Having lived here in New Paltz/Gardiner for the past 15 years, I sometimes take the natural beauty of the area for granted. Yet I was absolutely floored by the fall foliage yesterday. Fortunately, I had my camera
Below is a picture taken on Clove Road in Gardiner, one of the few roads that passes through the Mohonk Preserve.
Below is a view of the Catskills from south of the Ashokan Reservoir.
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It continually astounds me what people choose to do (or not do) to make their house appealing to buyers. I have shown properties where it is almost impossible to move through the rooms because of the amount of furniture and "stuff" in them. I have walked through houses where pet odors are so overwhelming it made my eyes tear.
And more: renovation projects left half finished, sunlight blocked by closed blinds and curtains, overstuffed closets, clutter and chaos.
Staging a home for sale is very different from how one would live in a house.
Let me preface this by saying homemaking is not my forte, but then my house isn't on the market. And, secondly, I'm addicted to HGTV.
The first piece of advice I give sellers is: "Start packing". You're going to have to pack when your house sells, so why not do it now? The three most important elements of staging are declutter, declutter, declutter. The goal is for buyers to see themselves living in your space. If your house is filled with your personal photographs, collections, chotchkas, knickknacks, etc. they won't be able to see themselves living in the space, nor will they be able to see what the house has to offer because they'll be distracted by your things.
One of my favorite home shows is "Sell This House" (on A&E on Sundays). The reason I like it so much is that they secretly film buyers during an open house, then stage it and bring the same buyers back. Buyers who initially rejected the house often put in offers. A common reaction from homeowners when they see the initial film and hear the (sometimes brutal) comments, is that the buyer is buying their house, not their furniture. That is true, but if the buyer can't see what's there, they won't be making offers.
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Date: Sep. 25, 2006
Tags: None
I often hear sellers say that they need to net a certain amount from the sale of their property due to the balance of their mortgage, the price of their future home, or the desire to pay off debts. Unfortunately, none of this is relevant to the price. I've even heard this remark from AGENTS who should know better!!
Market value is simply what someone is willing to pay. If someone bought at the top of the market and needs to sell when there's been a downturn in the market, chances are they will not recoup all of their costs.
Of course, no one likes bad news and sellers often go with the agent who quotes them the highest price.
Case in point: Almost a year ago I met with sellers who wanted to sell their house and move to a retirement community. I told them they could expect around $315,000. They had a well-maintained, but never updated 50-year-old ranch. First, they listed it for close to $400k and lowered the price to $375k after four months. I doubt that they got many showings. Next, they listed with another agent for $365k and recently lowered the price to $340k.
No harm done? Not so. During this time the market has taken a significant downturn and they will now be lucky if they get $300k for their property, and will probably get less than that.
Another example: Earlier this year, I had clients interested in a house that was listed for $290,000 down from $340k. My clients wanted to put in an offer around $250k. The agent told me that the owner "needed" to net a certain amount because he had paid $270,000 for it. My clients' offer was rejected. I noticed that it recently closed for $228k.
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More new listings
Almost every time you pick up a newspaper today, it seems there’s an article about the national decline of the real-estate market. In a July 29 article in The New York Times, Jeremy Peters wrote: “The report confirmed what recent housing data has shown — that homes are taking longer to find a buyer and more of them are sitting on the market unsold.”
Does that mean a “soft landing,” where increases in prices will moderate. Or are we in store for a “hard landing,” where prices will decrease, perhaps substantially.
Let’s look at some numbers to see whether the national numbers also hold true for Ulster County. Let’s compare the number of listings this year against comparable periods in 2005.
From June 28 of last year through last July 28 there were 315 new residential listings. That compares to 414 new listings for the same period in 2006, an increase of 31%. The least expensive offering this summer was a handyman special in Saugerties that used to be a garage. The two-bedroom, one-bath, 651-square-foot domicile on a quarter-acre was selling for $65,000. The first offer on it was made within four hours of the listing by the Multiple Listing Service.
The most expensive home is still available. It’s a two-bedroom, two-bath, 5148-square-foot house on 14-plus acres in Marbletown. The $2.4-million price included two large artist’s studios, panoramic mountain views and a swimmable pond.
Twenty of the 414 new listings during this 30-day period have accepted offers. The average price is $249,645, the median price $229,900. This represents a very modest increase since last year of 2% of average price and 3% of median price. In 2005, by contrast, the average price across the county rose 13% and the median price 16%
If you take figures from the first of the year to present, this is what you find: There were 1892 residential properties listed from January 1 through July 28 of last year, compared to 2317 for the same period in 2006, an increase of 22%. There were 908 closings during this period in 2005, versus 758 closings in 2006. Average days on market remain pretty much the same: 167 days in 2005 and 161 days in 2006. Buyers are nervous these days. They’re fearful of buying in a declining market. They seek inducements. They are only willing to put in an offer if it’s a house they absolutely love, or feel that it offers good value, or that it’s cheap enough that they feel they have nothing to lose.
Buyers are looking for properties that require little, if any, work. A recent prospective buyer pulled out of a deal after inspections showed minor defects that they perceived as defects. If a buyer hesitated a year ago, they would have been fearful of losing the house. Now buyers feel that they have more options. They do.
Given the above, what should sellers be doing? Sellers should do as much as possible to make their properties “turnkey.” They should do repairs and stage the house by removing personal items, clutter and extra furniture. That will make the property as appealing and charming as possible.
Sellers also need to come to grips with the new reality and be prepared to lower their asking price if they are not seeing activity. And when they do lower their price, it needs to be a significant enough amount to bring their property into the range of new buyers. In order to attract buyers, houses for sale need to offer more value than their competition.
So far, the market pattern in Ulster County has all the characteristics of a soft landing. The continuing influx of potential buyers, most from the New York metropolitan area, has been sufficient to bring enough serious customers to provide a solid floor to the marketplace for local real estate.
Will that continue to be true in the future? No one really knows, but so far, so good.
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The market continues at a slow pace, with the number of new listings far outpacing the number of listings with accepted offers. The most active segment is in the $300k and under range. For instance, of the 14 listings marked as "pending continue to show" today, all but one were under $300k. The one exception was a 3-BR, 2-bath house in Stone Ridge on 5+ acres, with an asking price of $345k.
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Well, here goes. I've recently felt a need to voice my thoughts and opinions about the current state of the real estate market, those who practice real estate in this area, and the process of buying and selling property.
I've been a full-time realtor in this area since 2001, and a resident/weekender since 1990. Until now, I've only experienced a seller's market (more buyers than inventory); this is rapidly changing into a buyer's market (more inventory than buyers).
I love this area and I love houses. I get excited by everything from 18th century stone houses, cute bungalows and cabins, to cool contemporary buildings.
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