore the listing agent or buyer’s agent will have liability for the acts of the broker’s agent.

Dual Agent: A real estate agent may represent both the buyer and the seller if both the buyer and the seller give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, the buyer and the seller. An agent acting as a dual agent must explain carefully both the buyer and the seller that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and seller are giving up their right to undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation.

Dual Agent with Designated Sales Agents: If the buyer and seller provide their informed consent in writing, the principals or the real estate broker who represents both parties as a dual agent may designate a sales agent to represent the buyer and another sales agent to represent the seller to negotiate the purchase and sale of real estate. A sales agent works under the supervision of the real estate broker. With the informed consent of the buyer and the seller in writing, the designated sales agent for the buyer will function as the buyer’s agent representing the interests of and advocating on behalf of the buyer and the designated sales agent and the designated sales agent for the seller will function as the seller’s agent representing the interests of and advocating on behalf of the seller in negotiations between the buyer and the seller. A designated sales agent range of fiduciary cannot provide the full duties to the buyer or seller. The designated sales agent must explain that like the dual agent under whose supervision they function, they cannot provide undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship with designated sales agents before agreeing to such representation.

(emphasis added)

For sellers, the other consideration when reviewing agency is to make a determination as to which agency, if any, you will offer compensation, particularly if your Realtor is promoting your property on the Multi List system of Long Island (MLSLI, with the feeder to Realtor.com). Realtors utilize this system to provide exposure for your property, and your compensation is advertised to the Realtor community with the following designations defined above:

SA, or seller’s agent

BA, or buyer’s agent

Broker’s Agent

For sellers, understanding the advantages/ramifications of each agency compensated is imperative. Establish what is best for you by discussing this with a few Realtors to gain as much comprehension as possible. Full understanding on your part of each designation is the responsibility of the Realtor who lists your home, sells your home, or facilitates the purchase of a new home- clarity on the part of the Realtor involved will facilitate an easier transition for both sellers and the buyers that purchase your home. KEYWORD: FIDUCIARY.

Call us if you’d like to have a conversation about Agency relationships. While we offer opinions on all things real estate, this is a serious consideration for consumers- too much information isn’t enough.

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If I Were Selling or Buying a Home on the North Fork of Long Island

January 21st, 2008 category: Buyers, East End LI Foreclosures, Real Estate Philosophy, Sellers1 Comment »

If I were a seller on the North Fork of Long Island, New York, I would ask the following question of the Realtor offering their services: Do you understand fiduciary?

What is fiduciary, from a seller perspective? Here are some good questions:

1. Will my property be entered into the MLSLI immediately? I want all agents with buyers to know that it’s for sale; that will potentially increase the offer that is made to me.

2. Are you seeking the best offer for ME, or are you interested in excluding Realtors that may have a good offer, but will take half of the fee that I’ve offered you to sell the property, preventing you and your company from getting it ALL? I don’t want an agent or company that’s not complying with fiduciary here; what you and your company receive is what I’ve agreed to, and I don’t care who it goes to. Nor should you, if you understand your fiduciary to me.

3. Will your sign out front be welcoming to all that might have an interest, without that antiquated “exclusive” part attached to it? I don’t want to discourage anyone from seeing my house. What’s up with the “exclusive” on my sign?

4. Will you provide me with ALL binders, so that I can make the decision? I think that I deserve that- after all, I’m paying your fee. Can I trust you with this?

If I were buying a home on the North Fork of Long Island, I would demand a buyer agent. Buyers agents operate with fiduciary- that’s what the Realtor code of ethics requires.

If I want a home, the “fee” for the buyers agent is already in the price. Hey, I’m not stupid. And no, I don’t want to be a “customer” of the listing agent or anything else- my agenda is to locate the best value, and that means my own Buyers Agent. Period. If I want to make a low-ball offer through the listing company, that’s my right, too- respect that I do NOT want to buy through the selling company, but they can facilitate a low-ball. Anything else and I’m compromising my own money.

AND, I want to see ALL of the available homes. I’ve given a price range, and I want to see them all. If my buyers agent wants to show a home that I may have to “pay” him or her for, no thanks- I’d take it off of the offer price, anyway- we all KNOW that sellers have included some kind of payment if you offer it to agents that only represent sellers- “SUB-AGENTS”. What are those types of agents still doing around, anyway? If you can pay a sub-agent, you have made financial room for a buyers agent- they often have buyers. I want their offers.

What? You’ve counseled your seller to pay less to a buyers agent, or nothing to a buyers agent? Hmm. I wonder what’s wrong with the house- is there a problem that a buyers agent will uncover?

Oh- and if you want to make it difficult, so what. The market is declining anyway. Hey, I want to buy a house. You can make it easier, or I’ll just wait.

Really, it’s all so simple, this FIDUCIARY stuff. And well worth understanding.

Make sure that your Realtor “gets it”- after all, it’s required.

At Options Realty, we “get it”, whether you are selling or buying a home. Your interests come first.

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TO SELLERS OF HOMES ON THE NORTH FORK…

January 15th, 2008 category: Buyers, Real Estate Philosophy, SellersNo Comments »

AN EAST END OF THE NORTH FORK, LONG ISLAND NEW YORK REAL ESTATE PHENOMENON

We’ve been noticing a very interesting pattern with respect to sellers and their understanding of buyer agency. The pattern appears to convey a lack of understanding.

When you list your home for sale, one of several things may occur. This segment deals with the real estate agent that shows your home, representing the BUYER, not you, the SELLER.

The MLSLI service on Long Island shows the commission being paid by the seller to potential real estate agents with buyers. With alarming frequency, there is a “O” or reduced amount offered in the MLSLI to the agents that represent buyers. By reduced, I don’t mean that it’s “too low”. What is seen is an amount paid to a real estate agent that brings a buyer, but agrees to REPRESENT THE SELLER- this amount- is often higher than the amount offered to the agent that provides a buyer, but REPRESENTS THE BUYER. In too many cases, the amount paid is “0″.

The MLSLI, and REALTOR.COM, is viewed nationally, both by real estate agents and consumers. This is a huge tool in selling your home.

In a typical buyer agency agreement, the buyer has an understanding that is COMMON PRACTICE: the costs to sell the home are reflected when pricing the home by the seller. All sellers build in the amount of payment to the real estate contingent (as well as other potential costs) that are involved in the sale- there is no secret here. If a seller has priced the home to include real estate agents that represent the seller only, the SAME DOLLAR AMOUNT IS TYPICALLY PAID out of the seller’s pocket.

Think you’ll get offered less, when a buyer is represented by a real estate agent? THINK AGAIN. If a home is priced correctly, based on market conditions, the fiduciary required on the part of a buyers agent is not compromised by offering fair market value, for a home that buyers really want. To the contrary; despite possible haggling, the end result is often no different than dealing with a real estate agent that “represents” you, the seller. BOTTOM LINE: getting the house sold should be at the top of the agenda for your listing agent, which would include ALL avenues of marketing exposure and reach.

With much of the buying agenda focused on home BUYERS (the investors aren’t the majority anymore), the game has changed.

Buyers Agency has been in place in most parts of the country for 15 YEARS or more. While initially balked at (the reaction was “why should I, as a seller, pay for the buyer to be represented”) it became clear that in most cases, good market or bad, buyer agency better protects both the buyer AND the seller.

SHOULD BUYERS HAVE TO PAY THE REAL ESTATE AGENTS? They do- it’s in the price of the home.

PRICING COMPROMISES OCCUR IN A SLOW MARKET. IT DOESN’T MATTER WHETHER THE BUYER IS REPRESENTED BY BUYER AGENCY. AS A SELLER, YOU CONTROL THE “SOLD” PRICE. Your listing agent should be competent enough to handle all offers, regardless of the source. The key is to GET OFFERS.

Consider this: if an agent (other than your listing agent ) shows your home (representing you, the seller) and makes an error in some form, YOU, as the seller, are accepting this representation (despite not having chosen the cooperating broker ). You, as a seller, already have representation, via your listing agent, and typically, your attorney. It became evident, in most parts of the country, that sellers didn’t need the potential liability of two representatives; buyers, on the other hand, needed representation.

Additionally, buyers KNOW that the fees are included in the price of the home. Just ask anyone doing a FSBO- often, lookers expect the absent fees to be deducted, when calculating an offer.

If your real estate agent insists on representation from the cooperating broker for YOU, the SELLER, what does that say about their own competence? Frankly, I’d prefer to have a buyers agent in the equation- and counsel all sellers to include the contingent that is currently controlling the market. As a listing agent, our preference is to represent only you, and not subject you to potential errors from an agent representing you (but working with your buyer).

THINK HARD ABOUT ELIMINATING BUYERS AGENCY. THINK HARD ABOUT ANY REAL ESTATE AGENT, WITH FIDUCIARY TO YOU, THE SELLER, WHO COUNSELS AN ACTION THAT ELIMINATES BUYERS IN A MARKET BEGGING FOR BUYERS.

IN OUR OPINION, IT’S A BREACH OF FIDUCIARY TO YOU, THE SELLER, TO COMPROMISE ANY BUYER THAT MIGHT WANT YOUR HOME.

WE OFFER OPINIONS OF REAL ESTATE PRACTICES ON THE NORTH FORK THAT IMPACT SELLERS AND BUYERS.

We’d love to hear your opinions on the practice of “eliminating” some members of the home buying community by eliminating their representation. Has your listing agent explained ALL of this to you, the SELLER?

If you don’t offer compensation to buyer representation, the home can be shown- but will it be purchased in an uncomfortable (and unnecessary) circumstance? Perhaps…perhaps not.

If you have authorized your real estate agent to exclude buyers, rethink it.

Just welcome buyers and their representation in, and see what happens. Remember, YOU control the accepted offer.

IT IS OUR OPINION THAT ELIMINATING BUYERS IS A VERY POOR CHOICE. We don’t want our sellers missing out on buyers, period. Buyer agency offers fairness to all, and less liability for you, the seller. Just our opinion, based on experience.

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Real Estate…It’s a Gut Feel.

November 17th, 2007 category: Buyers, Real Estate News, Sellers8 Comments »

Selling or buying real estate requires basic knowledge. A real estate agent can provide input, and both buyers and sellers can receive additional input online. The paperwork end of a transaction is NOT rocket science.

With that said, what CAN I contribute to your transaction, beyond a full understanding of the process?

The real kinks never seem to be about an uncrossed T.

The kinks often stem from the ability of the sellers and buyers, from a personality standpoint, to view the property from the same page. Much like it would be were you to enter your child in a beauty pageant (OK- I wouldn’t, but that’s another story) there is no possibility of a seller remaining DETACHED. It just isn’t possible. At least, it isn’t for me (and I’ve sold a few of my own houses). It is also unrealistic to expect that a buyer is fine with the house just as it is, at just that price, at this point in time.

Buyers, in this odd market, are looking at house pricing as the “starting point“. Rare is the buyer, anyway, who doesn’t make an offer, but offers today are often significantly under the asking price. This is tough stuff- especially in light of a market that is barely steady or has a decline. Newspapers are pounding the notion of a catastrophic price drop every other day; news shows do little to squelch the possibility.

I like to think, as a real estate agent with experience, that my input (depending on who I’m representing) will either make them money, or save them money.

SELLERS, for starters, one thing hasn’t changed: PROPERTIES THAT ARE PRICED RIGHT SELL. How to determine that, even while gazing at stats barely three months old? More important, what of your current competition? I want to know exactly what a buyer is thinking when they view the house down the street- what would I think? What do YOU think? If you don’t understand the market through the buyers eyes, you need another set of eyes. My fiduciary is yours first; that requires that your financial outcome is, in my estimation, the maximum that is realistic.

BUYERS, that home that looks overpriced? It isn’t, and here’s why: “There was an assessment indicated to the owners of the condominium association four months ago for $12,000. THIS seller paid it in full; the other homes on the market didn’t. That’s why they are $5,000.00 lower.” Or, “This house that you love is perfect, because it falls in line with all of the comps- however, as sellers are aware of the “offer” climate, let’s go under, and see what happens first. If you love it, we’ll get to full price if we HAVE to.” If you and I have signed a buyers agency, fiduciary comes before all else.

Clearly, as either a seller or a buyer, the home buying process is a task that you can accomplish without another opinion. My goal is to make my opinion WORTH IT.

If you are thinking about selling your home for top dollar permitted in the current market conditions, call us for our opinion- we’d be happy to provide it.

If you are thinking of buying a home, let’s go steal something. Or, locate something priced right, that you LOVE.

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Tips on Selling Your Home During the Holidays

November 10th, 2007 category: Sellers2 Comments »

‘Tis the season…

Many home sellers, disappointed with the results of marketing their properties over the summer and fall, make the decision to take their property off of the market during the holidays. The prospect of interrupted family gatherings, inconvenient showings, and the overall uncertainty combined with holiday stress compel this decision.

If you are serious about selling your home, consider the alternative of staying the course.

What better time, even if the buyers are fewer, to present your home than when there is less inventory on the market? Competition in peak months can be fierce, and a slower market increases the opportunities for buyers to choose your home above others.

Some suggestions, should you decide to market during the busy holiday months:

Keep your decorations to a minimum. Remember, buyers are seeking to imagine themselves in your home; too much can be distracting. A wreath on the door, candles or a tree, and stockings are fine; the pink wiggly singing thing that belts out holiday favorites might be better enjoyed in your childs room. Save the silly items (I say that sincerely, as one who LOVES the silly items) for specific gatherings.

Be sure to keep gifts in a safe place- neatly. Finding a spot in which to keep your wrapping necessities and items purchased for family and friends provides security, in addition to maintaining organization. All items of value should be secured, just as they are at any time of offering your home for viewing.

If you are planning a party, let your agent know in advance, and block that time off for yourselves. Do not put yourself in a position of turning down showings- rather, schedule those times that are “off limits” for showings in advance. Your Realtor will appreciate the heads up; people are understanding during this time of year.

Leave a basket of candy canes, or a plate of cookies (store bought is fine) for those looking at your home. Kids love it, and the buyers may remember your home as the one in which treats were provided.

Holiday music playing softly is a nice touch. While I find myself quite tired of the songs by the first of the year, background music is soothing, and may appeal to those looking.

Remember…fewer homes on the market increase your chances of selling.

CALL OR EMAIL US IF YOU’D LIKE ADDITIONAL TIPS ON HOLIDAY HOME SELLING. As people who enjoy all of the festivities, we understand the obstacles that the holidays create for home sellers. We don’t mind working through the holidays (and we like the candy canes with green and red stripes)…

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Investment Properties- North Fork, Long Island

October 14th, 2007 category: SellersNo Comments »

With the real estate sales venue holding properties for a longer period of time than they might have several months ago, are there properties on the North Fork that offer investment potential?

There is no question, as we speak with buyers and sellers, that this “niche” is looking at the market. Some sellers owe more than the property is worth; a short sale might be in order (call us). Some sellers, recognizing that the market as depicted by the news might prompt investor “types”, are looking at less fix up, and more…reduction.

The result of the market changes is that some North Fork, Long Island sellers are deciding to put their investment back into their own pocket, and seeking renters until the market responds to their asking price.

Other sellers, if they are motivated, are working with the market changes (however large or small) and making certain, for a certain sale, that their homes are the BEST PRICED, and in the best condition. The only certainty.

What about those that, for financial reasons, are unable to rent (rent is less than the already behind payment) and market conditions indicate certain failure due to a loan amount that exceeds value?

INVESTORS ARE SEEKING PROPERTY. Here’s what’s ideal: a property, viewed as a market value parcel. Upon examination, items need to be FIXED. Double the amount of the fix. Does this provide a reasonable return on investment (because the home, after all, has become a house that needs to sell)? Offer THAT amount (double the fix) below “market value”.

If buyers are looking for their HOME, all homes viewed need to be “home” ready. HOME BUYERS differ drastically from INVESTORS. If you don’t update, we won’t be able to compete to your advantage with many homes that are “HOME” ready. Don’t want to spend $4000. (example) to get it competitive? Reduce the asking price by $8,000. below market- INVESTORS… Is your kitchen outdated, without the benefit of historical charm? Reduce. Baths, with the same historical charm caveat? Reduce. You are marketing to investors. Is your home completely updated, at market value? That’s a certainty.

MANY PEOPLE HAVE UPDATED THEIR ‘60′S THROUGH 90′S HOMES. If you haven’t, be prepared to compromise on your price if you want your house SOLD.

Some homeowners are not ready for a realistic market analysis. For those that are, call us. If you NEED to sell your home, we’re ready. If you want to get a true market analysis, call us. No baloney- in a tougher market than recent years, you need to know whether to hold or sell.

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