New Year - What I Have Learned and How I Will Do Better

The market has changed, that we all know. I wanted to understand how it has changed and what kind of market we are really experiencing.

I am not going to repeat all the crisis we experienced in 2008. I have learned that in my market area, Eastchester, Lake Isle, Scarsdale, New York, the properties that were offered for sale primarily were either an estate, or, homeowners that had to move because of family changes, lifestyle changes, job changes, income changes. Basically, sellers put property on the market because they had to sell, not because they wanted to sell. There were a very few exceptions. What this did was offer the potential buyers property that usually needed work before they could even move in. In my experience with buyers, they weren't ready to make a decision because they kept hearing that the prices were going to fall.

My market has seen a reduction in prices. As we go into 2009, the properties that were taken off for the holidays are now coming back on and some are having the price reduced at this time. Prices are good. I am even seeing some Short Sale Properties become available.

With all this, the sales cycle is getting longer. This is what I am addressing in 2009 and how I will do better. It will be very important to keep on top of sales and do new CMA's as sales are reported. If the new CMA shows an adjustment needs to be made on an active listing, I will bring this information to my seller client and make the necessary adjustments. It willl be important to include this process during my listing presentations. Selling a home is stressful and I don't want to add to that stress with new and possibly disappointing information later in the sales process.

What about the buyer? I will develop a plan to help the buyer that doesn't need, or want, to move in the next three months but has started looking anyway. Patience will be a key component of 2009.