Toby & John T. Williams' Blog

November Real Estate

Toby & John T. Williams (Prudential Douglas Elliman RE) — Mon, 02 Nov 2009 14:33:22 -0600

November and December are traditionally the slowest time for sales on Long Island. If the $8,000 tax credit is NOT renewed I think sales are going to fall off a cliff. My area is primarily 1st time buyers anyway, and they have certainly taken advantage of the great choice of homes available, the low interest rates and the $8,000 tax credit. I know we saw a big difference in the number of buyers and sales this summer and fall due to the credit. People are surprised when we say the summer is the second slowest time of year for sales here. Yes, you get people on vacation who take time to look at homes, but often decide not to buy.

Now, with the real deadline of November 30 to close to get the credit, buyer's ran to purchase.

I think it will be an interesting last 2 weeks of November to watch the lawyers (yes, we use attorney's to prepare contracts and close real estate on Long Island) and banks get pushed by all the buyer's to close before the deadline. Kind of like December 31 on steriods. Everyone wants to close before the new year for tax purposes.

If the credit is not renewed or extended, we will see a big drop off in buyer activity.

It is still a GREAT TIME to buy a home. Prices are down, interest rates are low, lots of choice to find the right home...

This property SOLD IN LESS THAN 2 WEEKS!

Some great homes for sale in Central Suffolk County, New York

Toby & John T. Williams (Prudential Douglas Elliman RE) — Tue, 21 Jul 2009 14:40:50 -0500

Here are just a few of the many homes we have available for sale.

Located in Holbrook, Brookhaven, Ronkonkoma and Medford.

Serving all of Central Suffolk County, New York.

View all the listings with full photos, info and virtual tours on our website at www.tjplace.com

SO, How's the market? Isn't that the question we all get?

Toby & John T. Williams (Prudential Douglas Elliman RE) — Tue, 21 Jul 2009 13:26:40 -0500

Every where we go, we get asked by everyone, are houses selling?

Our answer is YES!!! Our experience shows a very active market. WHAT is selling is really the question that should be asked. WHAT is selling are the lower priced properties. The investor and first time buyer market is booming. Low priced homes, listed below $275,000 are what's hot, hot, hot!

The first time buyers who COULD qualify for a mortgage (and yes, mortgage money IS available), yet where priced out of the market for years are looking and buying. Of course, the lower prices combined with the $8,000 possible tax credit are driving this market.

Investors are back in the market buying properties like mad. That is because prices are now working for them where they can buy, fix up and then sell for a profit again. They can also buy and keep homes as rental properties. During the time when prices where inflated, they couldn't do this, they would have lost money every month.

If you are looking to buy or sell, it's a great time to move! With over 17 years full time experience, we can help you too!

PRUDENTIAL AND JD POWER & ASSOCIATES

Toby & John T. Williams (Prudential Douglas Elliman RE) — Fri, 08 May 2009 12:06:25 -0500

If a picture is worth a thousand words, what is a video worth?

This link shows what JD Power and Associates found out about Prudential and their home sellers.

http://www.youtube.com/watch?v=BVQIZ2Qi51E

If you are thinking about selling residential or commericial real estate in Central Suffolk County, NY, call the #1 Team in the #1 Office with the greatest seller satisfaction! With years of full time experience and hundreds of satisfied clients, Toby & John T. Williams. You can reach us anytime at 631-363-5434.

View our website and all the Central Suffolk listings at http://www.tjplace.com

Another Successful Short Sale Approved in Medford, New York

Toby & John T. Williams (Prudential Douglas Elliman RE) — Tue, 28 Apr 2009 14:08:56 -0500

We just got another written approval for a short sale in Medford, Long Island, Suffolk County, New York.

In our experience, the approvals are taking 4-6 months. The buyers have to be very patient to wait it out.

We are negotiating short sales in Medford, Patchogue, North Patchogue, East Patchogue and Lake Ronkonkoma right now. We have approved short sales in Middle Island, Medford and Patchogue so far this year.

In our market area, approximately 30% of the homes on the market are short sale properties. This is causing prices to continue to drop.

The market has definately heated up in the last 3 months in our area. We are seeing the first time buyers coming out and buying homes. Why now? Now is the time to buy, prices are at or near the bottom, interest rates are at an incredibly low rate (and this is only temporary). Add to that the $8000 tax credit for 1st time buyers who close by November 30, 2009 and you can't have a better time to become a homeowner. There are lots of homes to choose from too.

Investors have also jumped back into the market with both feet! There are now values out there for the investor looking to repair and flip homes as well as those who want to buy and rent properties. We have one house that was a true handyman special and had 11 offers within 1 week and sold over the asking price.

If you are looking to take advantage of these times of low rates and hot prices, call us. You can see all the local listings on our website at: www.tjplace.com

Short Sale Commissions and Fannie Mae - New Rules !!!!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Fri, 06 Mar 2009 11:06:12 -0600

No Negotiation of Preforeclosure Sales Commission

Servicing Guide,
Part VII, Section 504.02: Contacting Selected Borrowers

Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a

reduction of the total commission to be paid to real estate agents to a level below what was

negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales

price of the property in aggregate. Servicers are reminded that they must continue to obtain

any approvals that may be required by interested third parties in connection with preforeclosure

sales.

This is taken directly from Fannie Mae. Yea, the realtor won't be penalized for making bad loans and doing more work!

New York in March

Toby & John T. Williams (Prudential Douglas Elliman RE) — Thu, 05 Mar 2009 14:07:47 -0600

Well, they say March comes in like a lion and out like a lamb. I hope we get the lamb part right, cause we sure got the LION! Here on Long Island, we got over 12 inches of snow on Monday! NYC even had their first snow day in 5 years!

It is almost boating season! Come on SPRING!!!

2009 Stimulus Package Provides $8,000 Homebuyer Tax Credit!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Thu, 19 Feb 2009 14:41:04 -0600

What is a tax credit? It is NOT the same as a tax deduction. It actually lowers your tax due dollar for dollar! That means you can buy a house this year and save up to $8,000 on your actual tax due!

Who can get this tax credit? It is for first time homebuyers. A first time buyer CAN have owned a home in the past!!! It means you can not have owned a home in the last three years. Of course there are income limits and other details.

For all the details, follow this link:

http://mlsli.com/pdfs/2009HomebuyerTaxCredit.pdf

With interest rates at 4.75% and up AND home prices so low, along with this tax credit, 2009 IS THE YEAR TO BECOME A HOME OWNER!

For all the homes available in Central Suffolk County, New York, go to my website:

www.tjplace.com

Updated Website Launch

Toby & John T. Williams (Prudential Douglas Elliman RE) — Sat, 20 Dec 2008 13:29:11 -0600

Check out the launch of our updated website www.tjplace.com

also known as www.spouses-selling-houses.com

We have been wanting to update our site for sometime and now it's here!

We have had our site up and running for over 12 years, an internet presence back before anyone heard of it. I remember being so excited when I would see a TV ad with teeny tiny print on the bottom of the page that would say www.nike.com or something similar. I knew the time would come when the internet would grow, but isn't it amazing how it has transformed how we do business, not just in real estate, but everything!

MORTGAGE MONEY AVAILABLE AT RECORD LOW RATES!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Sat, 20 Dec 2008 13:19:32 -0600

I have to say, I am surprised how often I hear people saying that no one can get a mortgage anymore.

This is inaccurate. While some types of mortgage products are no longer available (such as a "stated" income, no documentation type loans) aren't done anymore, other products are available.

FHA loans are common, you only need 3.5% down payment, you don't need perfect credit, and you can finance up to 6% of your closing costs.

Other, conventional loans are available for those with good credit and provable income.

It is a fantastic time for first time buyers to purchase, rates are at record lows and I don't see how they can get any lower with the Federal Government bringing the Fed Rate down to 0-.25%. This is the interest rate that banks can borrow from one another. Since it can't get lower than 0, rates on mortgages are as low as they can get. For anyone who was waiting to try to catch the "bottom", this is probably it.

Rates are in the 4-5% range, depending on credit scores.

Home prices are at their lowest level in years too. Purchasing power is in the buyer's favor.

What about sellers? While your house probably isn't worth as much as it was 3 years ago, neither is the dream home you have been thinking about. If your $300,000 house is down 10% and is now worth $270,000 when you sell, the dream home that was $500,000 is also down 10% and you can buy it for $450,000! Also, don't forget, that new mortgage rate will probably be much lower than the one you are paying now!

So, it is a GREAT TIME TO BUY a home!

Lovely Expanded Ranch in Bellport Village, New York

Toby & John T. Williams (Prudential Douglas Elliman RE) — Mon, 01 Dec 2008 13:05:29 -0600

Photo Gallery

Description

Lovely home in a lovely setting. This 4 bedroom, 2 bath home is in immaculate condition! Formal Living Room and Formal Dining Room with fireplace, updated eat in kitchen, extension offers large family room with wet bar, great for entertaining as it leads to the huge deck, full finished basement. Hardwood Floors, closet organizers, young roof, andersen windows. 1/3 Acre of property.

Village amenities offer residents ferry service to private fire island beach, docking rights and more. Close to Bellport Golf Country Club, tennis, and more.

Virtual tour available at www.tjplace.com

Features

Bedrooms:	4
Bathrooms:	2
Year Built:	1948
Subdivision:	Bellport Village
Lot Size:	14,374 sqft.
School District:	South Country
Agent Name:	Toby & John T. Williams
Broker:	Prudential Douglas Elliman
MLS #:	2114287

Location

56 Country Club Bellport NY 11713

vFlyer Id: 2075847

Whole house for Rent in North Patchogue, NY available NOW!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Mon, 01 Dec 2008 10:17:40 -0600

Photo Gallery

Description

Really cute 2 bedroom home with spacious living room, updated kitchen, full basement. No smoking and no pets please. Income and credit check required. Permit allows for 1 or 2 occupants.

Features

Bedrooms:	2
Bathrooms:	1
Subdivision:	Canaan Lake
Garage Size:	None
School District:	Patchogue-Medford
Agent Name:	Toby & John T. Williams
Broker:	Prudential Douglas Elliman RE
MLS #:	2132475

Location

North Patchogue NY 11763

vFlyer Id: 2075695

Countrywide Short Sale Denied!!!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Mon, 24 Nov 2008 13:25:27 -0600

I just had my first denial of a short sale after several successful negotiations.

What went wrong? THE APPRAISALS!!! First, let me preface this by saying I AM a certified appraiser as well as a real estate agent. I insisted the bank get interior appraisals done to show them the terrible condition of the house. The sent 2 appraisers who's basic reaction to the property was "tear it down and start over!" Yes, the condition was reflected in the appraisals. The negotiator admitted the condition looked awful. The house sold for $150,000. The counter offer from Countrywide you ask?

$315,000! They are owed $259K. They said the counter is based on the appraisals! Why are they so high? Because the property is a legal duplex, tiny mind you, a total dump. Vacant for over a year, never winterized, collapsed cesspool and so much more. The problem is there are comps that show the real value, only legal 2 familys that are MUCH bigger, in a more saleable neighboring school district, and are in better condition.

In this day and age of the amc's and 3-5 appraisals required a day every day, the appraiser doesn't have the time or ability to do the necessary research to do a "difficult" appraisal accurately. I was amazed that both appraisers who came to inspect the property had done NO prior research. They didn't know it wasn't a single family home, they didn't so much as take the time to pull up the tax record before coming to the house. No comps, no nothing. And they told me they HAVE to send in report within 24 hours. HOW is that possible when they don't even have time to research?

So, the deal is dead and there is no possibility of selling this house for over $200k in it's current condition in this market, but thanks to the appraisals, the bank says there is nothing they can do. With fannie as the investor, they say they are handcuffed by the appraisals!

New Short Sale with Litton

Toby & John T. Williams (Prudential Douglas Elliman RE) — Wed, 22 Oct 2008 11:03:36 -0500

I am about to get involved with a new short sale with Litton as the lender. After reading many posts here on AR, I am wondering if I am just wasting my time. I understand that Litton has recently redone it's short sale department and some are having better luck with them now.

The owner owes $400K to Litton, over 50K to Citi on a second. She was on the market for $399K before and got no offers. We are listing at $339k for hopefully a quick sale. The best comp around just sold for $340, same style, age, location, both busy roads, but comp in much nicer condition. Foreclosure set for end of February, so time is of the essence here.

I just don't want to spin my wheels. Any advice would be appreciated.

I have done several successful short sales with other banks, even after they said no, I was able to give enough proof to show why the offer was good, and we turned a no into a yes and closed! Have another one closing this week (I hope) with Countrywide. Working on another one with Citimortgage.

ENERGY AUDIT

Toby & John T. Williams (Prudential Douglas Elliman RE) — Fri, 03 Oct 2008 13:52:22 -0500

Well, we had an energy audit done on our 1973 built home. We live on Long Island and our first oil delivery of the season cost $784 and that was only 180 gallons! In the cold winter months, we get a delivery every four weeks or so!!

The company attached a membrane with a huge fan hooked up to the front door. It was attached to a computer. With all the windows closed and interior doors open, they ran the test. Apparently it measures how many air exchanges an hour your house has. 3 is optimal, less is too tight a house and then you need to add venting. Definately NOT my problem! Our home tested at 12 air exchanges an hour!!! No wonder we use so much oil to keep warm!

The company that did the audit gave us a report on all the things we could do to make the house more air tight and efficient. Of course the prices were very high and we did get a lot of the recommended work done by a contractor we do a lot of business with for 1/2 the price of the audit company.

We also ordered a wood stove insert for our fireplace. It is supposed to heat the whole house. We spent $375 on 2 cords of wood (not bad compared to the price of oil). We will probably need another 1-2 cords over the winter.

I can't wait till spring and to see the difference in how many gallons of oil we actually use compared to the past!!!

Ah, it's like the Old Day's!!!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Thu, 02 Oct 2008 11:41:19 -0500

The market today has me thinking about when I first started selling real estate. Way back in 1992. We had lots of short sales and boarded up homes. You had 150 homes to choose from for each buyer! Commssions where 6-8% and seller's were motivated! Buyer's were in the cat birds seat and knew it. When a prospective seller would call one of my first questions was always "How long have you owned your home?" I knew if they said since 1987 and up, we where in trouble. They would owe more than they could sell for.

SOUND FAMILIAR?

Now the Question isn't "when did you purchase your home? but "When did you last refinance your home?"

Owner's have taken the equity out of their properties, yet don't seem to understand when they go to sell, there is no equity left to get now. Sometimes, they even have to give some back!! How can that be? Well, you already took your money and spent it on something. Now, your house is often worth less than you owe and you want to know who is suppposed to make up the difference? Well, again I say, YOU already took the money! You gambled that values would continue to go up when you took your money. Well, it WAS a gamble. And you lost... IF and only IF you want to sell now. The loss is a paper loss if you don't sell and can wait for home values to go back up. Of course, it may be 5 years or more before they really start going back up! Your gain in home value was only a "paper" gain, UNTIL, you took the money out and made it real.

SHORT SALE SUCCESS!!!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Thu, 02 Oct 2008 11:06:33 -0500

I am so pleased to report that we just closed on a short sale. Was it "easy"? No, of course not! But it got done. In this instance, the seller's attorney was speaking with the seller's bank. They got a NO at first, and the bank wanted $55,000 more than the $275,000 offer. The attorney called us pleading for help. After some work and research, I put together a package to submit to the bank. It included satellite photos of the property to show the different external obsolesence issues (poor lot layout, no backyard, proximity to main road, water tower looming, high tension wires looming), a list of comps, and a short sale/reo report showing the current percentage of reo/short sales to listings in the town. Within 24 hours, our NO was turned into a YES based on my input!

Of course, in this crazy market, nothing is ever simple. The closing was scheduled for last Friday, but was postponed that morning. In looking into why, we found out the purchaser's new loan was coming from WAMU, who put off many closings on Friday. Thankfully, it did close on Monday!!!

After working on another short sale since January, had a buyer since March, we JUST got the written approval for another short sale property last week. Hopefully it is going to close next week. CITIMORTGAGE clobbered us on the commission though. We put in for 6%, was told 5% was what they would pay. Then when the written approval came over, they had changed it to 4% without even telling me! Their philosophy/policy was explained to me that when the house is sold through a different company from the listing company, they allow 5%, BUT... when it is sold in house, through the same company as the listing, even if it is sold through a different agent, they only allow 4%!!! NO DISCUSSION, no nothing!

SO... in this market, yes, I am glad to have the approval and a closing and some money. BUT... it is frustrating to be cut so severely after nine months of work!

HOW TO PICK THE RIGHT AGENT TO SELL YOUR HOME!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Tue, 22 Jul 2008 11:25:10 -0500

How do you pick an agent to market your home? You want it sold, really that is what you care about, right? Sold, for the highest price, in the shortest amount of time, with the least inconvenience. All good agents know this. BUT, how do YOU know who has the best chance of achieving this goal?

Knowing the right questions to ask is important! Here is what you should know before choosing an agent to represent you in the sale of your home:

How long have YOU (not your company) been in the business? Then, ask how long the office has been in your area. IS IT IN YOUR AREA??? HIRE LOCAL!!!

We give a 10 year list (we have been selling for 15 years) to every potential client. We also give a specific list to their neighborhood. Make sure when interviewing agents to ask about office market share in YOUR area. Make sure to ask :

How many homes do you typically sell in a year? (We sell around 40 on average).

Do you have another job? You would be amazed how many people who call themselves "full time" are teachers, cops, office workers, ect.

Don't assume the company the agent works for is located in your area! Everyday, I see owners who list with a franchised office, assuming it is the local office down the street, only to find out later, it is located 5 towns or more aways (30-80 miles!) ASK, what is your office address? How many agents work there FULL TIME, not just licensed but not really there. Again, ask to see office market share. You want to know who is listing AND selling your neighborhood.

Ask if they can be reached 7 days a week, and what hours! What about the office, is it open with a secretary 7 days a week? It doesn't do you any good to list with a small company who doesn't have any one there to set appointments to show your house everyday!

You want an experienced agent with lots of negotiating under their belt. Someone who has seen it before, so to speak. You are hiring someone to take care of your largest asset (probably). We have sold over 625 properties. What this means to you is: whatever situation comes up, be it a house inspection issue, mortgage question, appraisal issues, relocation companies, short sales, foreclosures, new construction, we have done it, seen it, negotiated it before.

We have the budget to advertise your home. This is OUR business. Internet marketing is key, virtual tours and interior photos are vital in a market where 87% of buyers are shopping on line. Don't let that fool you into thinking anyone can put a house on the Internet and so then it should sell. As the #4 company in the country, our Internet presence is unsurpassed! Company websites, agent websites, deals with Yahoo and NY Times, NY Post, NY Newsday, Cable TV and website, Trulia, and SO MANY MORE. I am not talking just about my company here. This is an example of what you should be looking for in your area.

Communication is so important in this day and age. Of course your agent has a cell phone and will give you the number, right? ASK. Do they have a smart phone? I mean, since most buyers are shopping on line, does the agent have a cell phone that gets their emails instantly, like a blackberry does. If they aren't getting their emails, the buyers won't wait. They may ask about your home, but if the agent takes 2 - 24 hours to respond, too late. The customer has moved on to another agent, property where they got instant info!

Does the agent do any print advertising? Many don't. If they do, find out where. If they are an out of area office, they may only have print ads in the office's town, not yours. Never assume anything. ASK!!!

Look closely at the prepared market analysis the agent provides. Did they pay attention to detail? Does it seem specific and accurate to your home and neighborhood? Don't list with someone just because the speculate and tell you the highest price. You want to sell right? NEVER list with an agent who PROMISES to sell your house! Unless they are buying it themselves, they can't promise that!

Don't try to use Zillow, Trulia or other online site to price your home. They are notoriously inaccurate! They don't differentiate neighborhoods, just distance or zip codes. In my area, they can be wrong by hundreds of thousands of dollars based on not understanding the differences from one street to another in the same town.

Don't list with someone just because they charge the lowest commission! Again, Be wary of agents who cut their commissions. If they can't negotiate and hold on to their own dollars, do you really think they can get the most money for YOU!!! That one percent you think you are saving can cost you tens of thousands in REAL MONEY! Desperate agents who charge low fees may try to get you to take ANY offer that comes along because any commission is better than no commission. You want an agent who has many deals and therefore, they can afford to give you the best advice for YOU and negotiate from strength when it comes to your deal. You want the most you can get for your house right? For example, you ask $400,000 for your house and are paying 5% commission. An offer comes in at $370,000 and the agent talks you into taking it, saying in this market it may be the best you can do and you are lucky to get any offer in this day and age. OR, you pay a seasoned agent 6%, the $375,000 offer comes in and the agent says lets negotiate, the buyer wants the house, and you end up selling for $385,000. Well, that 1% difference in commission you paid MADE YOU $4,350 real money in your pocket! I can't tell you how often we see homeowners list with the cheapest rate company and end up selling for tens of thousands less than they could have gotten.

Just like everything else in life, you get what you pay for!

How are Gas Prices affecting YOUR Business?

Toby & John T. Williams (Prudential Douglas Elliman RE) — Thu, 17 Jul 2008 10:47:07 -0500

Does the high price of fuel affect how you are doing business?

Like many real estate agents in a slower market, one way to boost your business is to cover a larger territory than you are used to. BUT, driving further has consequences to your bottom line too. Is the cost of fuel entering into your decisions on where you are showing properties or what buyers you are working with?

For APPRAISERS, the cost of fuel has lowered our profits, all the while, the AMC's are cutting our splits. It seems to be one of the few businesses where Licensed Professionals are often making less and less for their work. All in the enviornment where more comps (work) are required! Where is OUR fuel surcharge that everyone else seems to be getting?!?!

Internet Service on Long Island

Toby & John T. Williams (Prudential Douglas Elliman RE) — Mon, 14 Jul 2008 14:13:26 -0500

What internet service do YOU use on Long Island. What do you like, what drives you nuts?

I just switched from Optimum Online after years of using the service. Usually with no problems. Why did I cancel? Well, in the past, I needed a networkable service in my home, with several computers being able to get online at the same time. NOW, as "empty nesters", I really only need one computer online at a time (mine). I am often not at home and as we all know, real estate is NOT a 9-5 Monday to Friday job.

I got a Verizon Aircard, and for just a little more money than I was paying Cablevision, I now have internet service anywhere me and my laptop go! I actually had an aircard a couple of years ago and paid the $175 cancellation fee. As I mostly used the card in the 3 summer months, it didn't seem worth paying $60 + taxes every month, when I still needed the cable internet in the house.

As for the aircard, the card was free ($50 with a $50 rebate). Day one, at home, it worked as fast or faster than my cable. Day 2, on the boat on Fire Island, slow, pokey... Lots of people were complaining of dropped calls that day. ( This was the day the new IPHONE came out and there were tons of problems with people setting up new phones, the Itunes and system crashed that day). I don't know if that had an effect. Next day, Saturday, worked from FI like a charm! Today, Monday, home... dropped me every couple of minutes offline!

I made this switch last week and I hope it works out.

Cell Phones - Which one do YOU use and why?

Toby & John T. Williams (Prudential Douglas Elliman RE) — Mon, 14 Jul 2008 13:46:48 -0500

I am a Curve Loving Blackberry user. Many agents in my office had the Palm Treo, but they have, one by one, changed over to the BB Curve. We are a LARGE company, with 68 offices. The #4 Company in the country. Therefore, we have corporate mail, and the phones with PUSH technology are the only way to go!

What is PUSH? It means your emails (up to 10 email accounts) are sent directly to your phone. You don't need to log in to the net and your email accounts to "look up" your email. It is instantly sent to you phones message center. You can read, reply, forward, create, get attachments, efax, and more from these smart phones.

The other beauty of corporate web outlook is this: Instant syncing with your corporate email, contacts, calendar, notes, task list, ect. Whatever you enter / edit on your phone or your web outlook on the computer is instantly updated to your phone / computer! Great backup system!

The curve also has a great 2 megapixel camera that shoots video too. Add a micro memory card and you have a usable music player too!

What phone do you use? Why, what do you love and what drives you bonkers about it???

The I Phone is just coming out with PUSH technology, but I don't know anyone using it for that yet.

HOW TO GET YOUR HOUSE SOLD IN TODAY’S MARKET!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Wed, 25 Jun 2008 19:48:22 -0500

The 3 most important things you can do to get your home sold in today’s market:

1. Hire the most experienced and LOCAL agent you can find.

Make sure they back up their claims to being #1. What does that mean? Are they #1 in their office of 3 agents? Are they #1 of the new agents in their office? OR, do they have years of experience, 100’s of sales in YOUR neighborhood?! My husband and I have sold over 625 homes. Ask the agent to define “full time”. I see agents all the time promote themselves as full time agents, yet they sell 6-10 homes a year! Ask to see a list of homes they have personally sold, not just their office. Do they have another job. I find it amazing that someone will call themselves a full time real estate agent, yet they are a teacher or postal worker. Ask to see a list of the company’s market share for YOUR neighborhood. It doesn’t do you any good if I say my company is #1 in the state if we haven’t done any business where you live! Ask for references. A good, experienced agent should have lots of thank cards/ notes from past customers.

2. Listen to your well chosen, experienced agent when it comes to pricing your home! You don’t want to chase the market down! You can’t catch up and will end up selling for less later while you “try out” the price you want/ need. The buyer doesn’t care what you want or need. They see all the available homes these days thanks to the internet. Believe me, they will determine what price you can get. Look at what has sold (prices are dropping so you won’t get what the neighbor got), currently under contracts are a good indicator of values, your available for sale now competition, and expired listing, what did not sell. Analyzing all this, making adjustments for differences between houses, your agent should help you see what is possible in this market.

3. Pay your real estate agent! I can’t say this enough, pay for the best service you can get. In this market, you’re going to need all the help you can get. Throwing a home on mls and waiting for it to sell just doesn’t work anymore. 87% of buyers are shopping on the internet. You need professional photographers, 360 photos, virtual tours, links to multiple and major websites. My company pays for top placement on Yahoo Homes. Our listings are on Trulia, the NY Times, Newsday, Optimum Homes and TV, PrudentialElliman.com, tjplace.com, and so many more! We have full color magazines that are inserted into the NY Times for higher end properties. Color flyers, ads, signs, color postcards mailed to neighbors, and so much more. It is all about marketing and negotiating. If the marketing (which is expensive and necessary) isn’t there, there won’t be any buyers. If there aren’t any buyers, there won’t be anything to negotiate.

YOU CONTROL THE 2 MOST IMPORTANT PIECES OF MARKETING AS THE OWNER.

The price to the public AND the commission to the brokers. Many owners are now choosing to pay higher commissions as an incentive to get the agents with buyers to choose their house to show over and above the other 50 they have to choose from. As an agent, if I have dozens of homes to choose from to show, I want to try to show the ones that pay me a premium first, as long as they fit my buyers criteria.

Prices drop across the country update

Toby & John T. Williams (Prudential Douglas Elliman RE) — Wed, 25 Jun 2008 10:37:36 -0500

Okay, to update my post from yesterday. Not the "whole" country. In the 20 cities tracked by Standard & Poor's home price index. In my area, Long Island, in included in this average of 15.3% The issue I have is this, Long Island is lumped in with NYC and some of Jersey, Connecticut and Pennsylvania. NYC hasn't seen their prices dropping like everywhere else. The Hamptons are just starting to see their prices being effected. The average, suburban home on Long Island has seen considerable losses in value over the last 1.5-2 years.

I went to an Appraisal Institute meeting where Jonathan Miller spoke. His company tracks values across 20 market areas across the country. They even create the regional market reports for my company, Prudential Douglas Elliman quarterly. My company is the #4 company in the country and #1 in NY. What really struck me was when he said, South Florida has 10 YEARS worth of inventory at the rate it is selling!!!

Where will it all end? Prices have to be where the salaries are. Salaries aren't rising as fast as property taxes (at least not on Long Island), gas, oil, food, ect. If homes aren't affordable, then nobody buys. When the prices get to the range of affordable within the parameter of an area's salaries, then they will sell again. Good old economics, supply and demand. My office is booming. That is because we service many of the "lower" priced areas in Suffolk County. There actually IS a pent up demand for homes valued between $200-300K. In the last couple of years, they didn't exist. Now they are plentiful. Of course, many of these are short sales. And around we go again, see my prior posts for info on short sales, what they are, and their effect on home values.

For some fun, here is a new photo of my baby, Little Bit. He's up to 2.2 pounds!

Home Prices across the country drop 15%

Toby & John T. Williams (Prudential Douglas Elliman RE) — Tue, 24 Jun 2008 14:06:45 -0500

News just in. Home prices dropped 15% in April as compared to a year ago. Add to that, prices dropped in EVERY city in the country for the first time since this down turn.

Looking for a Lifestyle Change? The Over 55 Condo may be just the ticket!

Toby & John T. Williams (Prudential Douglas Elliman RE) — Mon, 23 Jun 2008 14:28:23 -0500

In Suffolk County, New York, it seems like age restricted condos, over 55 years, are springing up everywhere! Why may you ask? A variety of reasons, for one, supply and demand. The baby boomers (of which I am one) finally are finding them selves in empty nests. We no longer want or need the 4 bedroom colonial that served our families so well. We no longer want to spend our time taking care of a yard, a pool, and all those extra rooms to maintain and heat that are rarely used. The plethora of young / new condos are calling to us. No exterior maintenance, plus the use of pools, gyms, tennis, and sometimes golf, are included. Some are gated communities which offer a greater sense of safety, especially for those retired and travelling, or the single "senior". Some offer garages and or basements so we don't have to rid ourselves of all our possessions! Add to all this, the ability to join in social groups that seem prolific in these complexes. Do as much or as little as you wish. And, let's not forget, you get to remain close to your kids and grandkids!

Another reason is zoning and profitability for the builders. It seems that it is often easier to get approval for these types of developments as opposed to single family homes. The builder is happy because he gets greater density, more units = more money. The towns are happy because the are adding to the tax base without adding children to the schools.

The above photo shows a lovely 2 bedroom, 2 bath end unit in Leisure Glen that is currently for sale. For more info, you can click on the virtual tour: http://www.obeo.com/467566