You have a friend who just got licensed.…and he/she acts as if she already owns your listing….so why not?

Watch out here…your friend may be very competent – but  competence and excellence are things that are often learned on-the-job in this field.   Does your friend know the market well?  Have they marketed a home for sale before?   If prices are depreciating and your friend doesn’t know how to market and price your home, you are losing money every week you have this person as your agent.   This should not be a decision based on friendship.  A lot of money is at stake.  But take heart – I do offer a possible solution to this dilemma later on.

You look for someone who is a top producer:

This can be done in various ways.  You can look for an agent who has fliers out saying they are #1. You can count yard signs or you can try to find out who has made the most in gross commission or who has the highest sales volume in your area.  This is all well and good.  But you need to know what you are getting.  Being #1 in listings is meaningless unless they sell.  In fact everyone can be #1 for something if they think about it long enough.  Many top producers built their businesses on trust and did it the old-fashioned way – they earned it.  But others, not so much.

You Go to Zillow, Trulia  or some other “trusted site” to pick an agent:

People trust these sites far more than they should.  Ask yourselves just how trustworthy any site that features  “Zestimates” that  have a 25% margin of error can be? Picking an agent this way is a crap shoot.  Don’t do it.   We all seem to have a child-like trust of high ranking websites. They found it on the web, so it must be true.  The public seems to have a vision of some nice person at Zillow or Trulia hand picking and vetting agents in every location in the country. Not so.  Agents PAY for these spots.  If they have the green – no questions are asked.  This is not a good way to pick an agent.

These are issues that are often overlooked by sellers, but they can shed light on who is best suited to list and sell your home.

Ask to look at previous or current MLS listings:

In my previous post about what rocks and what flops in terms of marketing – I put the MLS at the top of the list.  So ask to see some examples of MLS listings.   PHOTOS sell homes. Is it full of great photos of the home and even the neighborhood? Is there a slide show?  Buyers want pictures, pictures, pictures!   Is the copy decent?  Remember that they have very few words for a description – but look to see if it is informative and not filled with cliches like “won’t last long” or “a must see.”  If this is well done, then it is a sign that your home will be well-marketed.

Look at production – but get the full picture:

On questions of production – let’s get back to basics.  You are calling an agent to help you sell your home not just list it.  Looking at raw sales is only half the picture. Ask to see expired  listings as well.  This will give you an idea of the listing to sales ratio.   Some agents with lower sales volume actually have excellent, if not superlative, track records when it comes to actually getting what they listed sold.  Sometimes they leave top producers in the dust. Anyone can take a listing. If you have a “name” the chances are greater that you will have a lot of opportunities to list.  Throw enough things up against a wall and something will stick eventually.  But that doesn’t help you if 75% of what they list fails to sell.  Agents can get overextended.

A caveat is needed here.  Know that where this agent lists and what they list impacts those values.  An agent who is taking on a lot of distressed property is going to have a higher failure ratio.  Do not hold that against them. Ask for clarification and why the numbers are what they are. Listen carefully to what the agent says.  You are not trying to create the Spanish Inquisition, but you are asking for clarity.

Look at the ratio of list to sales price:

Ask for listing histories.  Did this agent promise one thing and then jawbone the price down inch by inch? This is particularly important when you find an agent that promises the moon and the stars.  Remember, agents don’t have the power to create or make a market.  We can only respond to what the current market conditions are. We all make mistakes.  What you are looking for is a pattern not an individual instance.  If you see rapid price drops at the beginning of a listing, that’s a clue that the agent was honest with the seller, but the seller needed to see the reality of the market for themselves.   They probably agreed to a rapid price reduction if they didn’t get showings and offers.  If some one is listing things 20-30% above the final sales price on a routine basis for months – that’s a problem.  Ask agents to clarify what happened.  Once again, you want to understand the pattern not be accusatory.

If you have a friend who really needs business…

I understand the desire to work with them – and offer a possible solution.   If you feel you want to give your friend a break, suggest a co-listing with an experienced agent.   If they will agree to that – then you can help your friend and rest easy that the listing is in the hands of someone who knows what they are doing.  Remember that new agents are trained to cling to their friends who might be selling like crazy glue.   So don’t let that put you off.  One of the problems in our industry is that there are far  too many agents for the business available and getting started is treacherously difficult.

© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Ruthmarie Hicks.

The Genesis of Staging (OR – in the beginning, there were breakfast trays, and it was good)

I have been wrestling with how the very word “Staging” resonates…with buyers, sellers and agents…and just yesterday I wrote about choosing to use PREPARING as the verb of choice to describe what I do.

Then today a Realtor I respect writes about his buyers’ noticing-then becoming pre-occupied with the ‘faked’ elements in a Staged property, instead of the property itself, and asks if a property could be Over-Staged?

Boy, people give this word a lot of power! But I get it, I really do.   Here are some thoughts I’d like to share from 30 years of working with people, in their space and with their stuff. 

First, it can not be underestimated how intimidating it can be to have a stranger in your house, touching your stuff, and asking you questions about all  you hold near and dear: your family, your stuff, money, your values/goals/etc. For people who care about how their house looks, it’s hard to care only a little, easier to care a lot…. and even maybe too much.

Second, Staging is not a new word or concept. There are probably as many ways to stage as there are practitioners, which is not necessarily a bad thing.  However, during the almost 40 year history of Staging, there have been many changes in the world around us. Staging, I would suggest, is on at least it’s third version.  Sadly, many people-agents, sellers, and otherummm, preparers stopped paying attention after the first.  So to clear the air for us all, here are how I would explain the genesis of Staging.

In the beginning, there were breakfast trays…and pastel bath salts, and candles. LOTS of candles. Furniture was trucked into empty trophy houses, and made to look pretty. It was an up market, procurement was big. Buyers wanted to dream about how they might live in their new home. Baths suitable for Roman nobility became the norm, and manufacturers of all said accouterments leapt for joy. It was the 1.0 version of Staging, and it was good…at the time.

Then a pall was cast over the land.  The pendulum swung all the way over, and excess was a testimony to bad decisions. While there was still a passion for domicile-feathering, now every coin was squeezed as hard as possible. DIY shows, pros and tips proliferated like dandelions on a sunny May weekend, and finished projects reminded us of a kinder, gentler time…like when we were in Ye Olde Shop, or Home Ec class… or had a dorm mate.  Many agents, already beaten badly, railed against bath salts and candles, or shrunk from insisting on any proper preparation of properties. It was the 2.0 version of Staging, and it was BAD.

Finally, balance and sensibility returned.  While budget mattered, everyone  saw that quality work attracted a quality buyers…and generally sold the castle quicker, for more coinage.  Savvy sellers and agents look to start conversations with clever preparers of properties, to see how they, too, could comfortably speak of such things. Afore-mentioned clever preparers found their voice, and made managing the peoples’ needs and expectations, as well as their stuff -just as important as creating an engaging visual.   People just chilled.  They decided it was time to make decisions and move on with their life. It is the 3.0 version of Staging, and IT IS GOOD.

Moral of the story:  Do not miss the carriage.  Stop thy whining and gnashing of teeth, forsake living in the past.  Before all craziness of the buying season hits hard, open thy mind, and get thee to your communication device of choice, and get to know a good preparer of properties.

Republished with permission of the author Marie Graham from TheRefreshedHome.com

The Genesis of Staging (OR – in the beginning, there were breakfast trays, and it was good)

Enjoy the reblogged article and check out Debbie’s blog The Flooring Girl

Ruthmarie Hicks

What types of flooring provide the best ROI? 

Often, customers ask me which types of flooring are the best investments, or which provide the best ROI (return on investment) for your home in Westchester County?  I also have many real estate agents and home stagers asking me this same question, so I know it’s an important question, especially if you intend to sell your home now or in the next 2-3 yrs.  I work with a lot of new homeowners right after they close on a home, so I see all the changes they make + I work with a lot of customers and stagers who are putting their homes on the market.

Also, more and more, I’m seeing a trend to fixing up the home 2-3 years before homeowners intend to sell.  I think this is really smart as you get to enjoy the improvements you make + sell at a higher value.  It also helps you balance out your expenses over a longer time period.

Of course everything needs to be evaluated in the context of the condition of the home and it’s neighborhood.  The “standards” are different based on what you are comparing against, but here are some general guidelines.

1.  Sanding and refinishing existing hardwood floors is almost always your best investment.  If you have hardwood floors, you are in good shape – hardwood sells and it helps define the value of your home.  If you have hardwood floors, and they are beaten up, your first consideration should be to refinish the floors.  Most real estate agents anecdotally tell me that you will get your investment back three fold on this…and, it makes sense.

First, refinishing your hardwood floor is not that expensive…and usually costs less than people think.  It is amazing how much better your home will look if you refinish the floors.  You have the option of changing the color or leaving the same color.  Lighter colors make the space look larger and more airy and informal; darker colors are more dramatic and give the home a more formal and sophisticated look.  Satin finish is usually the preferred sheen (90-95% of my customers choose this) and it tends to show the scratches less than a semi gloss finish.

Second, if you have pet stains in the hardwood, they can usually be fixed by replacing these sections and weaving the hardwood in, and after they are refinished, you will never even notice the new pieces (assuming you hire a professional).

Third, if you have hardwood underneath your carpet, by all means, rip up those carpets and refinish the hardwood…you have just found a gold mine.  Hardwood sells; very few customers want carpet…not to mention that your carpets are probably dirty and may include your smell…and the buyer will want to rip those out anyway.  And, believe it or not, it is almost always less expensive to refinish your hardwood than to recarpet.  A potential buyer who sees carpet is wondering “how much will it cost to rip out the carpet and add hardwood.”  This factors into whether or not they even make an offer not to mention how much that offer is for.  So, if you have hardwood under the carpets, show it off…and you will automatically improve the value of your home and how many people are willing to make an offer. It is usually a no brainer.

Fourth, if your floors are beaten up and you don’t refinish them, many will assume that you don’t take good care of your home, and that they are likely to find other hidden issues during the inspection.

2.  Add hardwood flooring to key rooms, if you can afford it.  Most homeowners in Westchester NY strongly prefer hardwood for the main living space or common areas such as living room, dining room and family room.  Many prefer hardwood for the master bedroom, too.  If you have hardwood in those areas, you are set, if you don’t, you may want to consider investing in hardwood for those areas – provided you have the budget to do so.  You will definitely get back that return on investment – probably at least two fold.  I understand that many selling their home do not have this luxury, but if you can afford it, by all means invest in the hardwood flooring (rather than carpeting) for those areas.

3.  If your carpets are dirty and/or smelly, it’s usually best to replace them.  Please note that trading up to hardwood, will usually get you a great return on your investment (unless of course you live in an area where hardwood is not the norm), but replacing the carpeting will not improve your selling value.  Rather, it will allow you to capture the potential selling price of your home in good condition.  It will probably also enable you to sell your house sooner as it will appeal to more buyers…or said another way, prevent buyers from being turned off by your home.  My guess is that you will get back this investment and just break even.  (But, if you don’t do it, you will likely need to lower the price of your home and it may stay on the market longer resulting in another price reduction).

Always select a neutral color for carpets as that will appeal to the largest set of potential buyers, and generally lighter is better as it will make the space look larger and cheerier, and it gives you a sense that the home is clean.

4.  Kitchens are tricky and it’s best to consult your agent and/or a stager for opinions.    We have all heard that kitchens and bathrooms sell…and this seems to be very true.  But, usually kitchens are the most expensive area of the home and a full kitchen remodel will not give you a full return on investment.  I’ve read many reports on this, and most claim that you get 70% return on your investment.  And, this is why it’s usually better to invest in your kitchen if you are just moving in or planning to stay put for a while.

However, if your kitchen is rather out of date, and the agent is seeing this as a hindrance to the sale, you should consider your options.  Sometimes, the agent will recommend that it is not worth it to do anything because they believe the next homeowner will completely gut and redo the whole kitchen (so why invest more money if it’s like putting lipstick on a pig?).  Other times, it is worth it to make some minor enhancements to either eliminate an eye sore or bring it up to an acceptable level.  For example:

- If the there is vinyl flooring and it’s coming up, consider adding laminate on top…or potentially hardwood (tile flooring can work too, but it is more expensive and hence usually a lower return on investment).

- Add a simple subway tile backsplash – if there is no backsplash…or if your backsplash is very taste specific

- Add granite countertops, if you have laminate countertops and they are falling apart.

- Add new up to date energy efficient appliances

Most likely, you will break even on these minor upgrades…but more importantly, you will have a much more sellable asset, as you’ve been able to eliminate major eye sores that scream money money money to the buyer.  You want the buyer to feel that they can live with the kitchen as it is for a few years.

But, as I mentioned, kitchens are tricky business, and there is no one size fits all since there is a whole array of how the kitchen can look and this all needs to be in the context of the neighborhood.  Your real estate agent is the best judge of what is needed and what will sell.

If you do make changes, make sure that they a neutral and taste specific…remember, you are trying to appeal to the widest audience.

These are my top recommendations on flooring improvements if you are selling your home soon…or in 2-3 years.  Every situation is different, but these tend to be the items that usually tend to provide the best return on investment.

Feel free to call The Flooring Girl, if you have any questions about Flooring in Westchester County NY

Reprinted from “The Flooring Girl – What types of flooring provide the best ROI?

Almost anyone with a pulse and half a brain can get a real estate license:

This was something of a shock to me.   I came from a field that garnered a great deal of respect, but it took YEARS of post-graduate education to be  considered a professional.  Yet, in just 8 weeks – attending class twice a week – I was licensed to help the public purchase or sell what is generally their biggest financial asset. Does anyone see a disconnect here?

The result has been a cadre of agents  – some with significant business – that appear to have nearly nothing between the ears.  This is simply because the process is not selective.   Many agents  have indeed applied themselves to the process and have acquired a great deal of knowledge through their licensing classes, CE classes and designations – as well as on-the-job.   The trouble is, since almost everyone passes, how is the consumer able to  evaluate these agents.

Consumers are treated like shark chum:

If its easy to get started, why not try it? And thousands upon thousands of people do  just that every year.  If you can’t throw a rock without hitting an agent then there are simply waaaay too many agents for the amount of business available.  Since agents are only paid when a transaction closes, that creates fierce competition for every qualified buyer or seller.

Desperation is a powerful motivator and it will induce many agents to do or say literally anything to secure the buyer or the listing.   I always refer to the monthly list of expired listings as the “feeding frenzy.”   There are agents that are all over hundreds of  homeowners a month like a bad rash.

When buyers walk into open houses they often feel as though they are under assault by an army of agents all of them trying to convince buyers that they are the only buyers agent for them.

If agents have any doubts about how the buyers and sellers feel about the predatory behavior – the videos below pretty much sum up public sentiment:

Who benefits from all of this? 

Does this in any way benefit the consumer?  In a word, no!  Although it gives buyers and sellers lots of choices, with no obvious means of discrimination, it turns the selection process into nothing more than a crap shoot.  Meanwhile, agents pile on board plying any seller that will listen with their saying their “guru marketing package” that they promise will garner more than market value for their home.  Its absolute nonsense – and when it doesn’t work as advertised it feeds into the seething level of mistrust and anger.  No agent can beat the market because we don’t control the market. We can only respond to the realities of the market and get for our sellers the best price the market will bear.

Smoke and mirrors make navigating this minefield nearly impossible for consumers…

How on earth does the consumer know who to trust?  Many resort to the lowest common denominator.  Sales volume.  Buyers and sellers look to the agent with the most signs in the ground or the largest sales volume. Or some move to their favorite “trusted sites such as Trulia and Zillow and give a shout out to one of their “preferred” neighborhood “experts.” The trouble with each of these methods is that they don’t tell you much of anything.

Many top producers are excellent. However, some are not.  How did they get there?  Many got there through their own merit and built their businesses brick by brick.  Others not so much.   Ethically challenged agents come in the form of low, medium and even top producers.  If you have a name, they will have sales.  But how did they come by that production?  If the successes are hiding a carnage of cancelled and expired listings, then where does that leave the seller?

Trulia and Zillow? Forget about it.  Consumers mistakenly trust these sites.  Many seem to think that these “area experts” are carefully vetted and hand-picked for their competence and performance.  Ah…..no…. Agents PAY for those spots.  If your plastic is good, you have a license  and are willing to pay to play, then you too can be a preferred agent – even if you have never sold a home in that area.

Then there is the banking industry….

Don’t get me even started here.  Between the liar loans, the repackaged mortgages for whom the notes are missing, the unwillingness to proceed with short sales or loan modifications – it is small wonder that home buyers and sellers have had their sense of trust shaken to the core.

My point here is that the real estate industry has come by the public contempt the old -fashioned way…we have earned it.  The question is whether the industry has a whole is committed enough to make the changes necessary to restore the public trust.  I’m sorry to say  that I’m not holding my breath.

© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The answer to that question in part depends on how you define “recover”.  I’m not trying to be cute here.  A buyers definition of “recover” may be entirely different from a sellers perspective which is different still from a homeowner who simply wants to refinance  but can’t because of tighter lending standards.

To buyers who are turning up their noses at what I believe to be a once-in-a -lifetime opportunity – I often respond that the market will recover a year before they decide they have to buy.  Those who are determined to time  the bottom of a market are destined to miss it.

For sellers, the answer is more complex.  What sellers are looking for is a robust market with a substantial price hike from present values.  Although all bad things come to an end, if you are looking for the glory days of 2005-2006, you will probably have a long wait.

Some areas are recovering while others decline:

Some parts of Westchester NY  are already recovering. In areas such as Scarsdale and Larchmont, we saw our fair share of competitive bidding this year.  This breath of fresh air was restricted to single-family homes in specific municipalities.  Prices in these areas are well off their lows in spite of continuing declines elsewhere.  But   some markets that had been remarkably resistant to correction took a  sickening nosedive in prices.  If you live in a high-end cooperative or a townhouse, you probably know what I am talking about.

Supply and Demand: 

Housing prices reflect supply and demand.  You can not have a robust recovery until demand returns.  Although there are hopeful signs for the Spring of 2012, we saw those signs in 2011 and our hopes were dashed by the stock market correction that was the result of the Euro crisis. First time buyers were out in droves in the spring and summer. But any bad news gives  buyers a big case of cold feet and the rush back to their rentals and renew their leases.  What looked to be a great spring/summer market flopped miserably as buyers dove for cover.  With no demand prices sank again and many sellers couldn’t find buyers for their homes.

What happened to demand during the crash?

To get a perspective on this, here is a chart of simple housing sales volume since the year 2000.   The market in 2000 was not in bubble mode, it was a fairly normal, market. So the sales volume of 2000 -2001 could be considered a reflection of normal.  The bubble started and sales volume peaked  in 2004 to over 9800 properties sold.   Sales volume decreased from that point on  and finally crashes in 2008  tumbling  26% in a single year.  The declines continued in 2009.  Prices followed the loss in sales volume and there you have it – a housing crisis was born.

NOTE: All data was taken from the EAMLS and includes  sales  of single-family homes, condos and cooperatives.  Rentals, multifamily homes, and rentals were not included as they represent a different type of market.

Where are we now?

Sales volume in 2011 was down from the 2010 when the tax credit was in place, but up from the lows of 2009 by about 6%.  But we have a long way to go to get back to healthy demand.  We are 41% below the peak volume of 2004 and 26% off from the more normal market of 2000.

With demand remaining low sellers will have to think in terms of the long haul.  Although I have no crystal ball, these numbers and common sense suggest that a healthy market with regular price increases is a long way off.  With demand at such low levels, we could be bouncing along the bottom price-wise for about 5 years.

What should a seller do?  

So….if you want to move because your home is no longer affordable, or it no longer suits your needs (your family is growing or contracting)  it is probably wise to sell.  We can not live in a state of suspended animation forever and there is something to be said about getting on with your life.   If affordability is an issue, the continuing outlay will negate any real benefit of a price increases down the road.  Also, if you sell in order to purchase something that better fits your needs, you are going to do well on your purchase.  However, if you are comfortable  with your outlay and can sustain it with ease, or if your space is truly workable for several more years, then perhaps staying put is the best option.   There is no right or wrong answer and one-size certainly doesn’t fit all.

For further information about your area,  feel free to contact  me by phone – (914-374-5529) or email – (Ruthmarie.Hicks@gmail.com) or  you can simply fill out the form below – whichever method you prefer.  Don’t worry  – I do not sell, spam, or otherwise abuse your information!

© 2012 Ruthmarie G. Hicks http://thewestchesterview.com – All rights reserved.

The MLS  Rocks:

The multiple listing service or MLS really, really rocks.  Our MLS has over 6000 agents.  So when you list your property on the MLS – you automatically put  6000 agents to work trying to find a buyer for your home.  You simply can’t beat that!

Anyone can load a so-so listing on the MLS – but it takes a good marketer to make it pop. Great photos are an absolute must!   Buyers expect them and will eliminate homes that don’t have them.  Think of the MLS photo display as your “first showing”. For the same reasons a high-quality video or slideshow is no longer optional.

Signage  Rocks:

Having a sign in front of the home with a sign rider guiding the buyer to a web page about the home always rocks. I buy a domain name for each listing and add QR codes for those with smart phones.  Fliers help too – if they don’t end up scattered all over the place.  The key here is to get the interested party to as much viable information as possible as quickly as possible.

On-Line Advertising Rocks:

Includes Craigslist, Postlets, Trulia, agent websites and blogs, twitter, FB, the New York Times online – all this stuff rocks.  Why? Because if your listing agent has done their job correctly, the buyer can get multiple photos and all the salient financial information at the click of a button.

Staging  Rocks:

There is a lot of confusion about the role of staging.  Staging will NOT get you more than market value for your home.  But if done correctly, it will help you get more offers,  reduce days on market and get you the most that the current market will bear.  It need not cost an arm and a leg and for the most part, the homeowners furnishings are used.   I don’t care what the old-school agents say – empty listings have a much tougher time on the market.  That’s just the way it is.

Open Houses – Can Rock or Flop

Open Houses are a long-time tried and true method of marketing the home. The trouble is that they are very inconvenient for the seller.   The bottom line for open houses is this:  if your home is in an active and desirable subdivision or  if your home has a very central location like a downtown area, open houses rock. In these cases, a couple of open houses will drive traffic to the listing and create buzz.   If the location is more remote, open houses will be a flop.  Too many open houses make the seller look desperate.  Less is more here.

Newspaper Ads or Big Brokerage Ads in the Newspaper – Flops:

You see them every Sunday…big ads from big brokerages highlighting certain listings. It looks great, but does it sell your home?  I’ve never seen it happen.   Buyers work online now because they can get more photos and information on-line than they can from a single small picture in a newspaper or even in a magazine.  This method may have rocked in the pre-internet era – but that’s not where we are anymore.  This type of advertising  tends to promote the brokerage more than the listing.

Having your listing on the window of your local brokerage – Flops:

I worked in a brokerage that had a walk-in presence when I was new to the business.  That was back in the boom days of 2005.  Even then the walk-in  traffic into the brokerage was minuscule  and it has gone downhill from there.  Further I NEVER saw anyone actually buy the property that brought them through the door.  Agents who work in local brick and mortar brokerages often tout their “local presence” and this is part of the package that is offered.  But does this help your listing sell?  I just don’t see it.

This should not be confused with local knowledge.  Local KNOWLEDGE is important.  Your agent needs to understand your market.  But that does not mean they have to have an office in your town.

So there you have it -  I hope this brings a bit more transparency to the process of marketing your home.  Feel free to contact me if you have any questions or if you want to discuss listing your home.  You can either email me at Ruthmarie.Hicks@gmail.com,  phone me at 914-374-5529 or simply fill out the form below.  Do not worry, I do not sell your private information nor will I flood you with spam.

© 2012 Ruthmarie G. Hicks – http://thewestchesterview.com  - All rights reserved.

Ninja Stager -Marie Graham shoes what can be done  with a little paint and strategic furniture placement – she transformed a condo from ho-hum to wow!  The unit had languished on the market for a year – but after staging sold in a month. 

Hope you enjoy this post – and that it helps you understand that staging doesn’t have to be a money pit – and the money you do send could be money in the bank. 

All the best!

Ruthmarie

From Old Listing to Sold Listing!!

December 10th, 2011

Over the summer I got a call from someone who found me online from my blogging here, and on ActiveRain.  Her empty condo had been languishing on the market,  a year with little traffic and no offers, how would this thing called Staging work for her?

We spoke, and agreed to meet and see the space. Unusual space: old hotel converted into condos in recent years. New kitchen/baths, newish neutral carpet. Nice space, good light, but not a standard or expected floor plan. It had also been recently painted linen white, top to bottom.

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Paint a color, and bring furniture in to demonstrate how this unusual space could be used was my recommendation.

Getting furniture was not an unexpected suggestion, but PAINT???  That made no sense, it was just painted!  

I was ‘stubborn’  and insisted, and in the end we ‘negotiated’ getting the open kitchen/LR/Dining area and Master BR painted.

Used BM Affinity #AF-90, Harmony. It’s a warmer pinky-beige that tonally agreed with the carpet, as well as the background colors of the counter top.

After comparing pricing… and level of hassle, my client  actually bought it furniture she wouldn’t mind owning, but wouldn’t mind selling to the new owner, either.  I did the floor plan, chose the pieces; we went shopping and she got my  trade discount. Here are the new pics.

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I  knew the house got an AO shortly after in went on the market, but was waiting on my client to be in touch next. 

Got this testimonial for my site update along with the good news by  email this morning:

The Refreshed Home and Marie Graham helped me sell my condo in 3 weeks.  It had been on the market for a year with little activity. Three weeks after it was fully staged I had an accepted offer and we closed 6 weeks later.

Marie was easy and cheerful to work with. She was able to guide me with paint colors, selection, proportion and layout of furniture for a small challenging space.

Her ability to pull several elements of a room together and be thoughtful about my budget was invaluable.

Thank you so much for your creativity and excellent service Marie!

~ Robin O.

WOO-HOO! How neat is that, to be able to go into the holiday season with this behind you, and start the new year fresh?? 

This is what I do, help properties stand out and get sold. If you have a listless listing, let’s talk soon. Life is too short to just be waiting around for things to happen!

© 2011 Marie Graham http://www.therefreshedhome.com – All Rights Reserved.

From Old to Sold

As White Plains NY condos go, Jefferson Place offers a great deal in the way of amenities for the money. The Residences of Jefferson Place is a condominium complex with a split personality. The complex spans on square block between Livingston Ave. and Rutherford Ave. in White Plains, NY with units on 300 Mamaroneck Ave. and 31 Greenridge Ave. Jefferson Place is located a scant half -mile from heart of the downtown including the  White Plains City Center.  The city side – facing Mamaroneck Ave. is an eight-story urban mid-rise with a sophisticated brick façade.  The suburban side of the complex on Greenridge Ave. gives a bow to the Highlands community where it resides.

The following is an update of the sales stats at Jefferson Place.  Prices have come down nicely over the past few years and for those interested in buying, I would strongly suggest that you get moving.  The gift of  super-low interest rates can not last forever and combined with the prices that we now see, this is a gift.  If you qualify to buy – I have to ask what an EARTH are you waiting for???? Housing is highly cyclic.  Those who miss out on this crazy low market will be kicking themselves for years to come.  This is  literally a once in a lifetime opportunity in the housing market.

Jefferson Place – White Plains – Sales History – 2006 – Nov 2011*

The chart below follow median  sales prices of 1 BR and 2 BR units at the 300 Mamaroneck Ave., the  midrise portion of Jefferson place from 2006-Nov 2011.  From the charts below you can see that 1 BR units underwent two corrections.  Once at the beginning of 2009 following the market meltdown.  They then climbed up a notch once again only to fall substantially to a median price of $317,000 down about 18% from their peak in 2008.  2 BR units corrected more sharply in 2009 and have remained flat since 2009 going up slightly, but not significantly to a median price of $445,000 in 2011.  Actual pricing depends on many variables including square footage, view and location in the building.  Upper floors traditionally selling for more. * All data was derived from the Westchester Putnam MLS.

The active listings indicate that there is about 1 year of inventory on the MLS so these units though bottoming are still in bear market territory for both 1 & 2 BR units.  Sellers need to be realistic, but buyers shouldn’t overplay their hand either.  2 BR units appear to be bouncing along the bottom  and so much air has come out of the 1 BR units price points that it is doubtful that there is much more room for decline. Sales of 1 BR units have been steady in spite of the price drop.

Further Reading:

Jefferson Place – White Plains NY

For the Latest Information On Sales and listings at Jefferson Place:

For the latest on sales stats and current listings  -  feel free to contact  me by phone – (914-374-5529) or email – (Ruthmarie.Hicks@gmail.com) or  you can simply fill out the form below – whichever method you prefer.  Don’t worry  – I do not sell, spam, or otherwise abuse your information!

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

What I was emphasizing in that first post was that an agent can not defy market forces.  If prices are down and the market is a bear  which is the case for most of Westchester homes for sale, then  even the most stellar agent will NOT be able to get you a 2006 price in 2011.  The notion that the “right agent” will get the seller “their price” is a fallacy which dies a slow hard death for many sellers.

The Expired Listing Gold Rush:

The real estate industry created this urban legend in many ways.   Let’s take expired listings as an example.  If you are a home owner who had a listing expire – you know what I mean.  The minute your listing expired, seemingly  thousands of agents came out of the woodwork trying to convince you that they could do a better job.   They descend upon sellers like sharks in a feeding frenzy.  Sellers don’t like to think about their homes a chum – but sadly, that’s the reality.

Many claim that they have a “new approach” that will work its magic.  They will not only sell the home for top dollar, they will do it above market value in record time.  They have created a secret formula that the others are too cheap or lazy to execute and their hyped up marketing  will be a gold mine for the seller.   If you believe that – then I’ve got a bridge in Brooklyn I’d like to sell….

Making unrealistic claims does our industry a disservice.  It  creates mistrust – and with good reason.   The public then comes to think of us as a commodity.   If one doesn’t work try another…. but a good agent is worth their weight in gold.  So before you change agents – let’s make sure you aren’t discarding gold for coal.   You need to know whether or not your agent was doing their job!  The problem is that the public really doesn’t understand what our job is…So here are some tips….

Has your listing agent offered advice even though it may not be what you want to here?

Certainly this applies to pricing. Taking an overpriced listing almost guarantees failure.  An agent who said “sure, I can sell your home for that” when three other agents said that they could not is a warning sign.  If that agent took the listing and immediately started asking for price reductions – you may have an agent who” bought” the listing to bait buyers.   This is not to say that markets can’t change suddenly and viciously.  They can – and I have lost listings when the market was a falling knife.  The sellers must of thought I was full of it.  But if your agent is telling you to lower the price a week after they told you that price was “no problem” there may be an issue.

Other bones of contention can be with regard to necessary repairs and primping as well as  staging. These things cost money – but in this market they are no longer optional.  A good agent will tell sellers the truth.  Whether or not the seller takes the advice is up to them.  Much of an agents value is showing the seller what will and will not fly in the current market.

Does your listing agent KNOW this market?

Ideally the agent should have know  your market.  They need to have to have knowledge of what has closed and for how much and how long listings are taking to sell.  They should know the general direction of your market and markets immediately surrounding and have knowledge of where the market is trending.   The agent should be close enough to  service the listing but they don’t have to live in the same town to be effective  (that’s another urban legend).   One big exception to this rule is if you are a short-sale – local is less important than someone experienced in negotiating with banks.  Then I don’t care how far away they are.  If you are selling short, a  person skilled at negotiating a short sale is pure gold.  (I do not do short sales but know people who specialize in it. )

Did the listing agent put together a well-thought-out listing on the MLS?

This would seem a ridiculously obvious thing to do, but I am convinced that many sellers have NO IDEA how poorly their property is represented on the MLS.  And for all the hype about marketing the property well,  the MLS is still the biggest arrow in an agent’s quiver.   The MLS presentation is the meat and potatoes of a listing.  The rest is the gravy.

Of particular importance  is accurate information.  If the home is listed in the wrong town (Yes, I’ve seen this!) it might  be hard for agents and buyers to find it.   Inaccurate information  such as taxes can come back to haunt you later in the process…so agents need to get it right the first time.

Good photos are not optional.  I can’t emphasize this enough.   Some of the worst photos I have ever seen in my life are on the MLS.  Pet peeves include photos of furnishings and window treatments and not ROOMS.  Poor lighting, blurry photos and photos that have tons of clutter in plain view.    When inventories are high, buyers narrow the list down by looking at the photos.  If they don’t like what they see – they simply say ” “NEXT!” Agents often use the same method.  Some agents can’t take good photos.  If they can’t, they should hire a good photographer.  Photos are eye candy and eye candy drives traffic and traffic gets you closer to a sale.

Did your listing agent give you the basics?

The basics include the sign in the yard and brochures.  Sometimes I put these outside, but if they start to get scattered to the wind littering the neighborhood, they go inside.  Yard signs and brochures should include something to lead the buyer to further information. Personally, I’m starting use QR codes that lead  buyers to a page that can load onto their smart phones as well as a domain name that leads to a web page I created for the listing.  This is literally the least that can be done.

Did your agent have a slide show, video  or virtual tour prepared?

A slide show or video are other MUST-HAVES in this market.  In the Westchester-Putnam MLS  and Realtor.com, the video can be linked directly to  the listing page for easy consumer access.  So this can  now be an integral part of the listing and is no longer optional in my opinion.   Once again – its eye candy.  All of this effort  drives traffic  to the listing and traffic sells the home.

Everything else is gravy – and it can be very expensive gravy with limited returns:

Don’t get me wrong – there should STILL be a marketing plan in place.  But recognize that these offerings do not have the teeth of all of the above.  In Westchester homes for sale, print ads are probably the most expensive and least effective form of advertising for a listing that there is.  Second to last are post cards.  Both are very expensive, but its the limited effectiveness that has made agents more reluctant to use these venues.   Note:  different local markets may have varying results with these venues.

Home sellers need to learn the difference between smoke and substance and the limits of marketing:

Are all listing agents equal?  The above shows that the answer is a firm “NO!” But there are many pieces of the puzzle that agents don’t control.  Sellers need to understand the difference between smoke and substance.   We can help you sell your home  – by showing you the appropriate price range, helping you with staging and de-cluttering, painting and repairs ( also not optional).  The list goes on and on. Along with all of that agents need to  market your home to its best advantage.   But marketing has its limits. 

The bottom line for agent performance is this:  Did your home get traffic?

If you are thinking of replacing your agent because you got few or no offers or no sale, you might want to ask whether the listing got traffic from agents in the MLS as well as through open houses or other means.   If your home had 50 showings and you didn’t get a sale, that has something to do with the price, condition, location, current market conditions or some other factor that had nothing to do with the agent. If the traffic was strong – your agent did their job.   In that case you need to look at WHY there has been no sale and adjust the conditions or/and the price. Firing an agent that has secured that much traffic makes no sense.  Just think of what they could accomplish if you fixed the real issue that is holding up the sale!

© Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Sometimes change can be a good thing.  If your agent isn’t doing a good job marketing your home, bringing in a new agent may be the answer.  But in other cases, and perhaps more often than not in this crazy market – it  will make little or no difference in the final outcome. In fact, it could actually work against a seller to do this.

Agents have limited control over the final sales price…

One dirty little secret of real estate is that an agent  has a very limited ability to influence the final sales price.   We can help you get the most that the market will allow….but beyond that we too are at the mercy of market forces.  The notion that we can beat the bushes through saturation bombing marketing  and pull out the ONE buyer willing to pay a premium for your home  because of its special features is the stuff of urban legend.

Look at it this way:  If Hondas have gone down in price by 10%,  can a Honda dealer realistically be expected to move them for their original price? The answer is plainly no. And although there no two houses are identical, the ability of the  agent to defy market forces (fully tricked out kitchen and crown moldings not withstanding)  is simply not there.

The above is particularly true given that you have to sell your house three times.   Once the buyer says “yes” the home still has to pass muster with the inspector as well as the bank and the bank appraiser.  So even if you find a buyer willing to pay $1.25 on a $1.00 value,  there are several more “decision makers” in the mix that can nix the deal… and these decision makers are not buying with their hearts – for them its all about the bottom line.   So unless you find a cash buyer (and those are generally as rare as hens teeth) the home will have to pass muster with the bank.  The banks are NOT happy campers right now and they will not fund an 80% loan if the home is overpriced.  Period.

So how does changing agents harm the seller?

By giving them false hope….in a declining market false hope is your worst enemy.  Actually TIME is your worst enemy, but false hope ensures that  you waste time and chase the market down.  In a rapidly declining market, sellers need to realize that they are losing money – significant money – every week their home is on the market.

Holding out for that higher price, will get you less in the end.  Relisting with another agent under these conditions accomplishes nothing and can be an expensive mistake.

How to know if your agent is doing a good job??  Stay tuned!  All will be revealed!

© 2011 – Ruthmarie G. Hicks- http://thewestchesterview.com  All rights reserved.