DUTCHESS COUNTY REAL ESTATE

While I was representing a seller who was moving hundreds of miles away and paying for her own move she told me to let the buyer know that much of the contents of her home were for sale too. I try not to get too involved with selling personal property but I suggested she provide a list of the items she would want to part with and I would send it on to the buyer's agent. The buyer selected a few things off the list and it was agreed they would pay the seller at closing, a sale of aside from the actual real estate transaction.

A few weeks later, the buyer requested to return to the property to take measurements. He arrived with his young daughter who seemed mesmerized by the aquarium. This had not been an item for sale on the seller's list of personal property but the buyer asked if the seller wouldn't mind leaving it anyway. The seller said sure! But the agent forgot specifics and had to call me back to ask if they would leave the fish too! As agents, we laughed about the back and forth about the little details - the seller said she would leave the fish, not a problem. I mean, how would she transport them anyway?

                                            What else, besides real estate have you sold lately?

With so much doom and gloom about the housing market these days , I am at least reading positive reports about Manhatten housing prices being up. In the first quarter of this year, the median price for a Manhattan home rocketed up 18%, to $872,000, compared with the same period last year, according to an April 17 report by ResidentialNYC.com.

This being said, there's a quieter and slower pace just a little over an hour asway where a home buyer can find some great deals. In Dutchess County. there's always been an influx of NY City commuters buying into more affordable lifestyles. For those who prefer not to commute by car, the Metro-North Hudson Line provides easy scheduling to/from Grand Central Station during peak commuter times (and at least hourly otherwise during non-peak times). The trains stop in Beacon, Hughsonville and Poughkeepsie. Many people who commute even take advantage of the down time by catching up on reading, sleeping, working from laptops, or just to unwind while enjoying the scenic Hudson river views.   

According to the Mid-Hudson MLS, in April the average median selling price was $310,000 - down 10% from last year. So, while home prices rise in Manhatten I'm hopeful that this means more business for me! If your considering a move to Dutchess County I'd love to hear from you!  

When planning to purchase a home to coincide with a particular date such as the expiration of a lease, or the sale of another home - it is important that a buyer understands the importance of a well thought out time frame. Just how long the home buying process might take depends on many factors.

A home buyer should consult with a real estate agent to determine what the average time frame is for the locale. A buyer cannot assume when moving from a state where the typical home sale closes in 4 weeks that it is the same way all over the country. 

First time home buyers often make the mistake of underestimating the time needed to close on a transaction before their lease expires. In NY, the typical transaction can take 7-10 weeks because there is the attorney review process. In Dutchess County, contracts are written with an "on or about" date. Meaning, buyers and sellers should not fixate on the contract date. The date of the closing will depend on when the bank gives clearance to close and much is hinged on loan processing and a title search.

Recently, a buyer told me that their lease expires on August 1st. However, their work schedules make it difficult for the couple to shop for homes until the end of this month. During my initial consultation I explained that they should consider getting an earlier start on house hunting, assuming they would want to have time to sort through the many options without being pressured to hurry through the search and make a decision just to time the closing to coincide with the expiration of their lease.

I also advise buyers to have a back up plan because an "on or about date" can run 30 days in either direction. In these sort of instances, I have to stress that buyers must make the home search process a #1 priority if they want assurance they will close by their target date. It's better to finish the process early and be slated to close than to live with the stress of whether everything will come together at the last minute.

A home purchase is the biggest investment of your life and you shouldn't cause yourself to feel rushed! Be sure to consult with an agent early in the thought process about your plans to purchase and the exact time frame -you'll be glad you did!  

If you are selling your home in today's market - time is your enemy. In a declining market, the best pricing strategy a seller can have is pricing to stay ahead or beat the decline. I've consulted with sellers recently who wanted to wait a couple of weeks before putting their house on the market. I encouraged them to make their listing effective immediately. In this type of market two weeks can make a big difference when it comes to price. When sellers want to test the market at a higher price with the expectation they may have to lower to the next range, I suggest testing the market at their bottom line - in hopes to get more buyers, multiple offers and full asking price. A seller should focus on the most likely sales price and leave little/no room for negotiation. Better yet, in this market sellers should determine a most likely sales price and be willing to settle for 10-20k less. The goal should be to sell quickly while the market is in a decline - Time is money!

When I think of the declining market, I remember the Pink Floyd song - Time    

Ticking away the hours in hopes of a showing today
Your anxious for buyers but none have come your way
Kicking around ideas to draw attention from every buyer in town
While waiting for someone or something to show you the way 

And you run to catch up with the declining market, but prices are sinking
Racing around town, your Realtor calls and wants to lower the price again
The market is the same in a relative way, but you're listing is older
Shorter of equity, you've become anxious and worried to death

Every week is getting shorter
Never seems you'll sell in time
Plans that either come to nought
Or half a chance they'll even see your yard sign
Hanging on in quiet desperation is the Home Seller's way
The time is gone
The song is over
Thought I'd something more to say

Sorry to say, the song IS over and there really is nothing left to say. The market is what it is - and only the most serious and realistic sellers will get results. Those who don't grasp this should not be selling in today's market - Wait if you can. Nobody likes to lose money, but if you're a seller who is purchasing another home, then you can expect to get a bargain and make up for your loss on the other end. SELLERS - Time is Money! Be realistic before you find prices falling out from under you!

For the second time since the start of the year I am finding myself (along with my clients) involved in a short sale that is taking way too long. I told the seller's agent last week that the next time I see the word "short sale" I will encourage buyers to run like hell in the other direction.

I warned my clients both times. But, when weeks start turning into months a buyer must weigh the appeal of a "deal" with timing a sale to meet their own time frame.

At my insistence, my clients have agreed that we should start the search all over again.

This happens to be a niche market for the agent on the other end who represents the seller in the short sale. She told me that she is finding it very difficult to get in touch with the seller, who either doesn't respond to phone calls or has missed appointments to sign contracts. I'm told that this lack of responsibility is what gets these people into trouble in the first place - trouble with their personal life and with their finances.

Ok, so even though my clients "love" the place they are trying to purchase (mostly the price makes it loveable), it's now time for us to start dishing out some "tough love".

My clients have been good sports, but time is running out now. 

Does the term "short sale" refer to the other party being short on patience? Having a short fuse? - Well, one thing's for sure - we're running short on time!

Once a month the Stormville Airport is converted to an antique show & flea market. Check out the select dates below for May, July, August, Spetember, October and November. The flea market attracts over 600 vendors from more than eight states. With an extraordinary variety of antiques and collectables, as well as a large selection of new merchandise and arts and crafts, there is sure to be something for everyone.

Take I-84 to the Taconic State Parkway, go North on the Taconic to Exit Route 52 make a right on Route 52 then make a left on Route 216. Stay on Route 216 the show will be on your right.

http://www.stormvilleairportfleamarket.com

Antique lovers!  Visit the Hudson Valley on Saturday May 24th and Sunday May 25th. The Dutchess County Fairgrounds is once again the site for the Rhinebeck Antiques Fair. This event will be open to the public from 10 a.m. to 5 p.m. on Saturday and 11 a.m. to 4 p.m. on Sunday. Admission is $9 each day and will be held rain or shine. http://www.rhinebeckantiquesfair.com/

What if you were selling your home and your agent provided some startling statistics? Say, that in one month there were 1878 available listings overall for one county and only 83 closed transactions? Closings are down 40% from last year, the average selling price is down almost 9% in the same period. What if you knew the average listing takes 143 days on the market to sell? What would you then expect of your agent? What would your expectations be of the entire experience of selling your home?

Have no fear, my individual average over the last 12 months is only 111 days on the market! As far as agents go, my statistics speak for themselves! 

But, would the first set of statistics convince you as the seller to not hang out by the phone waiting for it to ring? Why wait around for a showing appointment that might not happen today? Some people just need to let their guard down. Whoever said a watched pot never boils, must have been talking about selling a home! 

I like to put a positive twist on things. No matter how bad this market is, I AM GETTING RESULTS!

I once had a listing in a very remote area of the county that had only 3 showings in 10 weeks. Not enough activity to even get feedback on pricing. I was confident that the remote area was to blame. The third showing was a charm. Yes - fortunately it only took 3 showings to get the home sold! See, sometimes we don't need a revolving door of traffic to sell a house - we just need that one buyer. 

So, aside from sitting with these sellers everyday and holding their hands to soothe their anxieties, how can I make my clients feel assured that it will all work out? I believe I will get results for them, like I have for so many others. I only had one listing in the past year in which I did not get results - and that was because the seller lost interest - it was a distressed property (a second home) which they simply did not have the time to tend to.

If my clients want me to appear confident as the agent, I need them to feel positive that it will all work out. Reality helps too - the law of averages...homes rarely sell overnight in this market. A listing can go several days between showings. Anybody selling a home in this market must be prepared for a long ride and maybe a few price adjustments along the way. A price reduction is the first thing most agents will suggest to an overly anxious seller. You can't expect top dollar AND be anxious too - one or the other! Selling your house fast in this market usually means initial marketing that begins with a below market price.     

I told a seller today...

 "It's not your house, there's nothing wrong with it...

                                ....it's not me, and it's not the marketing - IT'S THE MARKET".

Sellers: Ease back and let things fall into place, go away for a weekend, have some fun while your house is being marketed, don's sit around waiting for the phone to ring, make yourself busy, take up a hobby, get a part-time job...just let your guard down (and for heaven's sake don't hold your listing agent accountable unless you have good reason, we all need to work together) - your house will sell when you least expect it. Remember, a watched pot never boils!      

Tonight I joined my husband and son for a little Mexican celebration of food and spirits at our favorite south of the border restaurant. So, as my friend Pat Kennedy would say - "BWL" ....whoa! So, after a few chips, salsa, sangria swirled with frozen margarita (salted rim - thank you), and a magnifico seasoned flank steak - I must say, my last all-inclusive Mexican resort vacation wasn't half this good. You don't have to leave NY to find good Mexican food! ...Take it from one who has been to Mexico many times! Cafe Maya is the best...and Luis, the owner will be certain to stop by your table - it's because of him the food is so authentic! Mexican Restaurants are hard to come by in the Hudson Valley - this one makes the mark with Zagat! I took pictures tonight but they came out a little blurry - PWL! What can I say, it was a long wait in the bar - next to the Margarita machine where my son flirted with the bartender and I egged them on...  so instead of blurry photos here's the Zagat website review! Enjoy! I did...    

http://zagat.americanexpress.com/Verticals/PropertyDetails.aspx?VID=8&R=105994&AJX=Ne%253D1285%2526N%253D120+4294939668%2526VID%253D8

One of my favorite things to do in the Hudson Valley is to visit the local wineries. Another of my favorite things - summer nights on my patio, relaxing and sipping a glass of wine. A few years back, I established Hump Night - which quickly became a big hit amongst my friends and neighbors. Every Wednesday evening, weather permitting - we gather for a casual mid-week get together. Occasionally, our conversations grow endless and a Wednesday evening will often turn into a Thursday morning. We just love to gather for a chat and enjoy each other's company, putting aside the stress of our weekday routines. I can't think of a better way to relax than sipping wine on a warm summer night, while sitting under the stars with friends. We are a group of very hard working people. By Wednesday, we feel we deserve to unwind. The commuters and early risers usually retire before those of us with flexible schedules. This regular gathering has now turned into two generations - with the 20 somethings even joining us now. Us middle aged people must be of the young mind set, for our children to enjoy hanging out with us - and we love hanging with them just as much.

So, yesterday I took a drive to the winery to stock up for hump nights! And, since I am a "case club" member, I enjoyed my FREE wine tasting. As the staff at the winery loaded up my car, I knew safety needed to be a priority. Before pulling out of the parking lot, I very carefully made certain my passengers were all buckled up and secure. And, then safely - I drove home, while taking in the beauty of the Hudson Valley countryside! 

http://millbrookwine.com/index.php

Millbrook Vineyards & Winery is open year-round, seven days a week from 12:00 - 5:00 p.m.