Archive for the 'Sellers' Category

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 Estate2 Comments »

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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Naughty “North Fork, Long Island” Realtors, Part 2

June 29th, 2007 category: Buyers, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real Estate2 Comments »

Ok. You understand the mls system, and you’re now clear on sign rider games that limit the exposure that your home may get as a result of the silly EXCLUSIVE sign rider practice.
Don’t believe the ads; look at it this way: if Joe Shmoe is perusing Realtor.com in Garden City, and your home is not in the mls or Realtor.com, he will not have access to it. PERIOD.

Nor will his Realtor, because there is no way for a company of any size to insure that every single listing reaches the desk of every single real estate professional without the use of the MLS system.

Let’s move on to another trick of some North Fork Realtors: some companies are not offering payment in the mls system to BUYER BROKERS. This is made clear in the mls, as illustrated below.
BEFORE YOU READ FURTHER, PLEASE READ THE DEFINITION OF FIDUCIARY.

YOUR REALTOR AGREED, WHEN JOINING THE BOARD OF REALTORS, AND THE MLS SERVICE, TO THIS EXPECTATION OF BEHAVIOR when representing you, the seller.

Buyer Brokers are now very common, and absolutely no threat to you, the seller. A buyer broker simply represents the buyer- if your buyer has an attorney (as most do) then they are already receiving the benefit of a third party watching out for them. Their Realtor has a fiduciary responsibility to their buyer, in much that same way that your listing agent has a fiduciary responsibility to you, the seller.

If you are selling your home, you don’t care where the buyer comes from, as long as he is ready, willing, and able to purchase and close on your home, right? Make certain that your listing company agrees. If they don’t, use a different listing agency. You’ve agreed to a commission amount; it will likely be split between two companies. No effect on the total amount paid out that you have accepted- just split.
Because representing the buyer has taken the place of dual agency to the extent that most conscientious agents understand the dilemma (you simply cannot represent a buyer and seller adequately and with equal fairness to both) it is now required that buyers, if they choose to, sign with their real estate salesperson or broker a buyer broker agreement.

An example of the old days, without agency disclosure:
A buyer expresses an interest in your property, and calls. Your listing agent takes them through your home, and the buyer decides to make an offer. The offer includes a price lower than your listing agent understands to be your minimum, but the buyer makes it clear that this is as high as he will go. Your listing agent now faces a dilemma-encourage you to go lower than planned, or let the buyer look elsewhere.

Walk away from the full commission, or encourage you to rethink your price. A conflict of interest for you, the seller, to have representation for a buyer through your listing agent. Serving two masters rarely works.
SITUATIONS LIKE THIS OCCURRED FREQUENTLY ENOUGH THAT THE LAWS WERE CHANGED IN ORDER TO PROTECT BOTH YOU, THE SELLER, AND YOUR BUYER. The result was a disclosure of exactly who represents whom. As a buyer representative, the second buyer now has an agent that will diligently pursue obtaining the property for their buyer without compromising your position, as a seller. No temptations.

If your listing company declines to compensate a buyer broker through the commission that YOU, the seller, are paying, via the mls, then you are losing out on additional traffic and buyers to your home. Simple.

What is the reason for buyer broker exclusion, in light of the fact that it is very, very common? Once again, GREED, in this writers opinion. Why on earth limit prospective buyers, and try to force them to call the listing agency directly? It’s that pesky GET BOTH ENDS OF THE COMMISSION thing again. At your expense.

The problem is, if a buyer has signed a buyer broker agreement, they’ve demonstrated a commitment to having their interests watched out for, so they will likely pass on your house. While opinion may not count for much, it’s not rocket science- a pretty obvious elimination of prospective buyers.

If all of this was explained to you at the time of your listing agreement, and you made the decision to eliminate the buyer broker prospect, it is this writers opinion that a) you were not clear on the detrimental nature of losing out on buyers for your home or b) you are not motivated to have your home available to the buying public. This is your choice; your Realtor accommodated you.

This decision, as the consumer, is YOURS TO MAKE. At Options Realty, due to our fiduciary responsibility to you, the seller, we cannot in good conscience eliminate buyers for your home, and as a result, do not participate in this kind of exclusion. As experienced professionals, we know that it is a detriment to you, the seller.

Changes in real estate practices are upon us. Old school mentality of “get both ends” has no place in the current environment of real estate sales. It never did; but we’ll defer to local customs and ignorance as an excuse. There are no excuses, in a tougher market or ANY market, for not adhering to FIDUCIARY to the letter. Insist on it- you’re the consumer, and YOU CALL THE SHOTS. Just our opinion…

RANDOM EXAMPLES OF MLS INCONSISTENCY- AS OF JUNE 20, 2007 12:32 PM:

ML#1906189
SA (selling agency): commission amount indicated.
BA (buyer agency): 0
Br A (broker agency): 0

ML#1961151
SA:commission amount indicated.
BA:0
Br A:commission amount indicated.

ML#1907274
SA: 0
BA: 0
Br A:commission amount indicated.

ML#1941164
SA:commission amount indicated, followed by an (A)
BA: TBD
Br A: commission amount indicated

I clicked on six RANDOM mls listings; FOUR OUT OF SIX came up with problems for you, the seller. Four out of six. Frankly, if I were an out of town Realtor, I wouldn’t bother showing any of these properties. The fourth one made me laugh- who is going to show a property with “TBD”? If I wanted to show it, my offer would be a tongue in cheek 20% commission request- does “TO BE DETERMINED” mean that I can submit whatever I’d like, as the buyer broker? RIDICULOUS, in this writer’s opinion.

LET’S KEEP IT SIMPLE. OFFER TO PAY ALL PARTIES INVOLVED IN THE SUCCESSFUL SALE OF YOUR HOME; MAKE IT EASY FOR ALL BUYERS TO ACCESS YOUR PROPERTY, AND DON’T GET INVOLVED, AS A SELLER, WITH ANY EXCLUSIONS TO YOUR TRANSACTIONS THAT ARE A DETRIMENT TO YOU.

A “Whale of a Tale” (true story): a buyer in the North Fork recently wanted to buy a house through his buyer broker, all agency paperwork signed. The conversation to the listing “professional” went like this:
Buyer broker: “We have an offer on your property at ——. It’s a buyer agency offer.”
Greedy listing agent: “That property doesn’t offer buyer broker agency.”
Buyer broker: “Well, the mls states that it does.”

STOP RIGHT HERE, SELLERS. This individual, rather than having an interest in an offer on your property, is more interested in what, as a listing company, you, as a seller WON’T do (or pay). The commission has been agreed to; it doesn’t impact the amount that you’re paying, and yet…your listing agent is making it as hard as possible for people to make offers on your home. Unacceptable, when your best interests are supposed to be at the forefront.

NORTH FORK REALTORS: You have a great tool with the mls service. Use it responsibly, and with your sellers fiduciary outcome at the forefront. Don’t grasp at the disappearing double end. Just get the home sold. This market is no place for games. FIDUCIARY. PERIOD. Just this writer’s opinion…

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North Fork Long Island Sellers: Try Home Staging!

June 24th, 2007 category: Sellers2 Comments »

While most of you may be aware of the term “staging”, many people aren’t fully aware of the process. We recently had the pleasure of a staging experience with ValAllocco, Owner- STAGED 2 SELL NY. She clarified it for us, and for our sellers. We’d like to share the info that we learned at this meeting.

STAGING IS NOT EXPENSIVE. The staging consultation that we experienced was $200.00. For this, Val will come to your home and walks, room to room, making suggestions. This is done with the advice from her that there are two kinds of homes: YOUR home, and the “home that you want to SELL”. Two entirely different properties.

STAGING IS NOT INSULTING. Val is completely aware that people live in their homes, and never expects to walk into a “model home” environment, because that isn’t the way most people choose to live. Other priorities come before creating a model feel- cherished mementos, photos, etc. are all part of who we ARE. They belong in your environment. They don’t necessarily work in the “home that you want to SELL”.

At Options Realty, we are so enamored of the process, and increase in possible dollars in your pocket to try it that we are considering it as part of our services to you, the seller. If you are pricing your house in such a way that it demonstrates market value, the staging experience will be “on us”. $200. for a consultation is a very small price to pay to get your property in tip top showing condition.

Val offers the full gamut, and if you choose to have additional furniture brought in, plants, etc. the cost is higher. If she recommends paint, or any type of improvement, that’s up to you, the seller. What we found is that her suggestions, without any additional cost, created exactly the environment that we were seeking for prospective buyers, simply by rearranging a bit, and offering additional light and space by moving large pieces out altogether. Simple.

Any advantage that we can find in this tougher market to get your house sold should be utilized- you deserve our full commitment. I hope that this assists you with the staging concept- a set of eyes that view your home as a buyer will view it is an invaluable addition to our marketing tools!

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To Home Sellers on the North Fork of Long Island

June 13th, 2007 category: Buyers, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real EstateNo Comments »

We noticed recently several very late entries into the multi-list Long Island real estate service. By “late entries”, we don’t mean that your home appeared a few days, or even a week after the company that you selected listed your home- we’re talking about a few months.

For those that are unclear about the Multiple Listing Service, let us explain: while fairly new to the North Fork of Long Island, the MLS opportunity was finally embraced by the local real estate community a few years ago. A service that has been in place for over 20 years, this entity places your home in a cooperative venue, permitting access to show your home to the real estate community in all of New York (The United States & World Wide). Exposure of your home is critical in order to achieve multiple offers; in addition to exposure to the real estate community, consumers (via Realtor.com) can access your property for consideration.

As the internet continues to afford marketing possibilities for your home, the mls service remains the stable go-to for the real estate industry- particularly for those agents that have potential buyers for your home. Realtor.com permits potential buyers to browse properties in their area of choice in order to narrow down possibilities.

As a home seller in a more challenging market, to be without this service is to eliminate the majority of both real estate professionals with possible buyers, and buyers seeking to purchase a home in this area. It is a marketing avenue that should be expected from your chosen real estate professional. It involves “sharing” the commission paid for your home; it involves responding immediately to prospective buyers that contact your agent having found the property on Realtor.com.

There is only one reason that makes sense for listing companies that do not utilize this very reasonably priced service in order to provide your home with necessary exposure: GREED. If your home is not immediately presented to the real estate community, re think your choice of listing agent. Check on Realtor.com within days of your listing to make sure that your property appears.

You are paying a commission that is attached to the success of your home selling. It is likely explained to you that part of this fee is for the agent, from a different real estate company, that introduces the buyer to your home. Here’s the catch: if your listing agent locates the buyer, they receive the commission in full. No sharing. Here’s the other reality: FEWER OPPORTUNITIES TO SELL YOUR HOME.

Please don’t get caught in this trap. It’s unethical to you, the seller, and an appalling breach of ethics on the part of your listing agent. It’s called, plain and simple, greed, and your largest investment should not be subject to these kinds of games. Just our opinion…

Options Realty: selling homes on the North Fork of Long Island: Riverhead, Jamesport, Aquebogue, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, New York.

Technorati Tags: Southold, Long Island, MLS, New York, North Fork, Sellers, Property, Real Esate, Buyers

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Hello Bayview

June 7th, 2007 category: Buyers, North Fork Neighborhoods, People and Places, Sellers, Southold Real Estate5 Comments »

Hello, Bayview, located in Southold, New York-

Options Realty is the “new kid on the block”- we are brand new, with something to PROVE.
We have a combined 32 years of real estate experience, receiving top accolades from some of the nation’s largest home builders. We know how to market properties.

Sean Stark, the owner of Options Realty, has a family with deep ties to the Southold area, and specifically the Bayview area. Sean’s Great, Great Grandfather worked a farm in Bayview in the 1850’s and 1860’s, and built a house on Pine Neck road. Sean’s parents were the original owners of one of the “red” houses that was beautifully re-done recently. It’s a connection to the area that lasts from generation to generation…

What we offer is an opportunity for you to try something different.

Technology is making a huge impact on the ability of buyers to locate your home. We provide a service that not only offers a local flavor, but shares this area with potential buyers across the country. We focus on EXPOSURE. It is our belief that real estate is a numbers game, and sharing your property with local agents, as well as agents across New York, and the United States, will provide you with the opportunity to get the most for your home. The more you know, and the more we offer, the more you’ll gain.

WE ALSO WANT TO SAVE YOU MONEY.
Below, please find information regarding sold homes in the Bayview area. These homes were listed with various agencies in the North Fork, and the information is gathered from the multiple listing service of Long Island.
We hope that this assists with your investigation of the market. Things change daily; these are the current statistics. Please contact us at 631-727-2227 for additional details.

AT OPTIONS REALTY, WE COMMIT TO RETURNING YOUR CALL, BETWEEN THE HOURS OF 8 A.M. AND 8 P.M, MONDAY THROUGH SUNDAY, WITHIN 1/2 HOUR. TRY IT: 631-727-2227.We are located in the Old Post Office building in Riverhead, New York. We live in Southold. We are committed to you, and anxious to prove it.

Our home selling/home buying services include the towns and hamlets of Riverhead, Aquebogue, Jamesport, Laurel, Peconic, Southold, Cutchogue, Greenport, East Marion, and Orient, New York, all located in the North Fork of Long Island. Call us to sell your home; call us to buy a home. Visit www.optionsrealty.com, or view a listing at www.2220depotln.com in order to check out our individual web sites. Yours can be next!

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Home Sellers: Before You Sign On The Line…

May 21st, 2007 category: SellersNo Comments »

We are reminded, when considering the magnitude of choosing a company to sell your home, of an oft repeated line spoken in new home sales: you’re only as good as your last sale.

Selling your home is an undertaking, and how it plays out will be largely dependent on the all important decision: whom to choose. Gone, in most markets, are the days of rapid fire offers, one better than the previous. The pace now has slowed down, creating a different environment in which to sell or buy a house.

With this reality, there is also more time to explore your options. It is very important to locate a company-note the absence of the word individual- equipped to handle both your largest asset, and all of those things included in your world. It is now time for you to ask the questions that will provide you with confidence in the company that you select. The following are some fair questions to ask, and might aid in your decision. You’re the boss; it’s your interview.
1. What is the most effective means, in a slower market, that you believe will afford maximum exposure for my home? If the response provided is not accompanied with tangible examples that you can touch or feel, be on the alert. While words are soothing, generalizations such as “ads” or “open houses” don’t provide enough information for you to make a decision. Request specifics, such as photos of listed homes, strategies employed, and the phone numbers of currently listed homeowners. Examples of the success rate of various marketing methods is an entirely appropriate request.

2. What is the primary benefit of employing your company over others that I will be interviewing? “We’re bigger” gets a gong. Large companies, while having benefits, don’t always offer the most current technology or knowledge. A revolving door of agents is not what you want representing your home. Request the most recent sold listings, and the methods utilized to get the property under contract. Be aware that the number of homes listed may correlate directly with the service that you receive. Today’s market requires more attention.

3. Having viewed my home, what target audience do you feel is most likely to consider my property over other properties on the market? A good real estate professional has done some homework before visiting your property. Demographics play a role in determining the source of potential buyers. While certainly not a science, or guarantee that one specific type of buyer may prefer your floorplan, a real estate professional that demonstrates knowledge of your area is important. Be aware that your real estate professional, by law, cannot share things such as race, creed, color, etc. This is about having a feel for who has purchased in your area recently. Are they second home buyers from out of town? Is there a nearby employer with relocating employees?

4. There is nothing wrong with a request for a guarantee in writing of all services, and duration of services, that a company will provide.
While most listing agreements state methods of marketing, to fine tune these services into a plan of action is a fair request. Rather than, “we will call you back”, fine tune it- all showings will be reported to you within 24 hours is an example. Ads in the paper will be offered at what duration is another example. Internet exposure will include what sites, and when, is a fair request. Make a list of things that you’d like to see regularly, so that your surprises are limited. Request that an escape clause be provided if those things that were represented do not occur, with no fee to you.

Now that you’ve obtained, in writing, all of the things that you expect, you can focus on the individual with whom you will be conducting business. Imagine yourself as a prospective buyer. Do you feel that this person represents the qualities that are needed in order to sell the house effectively? The most telling interaction involves those close to you- the family. Do you feel completely comfortable with this person? To choose someone who, for any reason, doesn’t put you at ease, is ill advised. If they cannot relate to children, will they make prospective buyers with children at ease? If they dislike pets, will your own menagerie be a source of stress for them, and by extension, you? It’s perfectly appropriate for you to ask questions about their own life- hobbies, interests, etc. Someone who enjoys camping with the family may have weekends committed- be aware, and ask questions.

Presenting the priority of pricing competitively should be tantamount. Arriving at a price should include an honest assessment. Recent sales in the previous two month period are about as deep as it gets when a market in flux is involved. Listed properties, while of value to you, are not neccessarily representative of “market value.”

Make sure that you are aware of your competition, and that your real estate agent has visited your competition before your interview. If the house down the street just redid a kitchen, how does it compare to yours? Believe me, the prospective buyer will know. Price appropriately. Unfortunately, sellers often go with the highest assessment, ignoring the facts. Avoid this pitfall. You are engaging the services of a professional who is obligated to provide you with an assessment that will get your home sold. By the same token, do not accept a pricing strategy that isn’t focused on getting you the maximum dollar for your home. While it may sound tricky, solid figures should permit you to arrive at a common sales price.

If you have any questions, please feel free to contact Options Realty. We are happy to provide you with any information that might assist with the sale of your home- we operate on the North Fork of Long Island, focusing our attention on homes for sale in Riverhead, Jamesport, Aquebogue, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, Long Island, New York.

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Nassau Point, Cutchogue, New York

May 10th, 2007 category: Buyers, North Fork Neighborhoods, Sellers, Southold Real EstateNo Comments »

Nassau Point, located in Cutchogue, New York, is a summer retreat offering a wide array of choices. The feeling when entering this community is “woodsy-water.” The choices are unlimited, and fit most budgets- and the offering of properties is generally ongoing. Take this to mean: there are usually opportunities to purchase a home in this special community.

While a large community by North Fork standards (there are hundreds of homes in this enclave) I had the opportunity last summer to attend their annual tag sale, held on the beach parking lot. The upbeat mood of the “vendors” created a lovely opportunity to view not only the wares, but the spectacular views of Peconic Bay, with its sandy white beach- available to all of the residents of this community. While some beaches in the area are a bit rough on the toes, this beach is a sunbathing, water play environment- complete with a playground for the kids.

The community itself is a winding, woodsy interplay of magnificent historical homes, mixed with newer properties- no conflict, as each home is snug in its own little forest.

Known for offering an upscale environment for the summer crowd, the area is also home to full time residents, appreciative of the serene environment that this community provides.

Homes range from the 500’s to the millions-plus (waterfront, with unparalleled views) but the feeling that I got at the tag sale was one of cohesiveness within the community- intimate, regardless of the property size.

Contact us for a complete list of available properties in Nassau Point- we’d love to show off this amazing enclave of rich history, complete with a magnificent beach- a wonderful place to live, and play!

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Foreclosures HERE? On The Beautiful North Fork of Long Island? Yep…

May 2nd, 2007 category: Real Estate News, Riverhead Real Estate, Sellers, Southold Real Estate1 Comment »

The North Fork of Long Island, New York, is a pristine area of vineyards, farms, hard working individuals, amazing produce…and more recently, increasing homes in pre-foreclosure status. While surprising to some, it is simply a function of better times going bad- we are no more exempt from life than anyone else.

First, let me suggest to readers that the rapid decline of markets here and elsewhere has thrown some sellers for a loop- the speed at which pricing went from astronomically high to more a more attainable level was a surprising event. While most residents of this picture perfect summer get-away are safe from harm, many individuals, for any number of legitimate reasons, find themselves unable to sell property for an amount that would permit them to escape this temporary national trend.

If you find yourself in a situation that requires immediate action, there are a number of sites from which you can obtain information. Begin with legal advice. From the privacy of your home, you can understand the process of foreclosure at www.FreeAdvice.com. While this will not replace speaking with your own attorney, you will be able to better understand what your attorney is advising with a preview of terms. Your loan amount is in direct correlation to your present situation and inability to meet the mortgage obligation. The very next call should go to your lender. Many lenders will work with you to avoid a costly foreclosure action- it is critical that you alert your attorney and your lender the minute you foresee that making that next payment isn’t going to happen.

If your home is a summer retreat, there are many people looking to the North Fork- Riverhead, Jamesport, Baiting Hollow, Mattituck, Laurel, Cutchogue, New Suffolk, Southold, Greenport, East Marion, Orient, Aquebogue- for the same reasons that you chose to either vacation or reside here full time. When looking at your situation, decide if your situation looks temporary, or if selling the property makes more financial sense for you. The sooner you contact all parties involved, the sooner you can act.

Don’t freeze. While this situation may be personally catastrophic, there are many resources available to assist you in this confusing time- take advantage.

Every situation is different, but the ramification of losing your home is the same from a credit standpoint. Remember- “this too, shall pass”, and if you surround yourself with individuals and companies that want to see you get through this and understand the difficulties that you have encountered, it will make the process much more tolerable. Contact us at Options Realty- we’ll do everything that we can to help you.

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Sellers- No Kidding, We’re In A Downswing.

April 30th, 2007 category: Real Estate News, Real Estate Philosophy, SellersNo Comments »

Timing is everything in real estate. The good news is, the market will be back. The bad news is that we appear to be in an extended downswing. For those of you that are comfortable and in it for the long haul, you’ll be rewarded. For those of you that need to sell, it’s critical that you be cognizant of the fact that the market is lower, period. As a result, you need to be very discriminating when developing your own comparable analysis- emotions have to be discarded at the beautiful new front door that isn’t going to pay you back. But it may get someone into the house favorably.

Buyers are still going to operate on emotion. The difficulty is in determining what motivates them.

It’s their ball field now, and they are being encouraged to find the home run. Unfortunately, part of the hunt is the price, and they are not going to pay what they feel is “too much”. They are looking at statistics themselves; they are reading the paper. The multi-list service is readily available, and they can come to their own “give or take” conclusions through that venue, or any number of emerging websites. A few years ago, a seller could price it at the highest point, get it, and regret not waiting a few months for a further increase.

If you purchased your home before 2003 or thereabouts, you caught the tail end of the lower pricing..

For example, on the North Fork, which includes Riverhead, Jamesport, Baiting Hollow, Aquebogue, Laurel, Mattituck, Cutchogue, Southold, Greenport, East Marion and Orient, if you purchased a modest ranch in an area of Southold, and it had 3 bedrooms and 1.5 baths, you’d likely paid in the 289-320k range. At peak, this same ranch may have appraised at 510k (with updating done- 50k deducted from 510k). It is now down to the mid 400’s, with time on the market.

Our experience with buyers has demonstrated that if a home is priced appropriately, competitively with all that are available in that range, you’ve got a great start. While staging is emerging, it will continue to do so. In order to keep your home at the top of homes available in your range (example: one standard ranch, redone- 420k: new kitchen cabinets, an updated bath, new paint, roof, furnace; another ranch, not redone:400k- a loss of your updating investment ) staging demonstrates professionalism in presentation.
Home builders know this. Buyers love the model homes- minimalism. It may be worth it to to spend a few hundred dollars to investigate it and get direction.

Another huge presence? The Internet. Homes are being shown now at numerous venues with the advent of such ingenious sites as Zillow, Trulia and Craigslist, among many others. In the numbers game of real estate, this kind of exposure has become as necessary as all other exposure. You’ve read the reports- some 80% of real estate buyers check out the Internet first.

Another aspect that comes into play is presentation of your home to buyers. Getting buyers focused on the things that they’ve deemed important to them- not to me, not to you.

You need correct pricing, Internet presence to bring it to the top of the heap, a professional opinion on the impression of the home (a staging consultation ), and exceptionally strong human presentation. It’s that kind of market.

Next blog: Waterfront Properties: Exempt From the Market Woes?

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