Archive for the 'Sellers' Category

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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Choose Your Real Estate Attorney Wisely on The North Fork

September 14th, 2007 category: Buyers, Real Estate Philosophy, SellersNo Comments »

Choosing an attorney for your real estate needs would seem to be a simple task. IS IT?

With an ever changing real estate market, simplicity is no longer…SIMPLE. As basic as real estate contracts are, the arena has changed. Foreclosures, short sales, credit issues, buyer rebates…all relatively new to most home sellers and buyers. And, some attorneys.

You would likely pass on a dentist that offers teeth cleaning and maintenance if you have an issue with your gums; you would likely pass on a doctor that specializes in feet if you have an issue with your heart. And so it goes, with attorneys who offer “real estate services” in addition to a myriad of other services. Jack of all lawsuits; master of none.

OBTAINING A REAL ESTATE ATTORNEY is critical in todays marketplace. If your attorney is stretched thin with other endeavors, you are risking up to the minute knowledge that could be imperative to your situation. A case in point (true story):

A buyer purchased a condominium that was to be built. Delays created life changes; two years and two weeks into the purchase, the buyer had a life change that resulted in the decision to cancel the contract. Told by employees of the builder that the earnest money was non-refundable in the event of a cancellation, the buyer conferred with their attorney, who reviewed the terms of the agreement. The buyer, not wanting to lose the 10% down payment, continued with the purchase.

HAD THE ATTORNEY BEEN A REAL ESTATE SPECIALIST, it would have been determined that in fact, the contract permitted full cancellation, with earnest money returned, in the event that the construction process exceeded two years.

As long as New York insists on the presence of lawyers for your real estate closings, choosing a specialist in real estate is imperative. There is far too much to lose in the event that your attorney is not “on the ball”- and with the current huge changes in the marketplace, gambling that you have someone competent without the assurance that their primary (if not only) focus is real estate is comparable to seeking an ear specialist when you have a broken toe.

Your REAL ESTATE TEAM, due to New York’s antiquated system, demands an attorney. Make it the right one- as real estate professionals, at Options Realty we want everyone on your team watching out for YOU.

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Harvesting Home Buyers on The North Fork

September 14th, 2007 category: SellersNo Comments »

If you’re a seller on the North Fork of Long Island, it’s possible that you’ve seen the summer crowd come and go, without a contract on your property. Pricing? Condition? Timing?
Heading into fall, there are some advantages coming your way. MAKE SURE THAT YOUR HOUSE IS READY.

Fall is “harvest” season here on the North Fork. Farmstands are abundant with the season’s offerings, from fresh vegetables to pumpkins. It’s a seasonal look that visitors (and potential buyers) find themselves falling in love with- changing colors, cooler weather, and warmer thoughts.

Your home, in keeping with the seasons, may benefit from a simple warm look. Nothing expensive- things as simple as a fall arrangement inside will help. Candles in the rich oranges and reds of the season offer a nice accent. Warm throws, strategically placed, add vivid color.

While true that statistics show a drop off of showings this time of year, an advantage is that those that do look tend to be very interested. Summer crowds can draw the curious; fall and winter visitors tend to be on a mission.

FALL SPECIAL: A free staging appointment from Staged2SellNY, that includes a comprehensive list of “things to do” to GET YOUR HOUSE SOLD! Service to be performed within seven days of your signed listing agreement with Options Realty- let’s get your house ready, and let’s get it SOLD.

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Market Report Update Available Now- North Fork, Long Island NY

September 12th, 2007 category: Buyers, SellersNo Comments »

 In response to consumers seeking up to the minute real estate market updates, Options Realty is now offering, at no charge to you, an additional program on our website. It’s called Market Snapshot. This report will be provided to anyone thinking of buying or selling on the North Fork of Long Island, to include Riverhead, Aquebogue, Jamesport, S. Jamesport, Baiting Hollow, Calverton, Mattituck, Laurel, Peconic, Cutchogue, Southold, Greenport, East Marion, and Orient, New York.

It’s easy to use: just click to the right and enter requested info. You will receive a report from us within thirty minutes that includes all for sale and sold data for your targeted area, with parameters that you provide for us. Additionally, you have the option of receiving automatic market updates via email.

Try it out- Market Snapshot is a great way to receive all desired market data, including graphs, maps, and for sale and closed figures. We’d love to get feedback from you on this latest “widget”- check it out!

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The Perfect Real Estate Team!

August 25th, 2007 category: Buyers, Riverhead Real Estate, Sellers, Southold Real EstateNo Comments »

If I were selling a home right now, I’d want above all else, an HONEST ASSESSMENT. Not only an honest assessment, but the convenience, should I agree to the encouragement to get my home market ready, of having handy referrals for handy men. Or, women.

As a very competent and appropriate representative of your asset, my ability to relate and converse (and sell to) your propective buyer is predicated on GETTING IT RIGHT. If understanding that your asset requires the input of others, it’s ultimately (for you) worth it. We have a fiduciary relationship, you and I.

We decided, in our arsenal of ongoing ideas to market a home, to include free of charge, a staging consultation. We love Val at www.staged2sellny.com and she is a part of our TEAM. As a result, part of YOUR team. She’ll offer advice on how to change your home from YOUR home to a home to SELL (different destinations).

Need us to provide you with estimates for any items that you choose to do (paint, handyman work)? No problem- we redid our kitchen, living room, and dining room last year. We were able to meet some good people locally, if it’s not something that time permits for you.

I’d do it myself, but I never get painting right, and really don’t enjoy it. I need a team, and when you list your home with us, you get one.

The climate in which homes enter the market right now requires just a bit more attention, as buyers ponder without action. We are working with home BUYERS, not investors.

Additionally, home buyers have come to expect either a nice discount, or something that APPEALS to them on a level that provides market value for THEM. In order to maximize your value, it’s wise understand that expectations on your side are expected; but the expectations of the buyer is what will sell your home.

So, who’s missing? Ahhhh- the attorney. Here’s what we need, and this perNYstaterealestatelaws is not “legal advice”. We ALL, lawyer included, want COMMUNICATION. You deserve it from us; we deserve it from your lawyer, you deserve it from your lawyer. THERE IS NO TEAM WITHOUT THIS ELEMENT.

Lastly? When your home sells, understand that the dated notion of seller ruling the roost is dead. Not because Realtors wrung its neck, but because the balance shifted. We strongly advise a home inspection prior to listing the home. You need to have an awareness of what may impact your net proceeds before the home hits the market.

So. You have the honest assessment, the ability to get your home market ready yourself or with help, you have an attorney that is reviewing paperwork with respect to all, you have a marketing representative, AKA, Realtor, ready to get to work.


Any questions?
Options Realty: Call us to assist with your home in Riverhead, Jamesport, Calverton, Baiting Hollow, Mattituck, Peconic, or Southold, New York. Your North Fork Realtors.

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For Sale By Owner Alternative

August 24th, 2007 category: Real Estate Philosophy, Sellers4 Comments »

There are some consumers in the current real estate market that make the decision to go it alone, using the FSBO alternative (For Sale By Owner). Coming from the mouth of a real estate salesperson, my suggestion is: GO FOR IT.

I would much prefer that you call me to list your home. But, choices are available for those that would prefer to experience the process themselves. If you make this decision, especially in New York, you have the opportunity to wade through the less interesting (but critically important aspects) of your transaction with the assistance of your lawyer- the contract itself, various addendums that form additional caveats to the agreement, etc.

IN NEW YORK, REALTORS HAVE DECIDED, FOR THE MOST PART, NOT TO INVOLVE THEMSELVES IN THESE IMPORTANT ASPECTS from a fill in the blanks form. They CAN; they DON’T.

In observing attempts of homeowners to expose their properties, PRESENTATION is often lacking. This is very easily overcome by ordering PROFESSIONAL signage. Hit real estate signs on the internet, and any and all manner of signage for a FSBO will appear. Get consistent colors, with quality that will sustain weather.

A FSBO sign that looks…unprofessional makes a house appear less than urgent. Order signs that can be placed in the form of directionals- a small lead in on a busy corner (arrow) will increase interest. Be sure to obtain the permission of the property owner that will permit your small directional- while it’s true that the town owns a piece of our front yards, it’s courtesy that counts.

Obtain a web address for your property, i.e., GoDaddy. GET PROFESSIONAL, AND ABUNDANT, PHOTOGRAPHS. The more that your audience can understand the property, the better. Lousy photos negate the benefit of the Internet.
Utilize the available Internet opportunities: Zillow, Trulia, and CraigsList offer exposure. While the FSBO sites are also in abundance, my concern with these sites involve personal opinion- to expose your home only in this forum will bring you individuals that may be looking for a great buy via FSBO. You want individuals that want YOUR house, irrespective of real estate company involvement, at a price that is MARKET VALUE.

Here’s the kink with the process, which has nothing whatsoever to do with the real estate contingent: very often, FSBO buyers want a “steal”, and are very aware that you are not paying commission to an outside source. For this reason, if you find yourself with an offer, accept it only with an understanding of why the purchaser has arrived at their price. Have the buyers provide you with the comparables that compelled their offer, so that you can determine if you have a “real” buyer, or someone seeking to “steal” a property.

Get an inspectionperformed on your property BEFORE you list it. When arriving at an asking price, it’s imperative that you have a grip on the items that may well come your way when an inspection occurs- this should be taken into consideration when pricing your home.

Make sure that any offers have a pre-qualification letter from a bank. While often not worth the paper that they’re written on, you need assurance that your buyer has undertaken the lending process. Get permission, in writing, from the purchaser to speak directly with their loan officer. Your attorney will likely require a date for loan approval (as your real estate agent would)- don’t take it lightly.

Paying a real estate commission to a broker is an expected expense in the market. For that reason, if your property doesn’t sell after your efforts, or you determine that going it without the back up of a real estate company is just…not your thing, we’d love to hear from you- call us with any of your real estate needs or questions!

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SELLERS ON THE NORTH FORK, LONG ISLAND: I WAS LOOKING AT YOUR HOUSE

August 15th, 2007 category: Buyers, Real Estate News, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real EstateNo Comments »

You’ve no doubt heard much about the ACTIONS recommended to appeal to a home buyer- staging, new paint as needed, handyman work, clutter gone. Very important to the process. Remember, though- that is often the SECOND (albeit most important) person to consider.

Sometimes, the prospective buyer is my client. The result of
this is an initial narrowing down via MLSLI (the Multiple Listing Service of Long Island). As it is a preliminary search initially to get a “feel” for what the buyer might desire, it is incumbent upon me to provide nice homes so that the buyers trust my judgement.

Tonight, I searched the mlsli, and have selected a few properties to add to a list that is being emailed to the client. The properties have been viewed only in pictures, so let’s start there. In the interest of time, properties without multiple photos generally get a cursory glance, but are revisited after seeing homes of interest that have multiple photos. Because there is a fair amount of inventory, if my list is complete before the revisit, it will be reconsidered after we’ve seen houses that have shown me MORE- it’s much easier to narrow down with photos.



Another consideration is the exterior photo. You’ve heard it
before, but it really does MATTER in the initial stages of a search. It again provides me with the opportunity to take an initial meeting with someone and complement it with properties that, at least from the outside, offer some kind of charm. When I’m in a certain price range, with only photos to go by, the limitations are obvious. Unfortunately, looking at all of the houses on an initial visit with a buyer is not realistic (or wise). As a result, anything with less than an average street appearance may fall off the
list; a house with a cared-for look will be at the top.



The next step is setting up a “preview” of the selected homes, to determine if I missed something important. This comes from having once, early in my career, brought people that desired a lush yard to a perfect home that had nothing but rocks, little pebbles, landscaping both front and back. Not good.

The preview part involves taking a look at showing restrictions. If I have a few extra houses on the list, the first tossed from the initial appointment with the buyer will be those that have stringent and limited showing ability. Remember, we have (at this initial meeting) limited time to develop a mutual decision about whether we will be comfortable with one another, the buyer and I. Hassles with showings create an issue that often doesn’t need to be present- I value their time, with limited opportunity to prove
it.

The initial preview will be short and painless- just a quick look around, making mental notes about what to talk about with the buyer. Knowing the property to the extent of having seen it is a huge help. There is also a real effort, always, to value the time of the seller and be prompt- this could be the seller that will provide the house for my buyer.

While most sellers have a good feel for what a buyer is looking for, know that
there are additional considerations when you are selling a home on the North Fork of Long Island. Hopefully, this provides some information on what goes through the head of a buyer’s agent- and assists you in understanding the process just a little bit better.

When a good fit between the buyers, the market, and ourselves occurs, additional properties will be presented as needed. Rather than offer any limiting factors, after our initial meeting I will have a good indication of what to
search for, should the buyer not make a decision during our initial visit. The criteria may be adjusted, and at that point…THE SEARCH IS ON!

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WELCOMED CHANGE IS HERE…DO YOU “GET IT”, NORTH FORK REALTORS

August 10th, 2007 category: Buyers, Real Estate News, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real Estate1 Comment »

A Note To North Fork, Long Island Realtors…

On Behalf Of The Home Buying and Selling Consumer: fiduciary duty: a trustee’s responsibility to act solely in the best interests of the owner or beneficiary of the trust.*

As a professional Realtor, this definition is a large part (in our opinion, the core) of your willingness to partake in the the advantages of being a part of a larger network of real estate professionals that choose to utilize the MLSLI, and separate yourselves from being a “real estate agent.”

When joining the Long Island Board of Realtors, one of the advantages is the ability to share your listings with all other Realtors, hugely increasing the possibility of locating a buyer for the property. In the interest of the buying and selling consumer, this is an advantage that cannot be ignored- it is in THEIR best interest, and as a result, provides the security for them that you are, indeed, up to the task of fiduciary.

ARE YOU, REALLY? This question is not posed to insult; rather, it is posed to provoke thought on the part of those Realtors that find themselves new to the MLSLI/Long Island Board of Realtors, and brand new to the expectations that are GREATER than the expectations that have been acceptable in the North Fork for too many years by local brokers of real estate companies.<

The challenge is larger than most can imagine for the North Fork Realtor. You likely work for a broker that eschewed the practical reasons to utilize the MLSLI service for YEARS, creating a disadvantage for the home selling consumer, in direct opposition to the new direction and requirement to put YOUR FIDUCIARY responsibility with your clients at the forefront. You’ve learned that “getting both ends” of the commission is better, somehow- a very poor bit of advice for a Realtor in our opinion, but common practice for a real estate agent in the North Fork.
If you’ve found the MLSLI to be an advantage for your consumers, PLAY STRAIGHT. It’s simple: LEARN ABOUT THE RULES, AND FOLLOW THEM TO THE LETTER. Use your own common sense, get all houses in the MLSLI immediately (as soon as the house is ready) and look FORWARD to the calls for showings. FORGET ABOUT COLLECTING BOTH SIDES OF THE COMMISSION. If it happens, it’s (opinion) problematic. Here’s WHY:

BUYER REPRESENTATION IS UPON US. IT’S ABOUT TIME, NEW YORK. Homebuyers in New York, unlike the majority of the country, have essentially been “on their own.” Your participation in their purchase has been merely a conduit- nothing more, as long as your allegiance was with the seller. THIS IS NOT THE CASE IN MOST STATES. In fact, it is the case in only a tiny handful- the rest of the country jumped on board with enthusiasm YEARS AGO, recognizing that allegiance to the consumer, regardless of which side of the fence their needs fell on, required specialized attention to the details of the transaction from the consumer perspective. FIDUCIARY- it’s now your JOB. Disclosure requirements came about for a very good reason- learn about this here.

As representatives in the real estate community serving the consumer, embracing changes (rather than the ongoing battle on the east end to do things “our way”) has no place in today’s real estate venue. It is the opinion of Options Realty, and innumerable entities outside of New York, that real estate is a CONSUMER AGENDA. It’s not about commission. It’s about doing a job well, providing fairness at all times, and cooperating with others in our field to accomplish a goal: SELLING A HOUSE.

Incredibly, it’s FUN to sell houses in most areas. Because the Realtor contingent takes the outcome of consumer experience with a cooperative understanding of the fiduciary spirit, guess who ISN’T present in most areas? YUP- the attorney contingent. There’s no need, with Realtors that put FIDUCIARY first on both sides. Explain that to a NY attorney, and you’ll get a litany of reasons that their presence is ESSENTIAL, but folks, it’s NOT. FOR NOW, a necessary component in New York. But who knows, with the advent of full understanding of FIDUCIARY on both sides of the transaction, it may reach the point, where it has in the majority of the country, that consumers may opt NOT TO INVOLVE an attorney, because the representation that they are receiving from the agents on both sides is stellar. Now, wouldn’t THAT be nice…

At Options Realty, WE LOOK FORWARD TO WORKING WITH YOU, AND WITH YOUR BUYERS AND SELLERS. Try hard to put FIDUCIARY first, because as participants in your transaction (buying or selling side) we understand and respect your position with your clients. Once it becomes habit to be “in your client’s shoes”, everything falls into place. Those that just “don’t get it” will be reported often enough to be GONE. JUST OUR OPINION at Options Realty…

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