DUTCHESS COUNTY REAL ESTATE

So, you want to get your house sold - like yesterday? You say, you're realistic and you know the competition is tough. And, you know there are many other sellers who all want the same thing - a buyer. Okay! But, upon listing your property, you will soon find out that there are really fewer buyers than you might have thought. And the few buyers out there have choices. As you struggle to get your property sold your goal will be to become THE seller who eventually succeeds, instead of becoming just another expired listing. So, I say to you - be competitive. Be more than realistic ...and stop crunching numbers right down to the penny. 

First, it's important to look at your property in the eyes of a perspective buyer. Make repairs and improvements if you can afford to do so, or price the property accordingly. It's important to understand the one thing that cannot be changed is location - so again, price accordingly. Shop the competition to compare your property to others that are similar. Pay close attention to the condition and staging of the other properties. Then, go home and work on making your property even more superior than all the others. As you prepare your house for the market, don't stop thinking about pricing it right.   

                                                                 It's all about price.

Even in a bad real estate market, it's not hard to sell a house, IF the asking price reflects a bargain. Yes, what I am saying is that you may very well need to be prepared to "give away the house", especially in this type of market. With so many competing properties, serious sellers need to be, well - uh, serious about selling. I know it's hard to part ways with money, but you should no longer be eyeing home values of yesteryear - that was then and this is now. Understand that competitive pricing will at least take away some of the stress and other anxieties associated with a home sale - like hoping for the phone to ring with news of a showing and not knowing when your house will sell ...if it ever does. You may think you'll be taking a hit on price but if you're selling and buying in the same market, hopefully you could get a good deal on the purchase. Be aware that today's denial over pricing could lead to tomorrow's regrets. Prices continue to decline. You can't afford to "test" the market by starting out high with price. That is a totally wrong strategy in this market. You'll want to stop the bleeding NOW. Cut to the chase. even my own seller clients are telling ME  "it is ..what it is" - referring to the market.

Just what is considered a competitive price? Perhaps you have heard of aggressive marketing. Your listing agent should be encouraging this. Of course you want an agent who is a go-getter. But, aggressive marketing doesn't mean that your listing agent will be jumping out from the bushes to flag down every car that drives by or employ the Goodyear blimp to advertise your property. 

                                  The term aggressive marketing specifically refers to price.

YOU, the seller must be realistic and keenly aware of an anticipated sales price. Leave no room to negotiate. Price your property even lower than your target price, knowing that home values continue to decline. YOU must be willing to price your house ahead of the decline. Imagine your property being on the market for months because you held out for top dollar. Now, imagine it being six months later and you are finally realizing you have to reduce your price just to be competitive. So, now months later you find out values have declined even more than from the time you initially listed your property. Ouch. Holding out for top dollar in a buyer's market when prices are falling is considered penny wise an pound foolish. Don't do it, or you'll be kicking yourself in the end.  

Don't price your home to sell, but price it to trigger a "feeding frenzy" of buyers. Recognize that this is a price sensitive market and if you want buyers to swarm like flies to your property, you will need to get over trying to get your dream price. It's like being the owner of one of four gas stations on a busy four corner intersection. You must be willing to offer a price that will seduce the buying public. And, if you're lucky you will get multiple offers. Yes, it does sometimes happen still in a buyer's market, or in any market - when a property is priced right. If you can't or won't price your property at a bargain price in this market, then you are not serious about selling. I encourage you to WAIT. Discretionary sellers should wait for a less competitive market. But, there is no telling how long that will be.

           You must ask yourself, not what your house is worth, but what's it worth to you to get it SOLD.  

The comments to yesterday's post about IBM layoffs in Dutchess County have generated some interest. Of course, Dutchess County is not exempt from troubles that face the rest of the nation. People are loosing jobs all over the country. But, for Dutchess County, IBM is THE only major employer - followed by the hospitals and medium sized colleges.

Some of these IBM employees might be able to find other work outside of the area. If they want to remain in the computer, semi-conductor or engineering fields they will most likely move away. This could lead to a rash of relocation. But, not all of these moves will be employer sponsored. Few of these sellers will be entitled to the generous relocation benefits of yesteryear. 

The comment below from Kelly Sibilsky was, for me, affirmation that I should post a follow up about the state of employee relocation. Kelly commented as follows:

To add insult to injury, just a few years ago when people lost their jobs they could count on a relocation package from their new future employer which would help them in the house-selling/house-buying arena. Now, relocation packages are few and far between. This economy has definitely taken it's toll on everyone, every industry, everywhere. 

I have confirmed through two very reliable sources - generous relocation packages are gone. Since I worked at a relocation company prior to entering the real estate field as an agent, I still have contacts there. I've also handled many relocation transactions as a real estate agent and have kept in touch with the happenings of the relocation company where I once worked.

It's my understanding that relocation companies are laying off many employees too. Their corporate clients have cut back on relocation packages, and therefore the 3rd party companies which oversee employee relocation have less work these days. This is filtering down to some of the relocation company suppliers too. A secretary I know was just laid off at the local law firm which handles all home sale transactions for one major relocation company throughout New York. IBM is a client for that relocation company.  

I suspect many individuals who have been laid off at our local IBM plants will be left holding the bag. Kelly is so right when she stated "To add insult to injury"...  When reality finally sets in about a job loss, the bigger slap in the face for some sellers will be finding out there are no relocation benefits, no buy-out and no guarantee their house will sell. Not only will they have to confront declining home values, they will also face the high costs associated with moving. I know - I paid for my last move ...$10,000 for the shipment of household goods, $13,000 in Realtor fees to get my house sold, closing costs and attorney fees on the new house. It adds up. And, that was 10 years ago when I figured I actually got by cheap at just over $30,000 in relocation expenses. A $10,000 lump sum helped towards that move but it was a huge financial set-back just to get ahead. In the end, it was the price we had to pay for a strategic career move which involved advancement, long-term growth and opportunity. A few years later. I learned that the average employee move costs a company $55,000 - and, that was 7 years ago.

For sellers who are forced to go it alone on their relocation expenses, at least the positive side is that they might be gaining opportunities where others can't. There will be some people who might not be able to find a job here or elsewhere. It's not going to be easy for many - to find a job or sell a house! I am prepared to be a good listener to many of my future clients.

At least I can say, I've been where they are - trying to sell a house and move out of town without a relocation package is NOT easy. I was lucky to have had a good Realtor who got my house sold fast. I listened and complied with all her recommendations and once I accepted the cost of things, I let reality take over so the anxiety wouldn't.

One thing that sets me apart as a Realtor when it comes to servicing these sellers, is that I can honestly say I understand because of my own life experiences.  

Sesame Street Live - ELMO MAKES MUSIC! March 13, 2009 - March 15, 2009 Great family fun awaits, Mark your calendar for a musical event like no other-monsters making music! Elmo, Zoe, Big Bird and all their Sesame Street friends are taking to the stage to share their love of music in Sesame Street Live "Elmo Makes Music."

Jenny, an enthusiastic new music teacher, arrives on Sesame Street only to discover that her instruments are missing. Jenny's new Muppet friends quickly come to the rescue and discover ‘instruments' they never knew existed...rubber duckies, trash can lids and even cookie jars. Elmo and friends teach children that everyone can make and enjoy beautiful music together.

Adults will hear music they'll recognize and enjoy sharing with children, such as "The Hustle," "You Should Be Dancing" and "Rockin' Robin." "Elmo Makes Music" features nearly two dozen songs, including classics that children will love to sing along with such as "C Is for Cookie" and "The Alphabet Song."

All your favorite characters live on stage, poration. Mid Hudson Civic Center, 14 Civic Center Plaza Poughkeepsie, NY . Tckesta are available @ http://www.ticketmaster.com/

Calling all first time home buyers - the time is closing in on the First-Time Home Buyer Tax Credit. The maximum tax credit of $7,500 is available for first-time home buyers only, for homes purchased on or after April 9, 2008 and before July 1, 2009. 

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The tax credit works like an interest-free loan and must be repaid over a 15-year period.

In Dutchess County, a closing could take 8-10 weeks from start to finish. This does not take into account the time frame of a home purchase involving a bank owned property (foreclosure) or short sale - these transactions could take several weeks longer.

Don't miss out!   For more information click on this link http://www.federalhousingtaxcredit.com/

Time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.  

While out at dinner last night, I couldn't help overhear a conversation one table over. As I listened in, I gathered that somebody was not happy with their listing agent and their house had been on the market for a long time. I controlled my knee-jerk reaction to hand out my business card. There is a time and a place for a Realtor to connect with buyers and sellers. Something was telling me it was not appropriate to approach them. Especially, since they were another agent's client.

But, I did start wondering about sellers who get so frustrated with their agents in this kind of market. Everybody knows by now that homes are taking forever to sell. According to local MLS statistics, in my market only 5 out of of every hundred homes on the market will sell this month. Then, I started thinking about all the listings out there, and WHY 95 out of 100 homes WON'T sell this month.

Sure, first and foremost - it's the market. And, maybe (just maybe) it could also be the agent.

But, wait - not so fast! Ask any seasoned Realtor who has been around the block, and I can bet most would say the main reasons for a house not selling in ANY market is location, price, or functionality.

There must be many disgruntled sellers out there, like the ones who were sitting one table over from me and complaining about their agent. I happen to know there are two sides to every story.  

I wondered if the sellers stopped short of telling their friends about their ongoing discussions with the listing agent. I bet they will not admit to their friends that the listing agent had actually suggested the property might be overpriced and that probably they ignored reccomendations from their Realtor to reduce the price. Maybe, they can't reduce their price because they owe more than the house is worth. Would they ever tell their friends this? I wondered if the sellers friends have actually had the chance to see the property and understand that the floor-plan is not so desirable, the rooms are very small, the walls are painted in chartreuse green and/or the homeowners are not the tidiest of people in the world. I wonder if any of them gave thought to the fact that the property is located within ear-shot of the railroad tracks.

Listing agents provide feedback to sellers. What sellers do with feedback can make or break them. There are many reasons why a house does not sell and the challenges may not always be related to the market or the efforts put forth by the agent who is marketing the property. Most often when a house lingers without a sale, the seller has been advised over and over again by the listing agent of the reasons WHY. And, sometimes sellers are just not all that receptive to negative feedback or adjusting their price according to buyer objections. But, when friends and family ask them if they're still trying to sell their house - it's always easier to just blame the agent rather than admitting that they had not listened or acted on their agent's advise.     

I wish I was a bear! I would at least be able to hibernate in the winter. More snow today in the Hudson Valley! It started a little while ago and it's suppose to continue through the night. Here is the scene from my front porch. Notice my neighbor's house in the distance. Now, imagine that there is actually a street somewhere between our houses. Can you see the road?

I was driving home a while ago and listening to the radio. There was an announcement of a mattress store that is having a sale. A random little fact was thrown out to listeners. I was paying attention!

....Did you know we spend 4 months out of the year sleeping?

I'd like to use that time all at once. Yes, I want the entire 4 months of sleep for the year - NOW! Maybe I'll wake up and it would be a better real estate market too. I would be well-rested and energized! Oh, and since I don't really need a full 8 hours of sleep per night does this mean I can even settle for a 3 month nap? ...So I can wake up just in time for the spring market! Just call me Rip VanCulkin!   

The City of Poughkeepsie was founded in 1687 and is located midway between New York City and Albany, the state capitol, on the east side of the Hudson River, which recently has been declared to be a National Heritage Area. Poughkeepsie is a small city with a total land area of just 4.8 square miles. It is surrounded on three sides by the Town of Poughkeepsie and on the west by the majestic Hudson River.

The name Poughkeepsie is derived from the native Americans that lived in the area. The City has a long and important history. The courthouse on Market Street is where New York ratified the U.S. Constitution in 1788. Early in its history, the city was a major center for whale rendering, followed by breweries along the banks of the Hudson.

Some of the breweries were owned by Matthew Vassar, founder of the renowned Vassar College. Culturally, the Bardavon 1869 Opera House is the focus of many activities in Poughkeepsie, along with the Mid-Hudson Civic Center and the Cunneen-Hackett Cultural Center housed in the former home of Matthew Vassar. The Glebe House is a 1767 house that has been restored to represent a modest home of the late 18th and early 19th centuries.

The City's ethnic diversity can be found in the many riverfront and downtown restaurants. The City has a wide range of housing choices, including many historic homes and districts. It is a good place to do business. Best of all, it has a diverse and friendly population. The City is centrally located with excellent rail service to NYC and South, and Albany to the North. By car, the city can be reached via the Taconic State Parkway or NYS Thruway.

Educational Facilities - The City is served by the Poughkeepsie City School District. There are numerous private/parochial schools close-by: Oakwood Friends, Our Lady of Lourdes, Holy Trinity, Poughkeepsie Day School, Hebrew Day School and others. There is also easy access to Marist College and Vassar College. The yearly Kid's Expo presents interactive learning for the entire family.

Recreational Facilities - The city's most popular waterfront park is Waryas Park. There are picnic tables and a skate board park. The Mid-Hudson Civic Center/McCann Ice Arena has multi-purpose recreation with an NHL quality ice arena, concerts, entertainment and much more. The Mid-Hudson Children's Museum has hands-on permanent and rotating exhibits that combine science and art for ages up to 12.

Houses of Worship - Most all denominations can be found within the Poughkeepsie area. Some of them are: AME Zion, Roman Catholic, Methodist, Episcopal, Baptist, Assembly of God, Eastern Orthodox, Presbyterian,Temple Beth-El and Pentecostal.

For more info call: Carol Culkin - Dutchess County Relocation Specialist

 Houlihan Lawrence Realty 1989 Route 52  East Fishkill,New York 12533

                Office: (845) 227-4400 x358   Cell:(845) 430-6543

The Town of LaGrange in Dutchess County is a scenic Hudson Valley Community located approximately 75 miles north of New York City. LaGrange has long been attractive due to the close proximity to a major north/south route, and the bucolic, scenic countryside. The town is mainly a residential bedroom community area with conveniences located in nearby Poughkeepsie.

Educational Facilities - The Town of LaGrange is served by the Arlington Central School District. The following schools are within the town: Arlington High, LaGrange Middle, Titusville Intermediate, Overlook Primary, LaGrange Elementary and Noxon Road Elementary Schools. The town is also home to the private Brendon Montessori School.

Recreational Facilities - Central to Dutchess County, one of the area's hidden treasures is the 590 acre James Baird State Park. Located in the Town of LaGrange, the park has everything a nature enthusiast would want. The park also has a fully-equipped golf facility, regulation tennis courts, nature center and softball field. There are several miles of marked trails, picnic areas, and shelters. LaGrange offers a summer concert series at Freedom Park with free admission. The LaGrange Community Day is also held here, as well as many other functions.

Houses of Worship include the Valley Bible Fellowship Church, Full Gospel Center, Clove Valley Alliance, Lutheran, Methodist/United Methodist, Nazarene and Presbyterian. There is easy access to many other denominations in nearby towns.

For more info call: Carol Culkin - Dutchess County Relocation Specialist

 Houlihan Lawrence Realty 1989 Route 52  East Fishkill,New York 12533

                Office: (845) 227-4400 x358   Cell:(845) 430-6543