Douglas Elliman’s 4Q 2011 Real Estate Manhattan Market Highlights
- call for additional information!
Catherine Lindstadt, Prudential Douglas Elliman Real Estate
Northport, NY 11768
631-266-6113 email: clindstadt@elliman.com
Great Reading, click here: Boost your odds of qualifying for a mortgage – Mar. 9, 2012.
The Internet has become a useful tool for consumers who want to research almost anything including Real Estate. One must remember that the information is only as good as the data that is entered!
When it comes to Real Estate be forewarned that there are rules and guidelines that come into play when talking about pricing, timing and market conditions.
For example, sites such as Zillow and Trulia have data that may exclude square footage, an extremely important factor in real estate pricing and appraisal. Without knowing the square footage of a home, it is virtually impossible to provide value unless you can find “like properties” within a mile or two radius. Like properties would be similar size (sq ft), similar location, perhaps similar year built. This is especially important when dealing with eclectic locations such as villages or waterfront properties where there are often many homes that vary in size and characteristics. Without the size of the home, the Internet will have little chance of pricing your home correctly.
Consulting an experienced realtor and reviewing your findings may help to determine the correct pricing. Experienced realtors have knowledge of many competing and sold homes (including size, location, amenities, etc.) that will help to clarify proper pricing strategies.
For more detailed information contact: Catherine Lindstadt Realtor, Northport 631-266-6113 clindstadt@elliman.com
Catherine Lindstadt Realtor 631.266.6113 clindstadt@elliman.com
The thirty day rule applies to real estate marketing and pricing. The current real estate marketplace will continue to adjust. Don’t put off the need for review every thirty days, this is critical to your success!
Properly priced homes are selling. December 2011 activity indicates that the market is moving. Interest rates have remained low and many are purchasing homes. December 1st through December 31st 2011 home statistics revealed 173 homes sold within the local Huntington and Smithtown townships, prices ranging from $101,000 to $2,100,000.
So why the thirty day price adjustment rule?
If we look at the same statistics above for the previous year, they are slightly different. December 1st 2010 through December 31st 2010 yielded 215 home sales within the local Huntington and Smithtown townships with prices ranging between $150,000 to $2,500,000. Prices have adjusted down $50,000 to $400,000 within 1 year. This adjustment took 12 months but you can jump ahead of this curve if you are serious about your sale.
We always need to watch the market and more importantly, the activity. If you have your home listed for sale you must watch the activity. If you have several showings during a thirty day period but no offers, we must heed this warning and adjust pricing accordingly. It typically takes an good agent thirty days to exposure a property to other agents and the current qualified buyer pool. If you do not adjust your pricing accordingly, you run the risk of owning our home for a longer period of time as well as decreased activity and longer days on the market. Buyers view this prolonged time on the market as either “unrealistic” or even worse, “unmotivated” or not wanting to move. This is a dangerous place to be if you really need or want to sell.
Remember – it’s always the offers that start the negotiations! Many showings and no offers equal the need to revisit pricing, especially after thirty days!
Catherine Lindstadt, Realtor 631.266.6113 clindstadt@elliman.com
If you have put your home on the market, or will be listing your home for sale, your house number is a small detail that may pay off larger than you think!
Consider how today’s buyer shops for a home. Research shows that 97% of consumers shopping for homes are looking online. First, they will look at the pictures (hopefully professional photo’s that have been taken by a professional photographer as first impressions DO matter) to see the house online. When viewing the property online, they will also take a look at the bird’s eye view or aerial view on the map to check out the potential neighborhood or surroundings. They might even map out how far from shopping, schools and major roads of travel the home is. Once the initial research is done, they will certainly attempt to do the drive by. This is when you will need a visible house address as well as a real estate sign. Remember if there are several homes for sale, this will be more important as there could be many real estate signs on a single street!
These are the silent steps that buyer’s work through when selecting a potential home. Of course, nothing replaces proper pricing! It may help to have your house address displayed where it is visible, especially at night as many home shoppers will execute the driveby on their route home from work.
Catherine Lindstadt,REALTOR 631-266-6113 clindstadt@elliman.com
Thinking ahead for those of you who might receive new electronics during the holidays. Please read below for tips on how to dispose of your old electronics properly! Enjoy your holiday!
Warmest Wishes,
Catherine Lindstadt
Licensed Broker Associate
Prudential Douglas Elliman Real Estate
631-266-6113 clindstadt@elliman.com
Oh, by the way … if you know of someone who would appreciate the level of service I provide, please call me with their name and business number. I’ll be happy to follow up and take great care of them.
Thinking about a possible sale? There is no better time! Twelve Reasons to List Your Home During the Holidays:
1. There is less competition for buyers.
2. Winter prospects are more serious buyers.
3. Your home looks and smells better during the holidays.
4. One of the highest percentages of “Listings SOLD” to “Listings
TAKEN” occurs during this time of year.
5. You may receive more money for your home now because you have
less competition.
6. Throughout the holiday season, you may restrict showings during
your personal family events.
7. Buyers have more time to look at homes during the holidays,
especially during their vacations.
8. January is traditionally the biggest transfer month, and you must be
ON the market to capture that group.
9. Interest rates are at an all time low, more purchasing power for the buyers.
10. When you sell during the Winter you have an opportunity to buy
during the Spring when many homes are on the market.
11. You may have fewer actual showings, but more
QUALIFIED and MOTIVIATED prospects.
12. Corporate transferees, who may need to buy a home
now, can’t wait until the Spring market.
Catherine Lindstadt, REALTOR 631-266-6113, clindstadt@elliman.com
I have often been asked to describe the role of a buyer’s agent. The best description that I have found is taken from REBAC- REALTORS and Accredited Buyer’s Representatives.
As per REBAC, buyer agent responsibilities include:
- Evaluating the specific needs and wants of the buyer and locate properties that fit those specifications.
- Assisting the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
- Assisting in viewing properties – accompanying the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
- Researching the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
- Advising the buyer on structuring an appropriate offer to purchase the selected property.
- Presenting the offer to the seller’s agent and the seller on the buyer’s behalf.
- Negotiating on behalf of the buyer to help obtain the identified property — keeping the buyer’s best interests in mind.
- Assisting in securing appropriate financing for the selected property.
- Providing a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.
- Most importantly, fully-representing the buyer throughout the real estate transaction.
When considering hiring an agent for the position of purchasing a home, I would always suggest interviewing in person. For most people, purchasing a home is one of the largest financial decisions that they will make during their lifetimes! Carefully select someone who you believe will work in your best interests.
Catherine Lindstadt REALTOR – Please feel free to contact me for assistance at anytime! 631-266-6113 clindstadt@elliman.com
