DUTCHESS COUNTY REAL ESTATE

I Ain't A Snooty Realtor ...Because This Ain't A Glamorous Business!

Carol Culkin (Houlihan Lawrence Realty) — Mon, 23 Nov 2009 14:58:55 -0600

Upon entering into the real estate business, I had no idea about specialty markets. The firm I had started with was not exclusive to marketing any particular property type. Of course, I would have jumped at the opportunity to market luxury homes back then, but as a new agent I took whatever opportunities I could get and I didn't put my eggs all in one basket.

Years later, with many closed transactions under my belt - I still do not have a specialty market. It sort of reminds me of when I was in high school and I refused to belong to one particular clique. I just wanted to be friends with everybody.

Maybe this is why I find it easy to relate to just about anybody and why I am pretty good at marketing homes in every price range too. Perhaps it's because I have lived in many different social environments and had been exposed to diversity at an early age. The first part of my life was spent growing up in a new luxury home situated in a coastal community. From there, my parents moved out of state where they bought and renovated a big old distressed colonial home with potential. It was situated on the one and only nice block of a depressed city. It was there where I had to attend inner city schools. And, to this day, I'm still pretty street smart. I'll never forget the day when the girls from the low-income housing projects bullied me and then threw a punch. I saw stars only once and realized I had to become a little rough around the edges myself in order to survive, especially since I had friends who lived in their neighborhood.

Well, speaking about real estate and being rough around the edges ...I can market those homes too and I DO. The rough homes, that is. I have listed the handy-man specials and I have listed luxury homes too and I am not partial to either, as long as the sellers agree to list their properties at a price that reflects the condition. I can relate to those who live in executive neighborhoods as well as those who live in the low-income neighborhoods. If my parents did one thing right, they exposed me to all walks of life early on. By the time I got to high school we were living in another city, in a different community. Through our relocations, I could just about fit in with any group. But, I would just as soon blow off the cliques then to join an exclusive group of snobby people. So, you see - I learned how to be friends with everybody and that became my gift.

Fast forward to today and the real estate business as I see it - some agents might turn their nose down at marketing foreclosures, short sales or distressed property. I know some agents who in a different market had branded themselves as luxury home specialists. They don't seem to have a lot of business these days. The luxury home market in my area is pretty much a stagnant one. Some of those luxury home specialists are struggling to sell in the modest price ranges now. I actually noticed that one particular agent has almost quit doing business entirely. I think she was in it for the glamour and perhaps she couldn't adapt or couldn't find it in herself to re-invent.

NO, there is absolutely no glamour in being a real estate agent these days, especially when you're listing distressed properties and working with people who are facing foreclosure or experiencing significant financial hardship. Most people who can't afford their homes cannot afford to even repair or improve their properties. And, forget about staging these homes. Sometimes we just have to list and market these properties as "fixer uppers" or "handyman specials" and hope for the best.

A long time to ago, my previous broker asked me to mentor a new agent Being of the female gender, I think it was natural when I paid special attention to how she carried herself. I noticed how she dressed impeccably, carried a Louis Vuitton handbag, and was driving a brand new shiny Mercedes. If I didn't know any better, I'd say she was trying to convince herself that she had perfected an image of what she wanted to be as a Realtor. But, could she walk the walk? Months later, things didn't work out. See, once the new agent got a glimpse of the real estate business as I was working it, she decided that it wasn't as glamorous as she had thought. Perhaps that's because in our travels I took her through multi-unit properties to meet investors. We would sometimes be showing properties in the middle of the afternoon while tenants sat in their rented apartments watching TV, smoking cigarettes and waiting for their checks. I marketed homes in modest price ranges where the homes were sparsely furnished and I knew that improvements were needed but the sellers could not afford to make repairs. And, also in her presence, I listed magnificent houses which were owned by highly educated professionals who were raking in big incomes. As a mentor, I tried to teach her that we have to take the good with the bad. Had she stuck it out along long enough, she would have realized that today it's the distressed fixer uppers and the lower price ranges which fuel our local market.

So, I wonder what would have happened to ME as an agent had I made the decision early in my real estate career to specialize in the luxury home market. I wonder, had I not been exposed early on to all socio-economic environments if I would have survived in the real estate business at all. I have never been intimidated about showing multi-family housing to investors because I grew up in an inner city setting and played in those kind of neighborhoods. When I meet with sellers, I am not judgmental about people's financial situations because I remember what it was like once when I was growing up as a kid and my father was unemployed for a couple of years. I remembered how it felt to be 10 years old, the apple of my father's eye and so totally confused as I watched a wonderful devoted family man disconnect from me and the rest of the world. He was in that situation because of the downsizing of a major corporation and not because he was a deadbeat. He had to sell that old house halfway through the renovation project. I'm sure he gave the business to a Realtor who could empathize with his situation and didn't turn his nose down on the condition of the property. That's why I am not selective. And, thats' why my heart can ache for those in similar situations.

Yes, I do LOVE marketing and showing the stunning luxury homes that everybody dreams about. I love the paychecks these properties produce too. But, these days I can sell five modest homes in the time it takes to sell one luxury property. And, I can relate very well to all the many circumstances that surround those sellers and the properties that we as Realtors refer to as the "diamonds in the rough" - I was once a diamond in the rough myself. Actually, I lived in one too. And, I have lived in all types of housing - even the luxury homes. Yes, I've been on both sides of the track. And, the two most valuable lessons I have learned along the way is to "never forget where you came from" and "don't put your eggs all in one basket."

Luxury homes? Distressed property? I just want to be friends with everybody ...and, I think I AM.

With Good Income & Good Credit, You Can Still Buy A House With NO Money

Carol Culkin (Houlihan Lawrence Realty) — Fri, 20 Nov 2009 10:52:51 -0600

The other day a mortgage representative told me how it was done. The buyer only had seven cents to his name when he made the bold decision that he wanted to buy a house.

This is 2009, so the Realtor was certain it was impossible, but he referred the buyer to the loan representative anyway. If anything, the loan representative might at least be able to consult with the buyer, encourage him to save some money and devise a future plan for the purchase of a house.

The plan was put into place. It did not require the buyer to wait or save any money. The buyer had good income and good credit. He also had a mother who was willing to gift him $10,000. The plan also required a seller's concession. The seller contributed $12,000.

There you have it. ...The buyer bought a house with only 7 cents to his name.

Now, I'm not absolutely convinced. Sounds to me like the buyer entered into homeownership without any cash reserve. Will he be house poor starting out? I am sure he was delighted to get the keys to his new home. But will that happiness be short lived when costly repairs come up and there is no savings? What do you think?

It's Somebody's "Home" - You'll Need An Admission Ticket To Get In

Carol Culkin (Houlihan Lawrence Realty) — Thu, 19 Nov 2009 21:18:05 -0600

There's just something about a luxury home that brings out the curiosity in all of us. I guess my own curiosity can easily be satisfied as a Realtor. I have had the privilege of getting through the doors of some pretty amazing and unique properties. It's in the job description. And, included in that job description comes the task of screening buyers.

The phone rang. I was delighted that somebody was actually calling regarding my high-end listing that seems to have become forgotten inventory in this slow real estate market where luxury home sales are few and far between. The buyer wanted to see the property. So, I asked him a few questions.

No, he was not working with another Realtor. ...Fair game.

Yes, he would be financing a portion of a purchase. ...Okay.

No, he had not spoken to a mortgage representative. ...Hmmm.

No, he was not interested in getting preapproved for a mortgage. Road block.

Oh, and yes! ...I do want to sell this listing.

But .....

For good reason, the seller does not want a public open house and wants all buyers to be screened before viewing the house First, it's a large house and she does not have a staff of hired help to clean and prepare the home for every showing. She takes on this task herself.

The house is occupied by a family of five. It's not just a house for sale. It's somebody's home.

Oh, I shouldn't forget to mention that the sellers are publicly known, and they value their privacy and are very security conscious.

Yeah, the house has been on the market a long time but they are not desperate and will not change their minds about the showing instructions. Does it even matter that this is a high-end home and that the sellers are prominent people? Why would ANY seller want strangers parading through their home if they are not serious buyers? So, I follow the same rules for ALL of my listings. This is what sellers hire me to do. It's highly unusual for a buyer to be looking at homes and refusing to take the necessary steps to begin the process. But, occasionally we as Realtors come across bull-headed people. I'd rather not work with them. The pre=approval process is my only reassurance the people I am working with ARE who they say they are and won't be wasting my time or that of the sellers.

And, so I explained it as tactfully as I could to the potential buyer. He said he understood, but he still did not want to go through the process of speaking to a mortgage representative and doing anything that might lead to a credit inquiry. Well, I represent the seller. I told him so. I referred the buyer to another agent. I only work with pre-approved buyers - this is a policy in place for my own security too.

The lender pre-approval letter serves as an admission ticket. In this particular situation, the entire community is intrigued by this house. As much as the sellers and I want to get the property sold, buyers need to understand and respect our stance. There is a screening process. There is a good reason why there is no public open house scheduled. Sorry to say, the public is not invited. But, buyers who are serious enough to get pre-approved are always welcome.

Dutchess County - Not A Declining Market? ...Heard It Through The Grapevine.

Carol Culkin (Houlihan Lawrence Realty) — Wed, 18 Nov 2009 16:29:06 -0600

Is there good news on the horizon for Dutchess County homeowners? Two mortgage representatives told me this week in separate conversations that the Dutchess County area is no longer deemed a declining market by the lenders they work for. One rep was specific to state that the term being used now to describe the local market is "soft."

I don't think we'll see any robust changes in the near future. Up until now Dutchess County had been considered a declining market for the last 18-24 months. It may remain soft for some time., but this is a little better than declining. Have we hit bottom? Will the market turn around? Nobody has a crystal ball to really know for sure.

All I can say is that I have the statistics to back up what I was told. Something is changing and I think it's for the good, at least for homeowners. and perhaps not so good news for buyers still sitting on the fence. Click here to take a look at the market summary I posted a few days ago. Poughkeepsie Area Market Overview .

I Was Declined For A Credit Card ....And, I'm Feeling Like The Biggest Loser!

Carol Culkin (Houlihan Lawrence Realty) — Tue, 17 Nov 2009 22:20:26 -0600

The clerk at the customer service desk at Lowes Home Improvement Center handed me a message that was printed from her cash register.

We apologize but we are unable to approve your application at this time. You will receive a letter in 10 days explaining our credit decision.

I left the store feeling very embarrassed and scratching my head. Why? It sounded like instant credit would be easy to obtain. I've been on time with all of my payments and I am not maxed out on my credit cards. Well, okay there was that trip to Italy 6 weeks ago. I almost maxed out on one card, but I just paid that down over a week ago.

Then I stopped at the bank on my way home and talked to my personal banker. Of course, he suggested I use my bank credit card instead at a higher interest rate. But, this is a home improvement and I can possibly get 0% for 6 months (if approved). He also didn't realize that I could really pay outright for this project if I really wanted to. I just don't want to let go of my cash. I thanked him, explained my reason for not wanting to use THAT particular credit line and then I requested that he just check my accounts (checking, savings, credit cards, car payments and anything else associated). Could it be possible that there was a problem? Had any of my accounts been flagged? Is there a threat of identity theft? Nope. Nope. Nope. And, he then suggested that I go home and log onto www.annualcreditreeport.com

After 4 hours of getting booted out of the Equifax system I finally got in. It looked good. The credit score said GOOD. I then checked Trrans Union too. GOOD - almost VERY GOOD. Surprisingly, for a Realtor who makes a living off of commission sales in a bad market, my credit score was even better than I had imagined. So, what's the problem?

My personal banker informed me that there is so much tightening of credit right now that the stores probably don't have the ability to open up new accounts even for those who pose a low risk factor. Yeah, kind of like writing mortgages, huh? I took the opportunity to remind him that I am a Realtor and know all too well about this. But, even for smaller purchases there seems to be a credit crunch now. These days it doesn't seem to matter if you're a deadbeat or not. Having good credit doesn't necessarily mean anything anymore? People don't have to lend to you just because you have GOOD credit. Nor do they have to be eager to do business with you for that matter.

Well, this was a home improvement project I could hire a contractor to do. But, the problem is that contractors don't usually accept credit cards. I have to give this some thought. If I am going to have to pay cash for this project I'd rather wait and sell a couple of more houses so I don't clean out my savings account (I hate parting with my cash). Oh, and I guess I will hire the little guy who is trying to support his family instead of a national home improvement chain that doesn't appreciate that I have GOOD credit according to Equifax and TransUnion. The little guy will appreciate my business too and treat me as a valued cutomer. And, I'll feel good that he could buy his kids shoes and put food on the table. ...So long Lowes!

How Listing Prices Give Homeowners A False Sense Of VALUE.

Carol Culkin (Houlihan Lawrence Realty) — Tue, 17 Nov 2009 10:42:56 -0600

The typical listing appointment discussion:: So what do you think a buyer would be willing to pay for your home? I ask this question. I listen. I take a deep breath and then I give MY pricing opinion/strategy. I watch their jaws drop to the floor. Once again, the sellers are confused about list price vs. value. And, why is this?

...Looks like it's time for a little reality check.

It's been said that a man's home is his castle and it's worth more to him than it really is. That said, how did the homeowners arrive at their numbers before I arrived at their home with tons of documentation and statistics from all my time spent on preliminary research? As a Realtor, I'm positioned to give my pricing opinion which is always supported by documentation. But, before sharing I want to hear their thoughts?

...I ask them. HOW? How did they arrive at this number (which I know already, far exceeds mine)?

Usually the homeowner tells me that he saw other homes "listed" for sale in the community. Okay, so he understands the concept of comparing homes for sale. Good. They understand what they might be competing with. Great. But, there is more to it.

The process of pricing a home must be based on determining what a buyer might pay? Often sellers have no clue what area homes have SOLD for and confuse the listing prices of comparable properties with value. There is a big difference. Somebody else's inflated price cannot be the basis for neighborhood value, but often it is - at least, in the eyes of all the neighbors. It's a common mistake.

...It sure is hard to change somebody's mindset once they have become fixated on a certain price.

But, this is my job. When pricing a property, I have to insist that the homeowner look at what has SOLD.. Until the moment I walk through the door to meet with a homeowner, this information is pretty much a secret. Often there is a huge variance between original listing prices of comparable homes and the final sales prices. Pricing a new listing is all about monitoring what has recently sold rather than duplicating somebody else's failed pricing strategy of a nearby house that has been on the market for months and is not getting any action.

Continued discussion: You mean that house I thought was comparable to mine is really overpriced based on other homes which have sold? You mean I should list my house even lower, than the price I had been fixated on all along? And, then I should expect that a buyer would be willing to pay even less than the list price you are suggesting which leaves some room still for negotiation? Oh, I get it now. By doing this, the listing will appeal to a greater number of buyers too. Yes, I do appreciate that you want to list my house at a price closer to what you believe a buyer would be willing to pay, get it sold in a reasonable amount of time with the least amount of inconvenience to myself and my family. But, I was really expecting to sell at a better price...Hmmm.

When the mindset suddenly changes, I can see money flying out the window.

I watch the homeowner as he gives it much thought. Does he hate me now? I might have burst his bubble but at least I have been realistic. I don't want to mislead anybody. After all, we have to work together. Gosh, I hate to be the bearer of bad news.

A good agent sets realistic expectations and the average seller usually wants to see if he can exceed those expectations. Call it human nature. Some people might even call it greediness. Personally, I have seen many sellers shoot themselves in the foot by listing their house too high while their agents do nothing to discourage it. Many have had to chase after a declining market in recent years. and by doing this, they have taken a bigger hit later - after the reality check. So, this is why I try to encourage a reality check early on. The inflated prices of one, two, or three comparable properties should not be the basis of what a buyer will be willing to pay. And, the asking price of nearby active listings does not equal the value of YOUR home.

Continued discussion: Let's look at what I see when viewing a comparable property that has sold and try to understand the seller's pricing strategy: Original price, 1sr price reduction, 2nd price reduction, negotiation = SOLD. ...Now, this might equal your value. And, then again - in this declining market ...maybe not. And, after 208 days on the market was that a smart pricing strategy to begin with?

Hey Seller, This Is A Take It ...Or, Leave It Showing! ...What's It Going To Be?

Carol Culkin (Houlihan Lawrence Realty) — Fri, 13 Nov 2009 23:20:14 -0600

Agents! Did you ever feel like you need to negotiate with a seller BEFORE you even get through the front door with a potential buyer? Don't we do this all the time when we call to schedule showing appointments? How often does it happen that a seller tries to finagle a different showing time? Well, it happened to me twice today. And, I am still fuming.

Late this afternoon I called to make appointments to show 8 properties tomorrow morning and early afternoon. I consider this to be ample notice. I still don't have confirmation on half of the showing appointments, but the extent of my frustration is due to sellers who think I should accommodate their schedule.

I was expecting the listing offices to call back with confirmation and access information. Instead, the first call was a request for me to come at noon instead of the 10:30-11:30am time range I had tried to coordinate. "Let's see" I told the lady at the appointment desk at the listing firm representing the seller, "by noon I plan on being 3 towns away with this buyer." She was quiet at the other end. She understood when I told her that I have a relocating buyer who is only in town for one day and I am working geographically to cover as much territory as possible in the small window of time we have together and that all the other appointments were confirmed already and will not be changed (well, at least that was my goal). Basically, I told her under no uncertain terms that this was a take-it or leave-it showing. I continued with my rant. Poor lady. I told her how I understood that everybody likes to sleep in on a Saturday morning and if I had it my way I would too. However, this is the time my buyer requested to start out - and buyers are like gold these days so we must ALL be accomodating them. She promised to see what she could do. She pulled through. Moments later she called me back to let me know I was all set to go. Great ...but it doesn't end here.

This evening I received a call from a listing agent of one of the other properties I am trying to show in the same neighborhood tomorrow morning during the same time range. Well, there must be something in the water in this neighborhood. The listing agent explained that the sellers were contacted earlier in the day by her office for a showing appointment, but tomorrow won't work. She advises me that the wife is moving out tomorrow and there will be chaos. Huh? Well, I actually have two issues with what she was telling me. First, "the wife" is moving out separately from the husband? Can I assume this is a divorce? Now, I may be premature in thinking that this is THE house for my buyer, but now I am already planning my own negotiating strategy for this property. Shouldn't that remain a confidential piece of information between the sellers and their agent? Now I have useful in possible negotiation. And, back to not being able to accommodate us. Is it not possible to show the house anyway as long as everybody promises to stay out of the way? "Can you try to bring the buyer by next week instead?" Once again I had to explain that this is a take-it or leave-it showing ...the buyer will be in town for only one day. By the end of the night I still had not heard back from the listing agent for that property. I pretty much have written that one off.

If sellers want to sell their homes they need to make their places available to show when it's convenient to the buyer, sometimes even on a moment's notice. These were not last minute showing requests. The listing agreement/contract states that these sellers and their listing agents have agreed to cooperate with other agents to sell these homes and to even pay me if I can get the job done. But, they are not allowing me to do my job. In this challenging real estate market, it seems sellers are practically begging their listing agents to find creative ways to increase showings, get offers and get their homes sold. Yes, sellers are begging. And, beggars shouldn't be choosy.

Unable To Pay Your Mortgage? - Where To Turn To In Dutchess County...

Carol Culkin (Houlihan Lawrence Realty) — Thu, 12 Nov 2009 10:53:25 -0600

Hardship is running rampant these days. Everywhere I turn as a real estate agent I hear stories that bring me to tears. Many people are experiencing financial problems, unable to pay their mortgage and getting deeper into debt. Some of my past and present clients have confided in me about the feeling of shame and embarrassment they have experienced. Rarely do they talk openly to others about their financial problems and will usually treat this like a dirty little secret. And, most people don't know where to turn.

If you are experiencing financial hardship, the truth is that you are among many. Knowing this may not make you feel any better about the situation, but it should alleviate any embarrassment or shame. You are not alone. This is a sign of the times - 2009. And, perhaps talking to friends and family will help you get things off your chest. Hey, you never know who might be in a position to help you.

Last weekend I met a lovely couple at a party. She was about to undergo her last of several chemotherapy treatments for breast cancer. He had just experienced a third hospital stay since the beginning of summer after undergoing brain surgery. They hardly knew me, but they talked openly to our mutual acquaintances and were not feeling awkward about including me (a complete stranger) in that conversation. As I listened intently I realized that he has been out of work for several months, is behind in his mortgage payments, has credit issues and his bank won't give into his request for a loan modification.

I then told him I am a Realtor and suggested that maybe I could help by referring them to a good local attorney. I did not suggest that we talk about selling his house and I wasn't trying to move in for the kill as a real estate agent. See, he made it clear that he actually wants to STAY in his house where his children are most comfortable. All he wants to do is work things out with the bank. Oh, and he did also mention that he is still very good friends with the Realtor who sold him his house. They socialize on a regular basis with her and he asked me if I knew his friend professionally. I explained that I have talked to her on the phone a few times and I immediately knew I needed to respect that relationship.

I could have walked away thinking there was nothing to gain as a real estate agent. But, I didn't. I promised him that I would email the contacts I have to his friend the next day and he was receptive to the idea because the lawyer he had started to use was 3 counties away. I also suggested that he contact Cornell Cooperative Extension - a non-profit agency with representatives who might be able to help them work directly with the bank's work-out department. As, my attorney source tells me "lenders as a rule have come to realize that intervention during the delinquency and working creatively with the consumer who has the ability to pay in some way is better than a foreclosure". It's really worth the try.

My role as a real estate agent isn't always about trying to scrape the bottom of the barrel to find real estate leads and grow my business. It's not always about my own personal gain. I am always on hand to listen, even when I know I have nothing gain, I will at least try to provide a community service. A good Realtor knows that where to draw the line, when to just listen and provide advice - even if it's a FREE service. Real estate agents need to have a good mind for business, but a bigger strength is having the good heart to help others.

For Dutchess County residents seeking financial counseling FREE help and services are available at the Cornell Cooperative Extension - (845) 677-8223 ext. 119 ...click on the link below for more information.

http://www.ccedutchess.org/index.php?option=com_content&view=article&id=65%3Afamily-budget-education-program&catid=48&Itemid=89

Poughkeepsie Area Market Overview

Carol Culkin (Houlihan Lawrence Realty) — Thu, 12 Nov 2009 09:31:53 -0600

Local real estate statistics were recently published for October 2009. The market update below shows that closed sales and the number of purchase offers accepted are UP since last October, while the inventory of available homes for sale has declined. This is great news for sellers, and should serve as a caution for home buyers who are waiting to time the market. In fact, the average selling price has not even changed significantly since last year.

October 2009 Sales Statistics

SINGLE FAMILY DETACHED

Oct '08 Sept '09 Oct '09 1 Yr. Chg / %

Closed Sales 131 136 155 UP 18%

Average Selling Price 305,897 303,491 298,982 DOWN 2%

Purchase Offers Accepted 125 148 166 UP 33%

Average Days On Market 128 130 128 SAME 0%

Available Listings 2249 2074 2027 DOWN 10%

Source: Mid-Hudson Multiple Listing Service Inc (MHMLS). These figures do not represent private real estate sales. This report reflects the sales activity of MHMLS, which comprises the largest sales volume sampling.

Carol Culkin
Associate Broker
ABR, SRES

Telephone: 845.227.4400 Ext. 358
Direct Line: 845.430.6543
Mobile: 845.430.6543
Email: cculkin@houlihanlawrence.com
Website: www.carolculkin.houlihanlawrence.com
FOR TOP PRIORITY, YOU NEED A TOP AGENT!

Carol Culkin, ABR, SRES, Associate Broker for Houlihan Lawrence, is your source for real estate in Dutchess County. Carol is an award winning residential specialist and has been a Dutchess County top Realtor since 2002. If you are looking for a real estate agent who will be your advocate while providing you top priority service, call Carol today at 845-227-4400 x358 or on her cell phone at 845-430-6543. http://www.dutchesshomefinder.com/

Are Realtors Entitled To Take Time Off?

Carol Culkin (Houlihan Lawrence Realty) — Tue, 10 Nov 2009 19:23:00 -0600

This past weekend I received THAT call which always comes the way of a Realtor who has left to go out of town. The voicemail which I retrieved just after landing at my destination city was from a homeowner who wanted to talk with me about listing her house for sale. She wanted to know when we might possibly be able to meet.

Usually when this happens most homeowners are willing to wait for me to return a few days later. And, when time is of essence I will always recommend that the homeowner meet with one of my team members instead. In fact, a couple of months ago while I was away and this happened I matched up another agent at my office with a homeowner who was planning to sell and purchase. These two simultaneous transactions are closing this week and we provided exceptional service along the way.

Back to my mini-vacation. When I returned the call a few hours later, I apologized that I didn't have the chance to call back any sooner because I had been traveling that day. Immediately, the homeowner understood that I was out of town. Phew. I was quick to point out that I would be returning in just 3 days. This shouldn't seem like a bad time frame, considering most sellers are usually busy with a pre-marketing to-do list. Even when I am not out of town, I have had sellers request to meet a few days after that initial phone call. Often, they appreciate and understand that I will need to take a few days to do some preliminary research before meeting them and making any recommendations. Rarely, do I ever encounter a seller who wants me to drop everything and come right over to list their home.

But, this was different. It was apparent from talking to the homeowner that she didn't want to waste any more time - and, she told me she had already interviewed other agents. In fact, she would not even hear of my suggestion to send out a team member - I guess she wanted ME. ...Or, did she?

Something told me to not beg. I must have needed to get away really bad because I wouldn't even allow myself to waste the energy and plead for the opportunity. My knee jerk reaction would normally have been to discuss how waiting for me to return could be beneficial if I am THE best Realtor for the job or how working with a team member would give her access to all the right marketing tools of a top local real estate firm. Yes, I would typically talk about the marketing advantages, my track record, my credentials, and how my firm has the largest pool of buyers around But, this time that knee jerk reaction did not kick in. Yes, I fought it off. My mind told me to think seriously about working with a client who might not respect the fact that a Realtor needs to take vacation from time to time too. After all, many Realtors are overworked and burned out working in this market and those who can take a few days to get away can often tap into a new level of energy upon returning. Nobody wants a burned out Realtor.

Could it be possible that part of me felt a little bit insulted at the implication that I might not have been entitled to a get-away, or insisting I didn't deserve a chance because I left town for just a few days? Did she maybe think that because I took a vacation I am any less of a Realtor? On, the contrary. While I was away, I actually put together a deal involving multiple offers on one of my listings. Who's to say I couldn't have done the same thing for this homeowner in the very near future IF I had the chance? But, now she will never know. And, neither will I.

I might have tossed and turned that night but I returned home last night - refreshed. Perhaps I lost some new business. But, if all I lost was a client who seemed a bit surprised that this Realtor takes occasional vacation time ....well, I guess I didn't lose out on much at all. The real estate consumer doesn't always understand that just as a homeowner might interview different agents, Realtors can also be selective about taking on any new business. No, I did not aggressively pursue this opportunity, because I think there will be better opportunities ahead with sellers who care that I am human. I even convinced myself that this is probably one of those listings I wouldn't have wanted. And, just to confirm this, I watched the listing come up on the local MLS hotsheet today as an overpriced property that is in dire need of a stager.

Maybe, if I play my cards right I won't be on vacation when this listing expires in 6 months and by that time perhaps the seller will be a little more reasonable and realistic. For now, I will let another agent have the pleasure of managing this listing and talking the seller down in price until he/she is blue in the face and probably needing a VACATION too.

Are You Decorating Or Devaluing Your Home?

Carol Culkin (Houlihan Lawrence Realty) — Sun, 01 Nov 2009 13:44:28 -0600

Once a buyer purchases a house and becomes a homeowner there is usually a lot of time, money and thought that goes into personalizing the property to make it feel like a home. By, adding decorative touches a homeowner begins to gain more and more pride. A little creativity can go a long way and sometimes it can go too far.

I have seen new homeowners turn decorating into a hobby with very little assistance from a professional interior designer. The results can be disastrous. Eventually the novice homeowner decorator becomes so passionate with their new hobby that he/she begins to lose sight of what others see.

There is such a thing as over-decorating.

Before a homeowner puts too much thought, time and money into a do-it-yourself decorating project, he/she should always be cautious about what they are doing because the end results can diminish a home's value when the time comes to sell. Buyers looking at resale homes are often turned off by too much furniture, clutter, bold or dark interior colors ...and houses that look a little too lived in.

So, before as you pick out that trendy paint color, before you pick up that paint brush and before you buy too much ornate furniture to clutter up your home - ask yourself, ....Are You Decorating Or Devaluing Your Home?

Daylight Savings Time - Spring Forward, Fall Back ...And, Happy Halloween

Carol Culkin (Houlihan Lawrence Realty) — Fri, 30 Oct 2009 01:44:30 -0500

The weather forecast shows a wet, rainy, but warm Halloween is expected in the Mid-Hudson Valley and Poughkeepsie are. Hi 69 / Lo 42. It might turn out to be the first rainy Halloween night since I moved into my house 10 years ago. I can track the weather back that far because each Halloween I set up a table outside on my driveway and serve donut holes and cider to the trick-or-treaters. It's great to see all the neighbor having fun and to chat with the parents too.

If it rains this year I might need to set up shop inside my garage or forgo tradition all together.

And, after the trick-or-treaters are done collecting their loot, the next thing I'll be doing this year is setting all my clocks back.

Remember, Daylight Savings ends at 12am on November 1st. Yes, and it will be getting darker sooner now ...that means one less hour of daylight available each day for Dutchess County homebuyers to be looking at property. Well, we can always bring a flashlight to look around outside I guess Heck, I'm not afraid of the dark. Are you?

Will The Home Building Industry Ever Recover?

Carol Culkin (Houlihan Lawrence Realty) — Thu, 29 Oct 2009 22:54:36 -0500

This was the million dollar question being tossed around the other day when I was talking with a home builder. I just started working with him to locate some foreclosed properties with the possibility that he will flip a few houses while he waits for the home building business to recover.

Will it? ...Ever?

This is one of two custom luxury home builders I am working with currently, both are considering flipping homes. They are both in a holding pattern while they are not getting requests for new construction and are afraid to build on spec because high end homes are lingering for so long. In the Hudson Valley it is not unusual to see a high end home sitting on the market for 3 1/2 years. The few recent sales in the upper price ranges have all been drastically reduced before they were sold. Recently an increasing amount of short sales and foreclosures have turned up in the luxury home category.

A luxury home new build in the Hudson Valley starts at around $500,000. A modest new construction home without all the whistles and bells starts at around $350,000. These numbers are significantly lower than a few years ago, And, even with prices declining like they are, very few buyers are shopping in the luxury home price range. However, our local market is thriving in the lower price ranges - be it new construction or resale.

I told my builder client that $300,000 is now the new high end for our market. This is not news he wanted to hear, but I' know he can appreciate my honesty, especially because I agreed with his decision to stay in a holding pattern and flip houses for the time being.

As we talked, he explained his goals for a profit margin and his dilemma. While housing prices have decreased significantly, land values have stayed the same. The average cost of a good building lot in Dutchess County is $150,000. That leaves him with very little profit after considering his cost to build and paying a Realtor to market and sell the property.

I explained to him that from where I sit, there is an even bigger dilemma. Baby boomers are now buying down. No longer do they need that big house. And, Generation Y buyers are the first generation since the day when our parent's were first time home buyers to approach home buying in a very conservative sort of way. These kids see the news everyday and it scares them - people loosing their jobs, the economy is in turmoil and there is an increasing amount of foreclosures. It's drilled into those young little heads, if not by their parents or real estate agents, then by the media. They have become smarter than their parents, and have learned by their parent's lessons - to not overextend.

Will the home building business ever recover?

Well, maybe it will. But, the real question is - will the demand ever be so high again for luxury homes? I don't see it happening any time soon. Not as long as Baby Boomers are simplifying their lifestyles and their children and grandchildren are learning by the mistakes from the past.

So, my advice to any custom home builder with a luxury niche? Reinvent yourself. Forecast into the future. What will people be looking for in new construction? Just like many Realtors have had to develop new niches like short sales and forclosures instead of relocation and high end sales, so should homebuilders - because right now that modest cape cod my parents once owned is the hottest commodity around. I even wonder if we'll be seeing more and more of these charming little things replacing the McMansions when it comes to new construction.

I'll Show You Mine, If You Show Me Yours....

Carol Culkin (Houlihan Lawrence Realty) — Sun, 25 Oct 2009 16:12:39 -0500

I don't mean to disappoint you with the above title. I'm talking about pictures. Yes, I'll show you mine if you show me yours. No silly, not those kind of pictures. Seriously, as enticing as the title might be,, this is a real estate blog and I am talking about real estate marketing photos.

I'd like to see some photos of that house you are trying to market.

See, I have a buyer. As we search the MLS and internet together for listings, we are overlooking the fine features of that home which you are making an ill attempt of marketing online. If what I am saying applies to you and you are a real estate agent then you are lazy and providing a disservice to your client. If you are a seller whose property is not being promoted with multiple interior photos then you should consider firing that lame, no good real estate agent and hiring somebody else who will appreciate your business and put some time, creativity and thought into your marketing.

I have a buyer....I'll show you my buyer ....all you have to do is show us some pictures of the interior of that house first. It's that simple. Downloading photos to a computer is as easy as 1-2-3. And, perhaps if my buyer likes what she sees from looking at the photos of the home you're marketing online, she'll want me to make an appointment to tour the house in person.

I'll show you you mine (my buyer) if you show me yours (your interior photos)...

I Should Have Used My Library Voice Instead Of My Walmart Voice.

Carol Culkin (Houlihan Lawrence Realty) — Thu, 22 Oct 2009 13:20:38 -0500

I just love when I randomly bump into past clients and we are able to take a few moments to get caught up. How's the new house? Did you get it all decorated the way you had wanted. Have you met the neighbors? Are the kids adjusted and do they like their new schools? It's always reassuring to know that my past clients are very happy in their new homes and it gives me great satisfaction in knowing that I played an integral part in that happiness.

I ran into a past client last week. She called out my name as I was racing down the aisle at Walmart, of all places. I rarely shop there and I had no intentions of going to Walmart that particular day but my husband and I made the spontaneous decision to stop in briefly to pick up some laundry detergent on the way to see a movie that was playing at the theatre across the street.

His cell phone rang and he was so engaged in conversation that he started pacing the aisles and before I knew it ...he was gone. Pressed for time, I became a little frantic and annoyed as I walked half-way across the store looking for him. I finally found him. And, then I found myself scolding him like he was a child.

Um, Where were you?? ....... I, uh...was talking on the cell phone and, uh...

Did you have to walk away and leave me wondering where you were?? ..... oh, well I uh....

That was totally rude ......

And, then a sweet little voice called out my name. ...CAROL???

Oh, my gosh! It was the sweet little buyer client who I helped purchase a home just a few months back. And, she is the reserved type too. Being that I am a chameleon, I adapted to her personality as we worked together to find the perfect place. We must have looked at about 20 different properties together and during the entire time I don't think either one of us let down our guard. It was a strictly professional relationship. but in the end I got to know her somewhat and I really like her. She was a nervous first time buyer, a single woman who was buying on only one income and she was scared to death. So, I tried to be light-hearted during the process and occasionally got her to laugh, but I always had to use my library voice with her because I didn't want to scare her any more than she already was.

So, here we are standing in Walmart months later ....and she caught me scolding my husband and bickering with him. I was embarrassed when she called out my name and I instantly found myself transforming back to my library voice. Oh, well ...the deal closed months ago, I confirmed that she's a happy homeowner now ...and perhaps she has finally seen the human side of me. I hope I didn't scare her out of ever getting married.