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East End, Long Island Home Sales Articles of Interest

July 15th, 2009 category: East End LI Foreclosures, Real Estate News, SellersNo Comments »

Erasing the thought that we’re experiencing a market “blip”, and encountering a situation that requires diligent attention on the part of real estate agents, home sellers and home buyers, is a recent Wall Street Journal update on East End, Long Island home sales that we found interesting:

Hamptons Home Sales Plunge as Wall Street Cuts Jobs

Wishful thinking won’t sell homes; correctly priced properties are the only solution.

Now, for some GOOD news from a source that provides real numbers, specific to East End Long Island Real Estate, with a realistic approach to data:

Long Island Home Sales Median Price Rises by 3.29% in Second Quarter

News, and more news…we tend to be data-oriented, so hope that assimilating provided sources offers some insight into a very perplexing market!

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

An Interesting Alternative to Selling a Home

June 18th, 2009 category: Real Estate News, Sellers2 Comments »

We found this interesting. While I’ve heard of this method before, we’re going to follow this story to see how the homeowners fare. Click here for a novel way to sell a home.

For more traditional methods to sell a home on the North fork / East end of Long Island, we’re happy to offer input. To view homes for sale on the North fork /east end of long island, click here.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

De-Niggling

May 26th, 2009 category: Buyers, Real Estate Philosophy, SellersNo Comments »

Click on the image below to link to the original post at Active Rain.

While many areas don’t permit dual agency and sub agency, some areas do, and it’s widely used, and perfectly legal in NY.

For some Realtors, this tradition of “neutrality” comes naturally, and there will be (always) strong defense that “I can do it- my deals always work out fine.”

While I believe that most deals work out “fine” (as in, close), what I don’t believe is that the interaction with consumers is not without some “niggling”- that uneasy tweak- throughout the transaction. Who wouldn’t be scared on a tightrope (presuming that full disclosure has been offered, with a full understanding of agency laws)? Even the New York Department of State offers the verbiage, “enter this agency with caution” to consumers.

How to eliminate the “tweak” might be to explain to buyers, when they view a property, that you represent the seller (at that juncture) but that as buyers, they have available to them buyer agency.

This is required stuff anyway; just eliminating the niggles.

If, as might occur (at least, it does out our way) the buyer says, “I hate Realtors, and I don’t want one”, then it’s possible to put in writing that you represent the seller ONLY- and that as a buyer, he/she has no representation. That eliminates a “niggle” in a big way- make absolutely certain that their lawyer has reviewed the agency agreement and signs off. Have your own provide verbiage.

If, as a buyer, they respond to the full agency explanation (each agency reviewed) with a desire to get their own Realtor/fiduciary, so what? More opinionated: GREAT!

If, as a listing agent, your list price is without commission paid, it could truly be considered the seller’s expense in its entirety. Absent that, if it’s in the listed price, the buyer is picking it up- in a diplomatic effort, they are paying 1/2. Some argue that sellers pay it all; some insist that the buyer pays it all. It’s math- I lean toward the latter (but was never good at math).

Going with the theory that a buyer is paying 1/2, frankly, I don’t like to see money wasted, and anything short of representation is wasted money on their part in a dual agency situation. They’ll figure it out; why not unearth it for them, with a 30 year financial commitment looming? It seems the respectful thing to do.

We received a really nice email from a client recently (operating under buyer agency) and it occurred to me, as I reviewed dialogue back and forth, that much of what was shared leaned in their favor, so would have been unacceptable under any other agency. Likewise, the seller of the property was receiving equally competent representation from their own agent.

What seems apparent is that full commitment to ONE party offers a whole lot more in way of job satisfaction than a tightrope walk- an opportunity to invest ourselves FULLY in the transaction on behalf of our clients. It’s makes the job fun. It engenders loyalty from our buyers/sellers. At the end of the day, we did everything we could think of, much as if it were our own purchase. No froo froo- just facts.

A thought: dual agency elevates the “deal” to a level above the participants.

It may be that I don’t like money as much as I like my job with clients. No customers.

Ditto the selling side- there’s something about finishing a transaction as if it were your own sale that makes this job more rewarding. But then, like I said, I am happy to PAY to stay off of a tightrope.

Some states have eliminated the fiduciary verbiage; that will probably be an eventuality in NY. Until then, it’s really a matter of self-policing our own motivations with dual agency, and our own willingness to leave fiduciary by the wayside.

I hate heights, so that abandonment just doesn’t work.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

Selling Your East End / North Fork of Long Island Home

May 14th, 2009 category: Buyers, SellersNo Comments »

With a market presenting challenges to sellers of homes on the east end (Hamptons, North fork) of Long Island, the more information, the better.

The following link provides ways to improve the home selling experience, with tips on how to view the current market in a way that will offer advantages; the message is clear: DON’T TAKE IT PERSONALLY!

Here is a sampling from the article…

Amid falling home prices, near-record-low mortgage rates and even an $8,000 tax perk from Uncle Sam, prospective buyers have plenty of reasons to dive into the real-estate market.

Despite some encouraging housing data, buyers will continue to have the upper hand in this home-selling season. But that doesn’t mean your house won’t sell; it just means you’ll have to make smarter moves to land a buyer. With the help of several experts, U.S. News & World Report compiled a list of seven home-selling moves to avoid this spring.

Buyers are not going to ignore a statistical inundation- they are aware that this is “their” market, to the extent that negotiation is an expectation.

Rather than viewing offers as an insult, it would behoove sellers to take a more clinical posture, while maintaining their own parameters- in other words, if you get an offer that doesn’t work, a counter offer is far more productive than a dismissive attitude.

The link for suggestions can be found here.

Selling Your Home on the East End of Long Island

May 10th, 2009 category: Real Estate News, SellersNo Comments »

I had the pleasure of mowing the yard late last week- with all of this rain, it’s due again tomorrow- and couldn’t help but notice some things that really need to be compiled into a manageable list called “spring chores.”

Whether it was a loose piece of siding, or missing drainpipe (where did they go, those attachments?), there are some tasks that need attention now- waiting until the pleasure of spring seeps into the hot summer weather promotes a dread of “tasks” (at least, for me).

The following link offers a substantial list of “to-do’s” for your home on the North fork/east end of Long Island.

Be forewarned, as I wasn’t, that the author has a ton of great ideas; that they all appear, one after another, may require a second read-through!

Click here for some helpful suggestions…and then, go have a glass of wine!

Check the smoke alarm and carbon-monoxide detector. Replace batteries. Many people do this when they change their clocks in the spring for Daylight Savings Time. If your smoke detectors are more than 10 years old, replace them. New models have longer life batteries and hush features.

Consider converting part of your yard into a vegetable garden. It’s a little time consuming to get started, so begin with just a few plants in a small plot. A bit of success with a tomato plant can make you a believer in fresh produce from the garden.

Clean house. Spring cleaning is good for the soul.

Spring ventilation maintenance means checking ridge vents for obstructions or evidence of pest damage. Now is a good time to consider adding additional roof vents or a whole house fan. It’s a relatively inexpensive way to improve cooling without using a lot of extra (and expensive) energy.

Clean the gutters … again. Wash them too at the same time to get rid of grime and dirt. It makes your house look so much tidier.

Above info & link is courtesy of demesne.info

As the real estate market continues to challenge the East End

March 23rd, 2009 category: People and Places, SellersNo Comments »

As the real estate market continues to tighten, we’re revisiting our favorite home staging site.

Check out the pics- it really is an art, and Val Allocco at Staged2Sell has it figured out for you.

Our experience with Val resulted in simple, cost effective transformations- it doesn’t have to cost a fortune (or even close) to get expert advice in order to make your home “the nicest on the block.”

Added to her site is an outside/exterior staging expert- with so many opportunities on the north fork to pick up gorgeous plantings, it makes spring a welcomed arsenal toward the goal of getting your home sold!

To see some terrific before and afters, click Staged2Sell

Thank you, Val!

To search available condos or homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

Hold…or Fold??

February 7th, 2009 category: Real Estate News, SellersNo Comments »

There is no question but that the real estate market is correcting. While this has occurred in past markets (that “cyclical” thing is the truth) the degree to which values are declining makes this market urgent for sellers, and here’s why:

Banks have stopped up the foreclosure process by providing government mandated time extensions to homeowners. Many of these homeowners, in the absence of an alternative that makes sense, continue to miss payments. Eventually, their homes will hit the market as “bank owned.” As is.

At a price significantly below what would have been an expected (hoped for) price.

This discounted property (there are homes that would fit into the 400k range now, being offered in the low, low 300’s/high 200’s as bank owned) is now a comparable property for the “regular” home seller, either in “available” comps, or if closed, closed comps. They’re part of the real estate landscape, and we are at the beginning of bank owned presence. One look at Florida and California tells the story, with 50% valuation drops.

Whether or not NY will become hard hit is irrelevant if it’s being hit (which it is). If lis pendens are any indication, we just got on the ride; Long Island is already a harbinger of bank properties. The Wall Street news doesn’t bode well for a community with a large second home presence.

With appraisers feeling an industry wide sting for having been a part of a many faceted problem that was inclusive to varying degrees of all real estate participants, any expectation that an appraiser is going to fudge a bit is out of the question. If anything, valuations will likely fall on the other side of a hoped for amount.

The more distressed properties that close, the lower the values go- this includes short sales, which are being attempted in abundance on the east end of Long Island. Once closed, a seller has a new “comp” to contend with.

If you need to sell your home, the advice from this contingent is to get it marketed as soon as possible. Don’t hold off to “fix it up” at this point- and if you are going to make improvements, do it speedily. As distressed properties increase, and those closed figures impact the VALUE of your house, time is not on your side yet.

If you’re a gambler, it’s time to look at the odds of coming out ahead in the near future, and make decisions based on facts.

If you don’t need to sell your house, look forward to a few additional east end summers…I can think of worse things!

Selling a Second or Vacation home on the North Fork / East End, Long Island

February 3rd, 2009 category: Real Estate News, SellersNo Comments »

With many vacation/second homeowners contemplating the benefits of keeping a property, or selling a home on the east end/North fork of Long Island, we thought that the following article would be of interest. It clarifies changes made on tax/ownership of second homes.

While consulting your own accountant is a given, staying on top of tax changes that impact the sale or rental of second homes for homeowners is worth keeping an eye on.

A provision of the recently enacted Housing Assistance Act of 2008, the bill designed primarily to provide relief to some homeowners facing foreclosure, is going to cost some folks who have a vacation or other type of second property.

The link to the entire article can be found here.

To check out available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

Buyer Agency on the North Fork & East End of Long Island

January 10th, 2009 category: Buyers, Real Estate News, Real Estate Philosophy, SellersNo Comments »

Teamwork on the North Fork If you purchased your last home without the assistance of a buyers agent (an agent hired by you to diligently monitor your best interests in a home purchase), here are some things to consider NEXT time around:

1. How long has the home been on the market?

We’re noticing that on occasion, a home that’s been on the market for an extended period of time is allowed to expire, and then re-entered by the listing company as a “new” listing a few days after the expiration. Tracking this is simple, if you have access to the history of the property, either through public records, or your own real estate agent digging for property history. The listing agent is unable to offer this insight; they represent the seller.

2. What is the history of the individual listing agent with respect to pricing?

Some listing real estate agents often have a listed/sold differential in excess of 15-20%- the property is initially overpriced, then dropped in fairly short order. Knowing the methods of the specific listing real estate salesperson on your property of interest provides insight that is of immeasurable value; if the typical effort includes overpricing, and then whacking off huge sums to reach market value, better to know this beforehand, in order to present an offer that coincides with both market value, and seller expectation. A buyers agent should seek out this info for you before an offer is considered. An agent representing the seller will NOT OFFER information detrimental to their seller, and we understand/respect that obligation.

3. What are the anticipated values in a declining market that should guide the offer of a property of interest?

In a market that is a “moving target”, it’s very important to review local trends. With a closing occurring 30- 90 days after a purchase, common sense based on historical data would suggest that things “can’t change THAT much”- not so in todays market. While there is no clear cut answer, a buyers agent can work with you to establish what the trends indicate, so that you don’t face a closing in which your property of interest runs into appraisal issues. While highly inexact in this market, a buyers agent is able to work from a “cautious, in the best interest of the buyer” angle, rather than a “get the seller the best price possible” angle required of the listing company (and any real estate agent that hasn’t committed to serving the buyers interest FIRST and foremost).

4. Who pays the buyers agent?

As with the typical transaction, payment to Options Realty buyer agency agreements are paid by the seller upon closing (although because the cost of real estate fees is included in the purchase price- it can be argued that commissions are paid by the buyer, as well, just paid out by the seller). The seller, if they are a listing company that utilizes the MLSLI, will stipulate the fee paid (just as has been historically done under all other agencies). While there are a handful of companies that indicate non-payment for buyer agency, it’s our job to “collect” from the listing company- as a buyer, you can either avoid properties in which the listing company indicates payment only for seller representation (not recommended) or we’ll establish UP FRONT for you any issues created by a listing company not well versed on the value of buyer agency. MOST REAL ESTATE COMPANIES on the North Fork of Long Island today COUNSEL SELLERS TO PAY THE FEE TO A BUYERS AGENT, so the likelihood of any issue is greatly diminished. A good thing for sellers.

North fork homebuyers (and likely, New York homebuyers overall) have discovered over time that their interests have been ignored in favor of both real estate agents (listing and selling) representing the seller.

As a result, there is a knowledge level gained by prospective home buyers that often creates the certainty that having someone in their corner is an unnecessary endeavor- they can “represent” themselves- real estate agents are simply a conduit.

In the current real estate market, sellers, buyers and real estate agents are playing with a new deck of cards, and the hand dealt is not always a “winner”- elements outside of the real estate industry control are wreaking havoc.

Viewing buyer agency/seller representation as a simple acknowledgement that in fact, two sides exist in ALL transactions is simply common sense, to the benefit of both parties.

If you’ve sold a home in the past, and wondered WHO your real estate agent “really” worked for, or bought a home and wondered the same thing, you’re likely clear about one thing: IT’S BEEN AS CLEAR AS MUD.

At Options Realty, we seek to provide clarity for ALL parties in a transaction- fiduciary to our primary client (whether it’s a seller or a buyer) with fairness offered to the second party in a transaction, including encouragement for both parties to have full fiduciary from their participating real estate company. Two represented parties = one transaction of integrity for ALL.

It’s our job to permit you to clearly see where we stand, so that the choices that you make MAKE SENSE to YOU.

Options Realty. Defining Lines, Providing Clarity.

To check out all available properties on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

Selling a Home on the North Fork of Long Island

September 10th, 2008 category: SellersNo Comments »

To home sellers on the North Fork of Long Island: Agency Choices Matter!

You’ve decided to sell your home; you’ve located the perfect listing company. Pricing is established. A question remains: WHO TO COOPERATE WITH? When your agent opens up exposure by utilizing the MLSLI on your behalf, you have choices to make.

When you list your home, the agency that you “hire” will likely be signing up to be a “sellers agent.” The primary function of your listing company is to offer a transaction that covers you, the seller, in a required fiduciary capacity. You will agree to a fee for this service.

You will be making a decision with whom to cooperate, or split the fee that you are paying to the listing company. As most properties are now in the mlsli, a “co-broke” is likely. This simply means that of the total amount that you are being charged by the listing company, a percentage (generally one half) will go the the agent that brings the buyer.

You have choices.
1. You can permit agents to view, bring buyers, and make offers on your home as your “employee.” The result of this arrangement is that while the cooperating broker has loyalty to you (seller), YOU can be held vicariously liable for anything misrepresented to the buyer by the cooperating real estate salesperson. For this reason, “sub agency” offers a gamble for you, the seller. This is shown as “seller agency” on your disclosure.

2. You can permit agents to view, bring buyers, and make offers on your home under a second agreement: broker agency. Under broker agency, the listing broker could be held liable for the misrepresentations by the cooperating broker, to the buyer. For the same reason that sub agency is a poor choice for you, so it is for your listing company under “broker agency.” It isn’t possible to be present for every dialogue between a real estate salesperson and their buyer. For this reason, this agency is a less preferred method of cooperation.

3. You can permit agents to view, bring buyers, and make offers on your home under a third agreement: buyer agency. Under buyer agency, neither the seller, nor the listing company is held liable for the actions of the cooperating salesperson to the buyer. While normal disclosure and ethics, as well as legal ramifications remain, you are NOT responsible for any misinformation (intentional or not) from the cooperating salesperson to the buyer, when unbeknownst to you or your listing company.

Fairness is owed the buyer from the listing company, assuring that disclosures are properly handled, and that integrity is present. That’s why you chose your listing agent- fiduciary to you; fairness to the party entering into an agreement to purchase your home.

A large majority of real estate salespeople representing buyers will do a perfectly seamless job.

In the event, however, that YOUR buyer is unfortunate enough to be misinformed by THEIR agent, let liability fall where it should: to the buyers agent.

The last thing that you, as a seller, need is an issue after closing that is outside of your control, and perpetuated by the party receiving payment from you, that ends up in YOUR lap, or that of your listing broker. Cooperating with a buyers agent is money well spent, relative to the other two options available, if it avoids a liability issue later on. Your fee provides an absence of vicarious liability for you, as a seller, in this agency. Additionally, by the nature of the diligence required, you better the odds of your cooperating salesperson providing accurate information to your buyer.

Yet another discussion that you may well have with your listing agent (and we suggest that you do) is dual agency. This scenario occurs when the listing company procures a buyer for your property. Some companies still utilize this method; many avoid this choice due to inherent conflicts of interest. If the company that you choose does not participate in the multi list service, the odds are greater that you’ll encounter this type of agency. As the NYS disclosure indicates, consider this agency carefully before engaging.

For a copy of the New York Department of State disclosure form, click here.
**AS IS REQUIRED IN THE STATE OF NEW YORK, IN MATTERS OF LEGALESE, CHECKING WITH YOUR LAWYER TO CONFIRM THE SUGGESTION ABOVE IS ENCOURAGED. THIS IS NOT TO BE CONSTRUED AS LEGAL ADVICE.

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