Some Tips for Home Sellers

I recently came across an article with some tips for homeowners who are trying to sell their home.  I highlighted three of the more important tips and I think it is good advice in today's real estate market.

Tip 1: Sellers: Redefine "Market Value"

If your home has been on the market far too long, there's a good chance you're not facing market realities. The value of your home isn't what the tax assessor says it is, or the sum on that two-year-old appraisal you have filed away. It's not what a similar-size home that sold across town. It's what a buyer is willing to pay today. To arrive at that sum, the sales prices of foreclosures and short sales must be factored into the equation, along with the average value of seller concessions in your submarket. These factors are advanced by the Federal Housing Finance Agency, or FHFA, in its appraiser code-of-conduct revisions to ensure more accurate documentation of market conditions. If your agent tells you that you're overpricing your house, he or she may not just be trying to grease the wheels for a quick commish, as you might suspect.

Tip 2: Sellers: Extend the Selling Season

Spring is the best time to find the broadest universe of buyers and sellers. Parents don't want to uproot their kids from schools mid-term and would like to settle in a new neighborhood by mid-summer. Many sell at the same time they buy. These days, "spring" really means late winter. So if you're going to sell in 2011, get your house ready for showings by late February. That will give you nearly five months until this buying-and-selling group starts dwindling by mid-July.

Tip 3: Sellers: Feel What the Buyer Feels

Put your ego aside, sellers. Your for-sale home is no longer about you -- it's about the buyer. So be empathic. What would you expect to see on a tour of a for-sale home? Even though you're essentially marketing brick, mortar and land, the emotional response you elicit in a buyer is often what seals a deal. Neutral colors allow buyers to picture themselves in your house. To appeal to their olfactory pleasure senses, employ the age-old tactic of baking fresh cookies before potential buyers arrive -- then leave them for your visitors to enjoy. Or at least light a candle or two. To convey an inviting atmosphere, de-clutter the place with renewed vengeance, stow away your inexpensive or tattered furniture and box up cherished mementos. Remember that the illusion of space is almost as important as the space itself.

JUST LISTED IN NEW CANAAN'S "SOUTH OF THE Y"' NEIGHBORHOOD

Great Opportunity in New Canaan's South of the Y neighborhood. Classic 5/6 bedroom colonial within walking distance to town, train, YMCA, schools and Waveny Park. Also convenient to Merritt Parkway. The spacious bedroom layout is well thought out with rear stairs leading to the 6th bedroom or bonus room. There is a finished playroom on the lower level, a cozy first floor library with french doors, builtins and wetbar. There are two fireplaces in the home, a remodeled kitchen with limestone floor, a attached 2 car garage and a spacious deck overlooking the ample level one acre playyard. Many upgrades include new oil tank, new roof, new exterior paint and new furnace. A wonderful opportunity.…

Happy New Year

My wishes for a New Year filled with peace and happiness to all my treasured friends, family and clients.

Happy New Year and an Outlook of the Real Estate Market from Barbara Corcoran

The State of the Market in General

Anyone who bought or sold a home in 2010 can tell you that it was a challenging year for real estate. Corcoran described it as "choppy" and more than anything else, "confused."


Looking ahead, however, there are a couple of wild cards out there that could make the real estate market in 2011 look very different. First, says Corcoran, if the job market improves, we will see an immediate improvement in the residential market. So that's good news for sellers.



Next is a government incentive similar to last year's first-time homebuyer tax credit. "If the government comes in with some great incentives, as they did last year, first time homebuyers will get a jump up in the real estate market as well," Corcoran says.



Lastly, Corcoran points out that the health of the real estate market is at least somewhat in the hands of the media. "The more that's written about how terrible the housing market is, the more apt people are to sit back and do nothing," she says.



Advice for Buyers

We next asked Corcoran if she had any advice for a buyer who is planning to purchase a home in 2011 and might be a little bit nervous about the uncertain state of the market.



"Of course anyone in this market with so many mixed signals is nervous about buying," she acknowledges. "But my advice would be to not wait. If there is one thing I've learned about this real estate market, it is that it usually takes a very long time to unwind but once it decides to turn around, those prices will move up very quickly and you'll just be joining every other Tom, Dick and Harry out there bidding on the same house."



Corcoran also points out that now is a particularly good time to buy since interest rates are so low. Just five years ago rates were up at 8 percent. Now they are down at 4.5 percent. "That is a phenomenal savings and people don't realize it," she says.



Unfortunately, Corcoran doesn't expect many buyers to jump on this opportunity. "What happens in the real estate business is that people are more comfortable buying when everyone else out there is buying and overbidding on property," she says. For some reason, folks feel like they are making a smart decision if they are moving along with the herd.



Advice for Sellers

What's Corcoran's best advice for sellers in 2011? They need to do a couple of things: First, they should be thinking about pricing their home for exactly what it's worth. The strategy of pricing a home high and letting buyers make a lower offer can backfire, she warns.



"In today's market, it takes seven bids from buyers to get one acceptable price," Corcoran says. "If you haven't gotten seven bids, you have no hope of selling a home. So you want to price it right against the bone so people are willing to bid."



Her second piece of advice for sellers is to realize you are in competition with your neighbors. "They are competing with you to sell their house, so you had better make sure that yours is prettier than theirs," she says.



How do you do that? You make the inexpensive improvements that buy you some "fashion sense." You even consider staging your home and renting furniture. You do the little things that people notice--"whatever you need to do to make your house compete best with the neighbor that is selling his home," she says.



Will Home Prices Rebound in 2011?

Some would-be sellers are sitting on the sidelines now and waiting for home prices to return to their pre-bubble prices. We asked Corcoran if that's a wise move and whether home prices will rebound any time soon.



The good news, she says, is that she wouldn't be surprised if prices returned to the same level--and then push even higher--within the next three years. "Real estate markets can recover much faster than they can fall," she says. "I've seen it time and time again. And so miracles can happen."



Of course, no one knows for certain what the future holds. Even data can be misleading. The best move for buyers and sellers alike? Carefully consider your own unique situation, do your homework and seek out advice from trusted sources to help ensure you are protecting your long-term financial success with any of the moves you plan to make.

Merry Christmas and a very Happy New Year

May your holidays be peaceful and bright. If I could wish a wish for you, it would be for peace and happiness not only now, but for the whole year through!

Storytelling at The New Canaan Library Wednesday Dec 22, 2010 4:00-4:45pm

Drop in for a delightful selection of seasonal tales.  Ages 4-7

117 South Bald Hill New Canaan, Sold and Closed

This property has beaten the average time on market. Listed in July, it went into contract in October and closed on December 15, 2010. This sale represents one of the best values that sold in New Canaan this year with 9000 sq ft of living space and an attached antique guest house. Selling price $2,300,000. Visit website.

Former car dealership in New Canaan gets makeover, new tenant

Great to see new retail uses of space especially in a creative way.  See article as it appears in The New Canaan Advertiser.
Former car dealership gets makeover, new tenant

Philip Johnson's Glass House Tickets Make Great Holdiay Gifts

I was thinking what a creative idea it would be to give tour tickets for The Glass House as holiday gifts.

The Glass House  2011 tickets or  Modern Holiday Gifts seem like a ingenious idea for the person who has everything.

Visit the Glass House Visitor Center + Store, 199 Elm Street, New Canaan during holiday hours to shop for modern gifts and advance tour tickets for select dates in 2011 before they are officially released to the public. All proceeds support the preservation efforts of the Glass House.
Holiday Store Hours: December 9, 10, 11, 15, 16, 17 and 18, 2010 (10 am - 4 pm)

Tickets for the 2011 season will be available on-line in the new year. Sign up for Glass House E-news to receive first notice of the ticket launch.

Breakfast with Santa in New Canaan Saturday December 18

Two Seatings 8am and 10am

The Recreation Department and the New Canaan Young Woman's League have made a special request to the North Pole and Santa will be making a special appearance for children at Waveny House. Open to New Canaan residents ages 1-10, children will enjoy breakfast treats before meeting with Santa. Please bring an unwrapped new toy donation for Toys For Tots as a registration donation. A coffee bar will be available for attending parents. Parents please make sure to bring your digital camera for special pictures of your child with Santa. Two seatings limited to 60 children;. To register call the recreation department at 203.594.3600. Sponsors inlcude Toddlertime Nursery School, New Canaan Toy Store and Karl Chevrolet.

Great House for Rent in New Canaan. Just on the Market

Listed at $6500, this 5 bedroom Colonial is located at 49 Bartling Drive which is a small cul de sac off Ponus Ridge Road with only 3 homes on it. Great street and location.  Available for 18 month rental, this home is a classic.

Some New Canaan Market Stats

I was checking a few things and I noted some points regarding a slight pickup in the market.
The median sales price for homes in New Canaan for Aug 10 to Oct 10 was $1,408,750. This represents an increase of 4.4%, or $58,750, compared to the prior quarter and an increase of 34.2% compared to the prior year. Sales prices have depreciated 2.8% over the last 5 years in 06840, New Canaan.
Average listing price for homes in New Canaan was $2,365,529 for the week ending Nov 24, which represents an increase of 2.2%, or $50,563 compared to the prior week and an increase of 1.9%, or $43,667, compared to the week ending Nov 03. Average price per square foot for homes in 06840 was $460 in the most recent quarter.






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