House Buyers

Today, our office visited several broker open houses. In conversation at a condo listing that had excellent Mango and Strawberry smoothies, we talked about the housing market. My broker, Maureen Singleton, had a lengthy discussion with another leading house seller in the area, a brokerage that is sometimes our competitor, and a respected office. The managing agent and broker of that office reaffirmed what we have been seeing: the brownstone market is turbulent. Lately it goes through ups and downs. We will sell a bunch of houses suddenly and at good prices and then a month later, similar just-as-good houses, sit and don't sell, sometimes for months. It is unpredictable. Overall, the brownstone market is a very strong market. Houses are few and demand is great. However, nervous buyers are more hesitant lately and more demanding during attorney review.

We talked about the oil tank issue. Increasingly, it is a problem. Buyers generally just want them out of the ground. Typically, they are tested first and usually fail, therefore, the sellers must remove the tank. Occasionally, the tank checks out and the sellers do not want to bear the additional expense. But more and more, it seems to be an unavoidable headache for the sellers and just part of a list of demands that buyers expect to have met.

Home Staging

Sellers ask if home staging really works. It does. I have seen it again and again. Often, a seller is reluctant to make the changes that the home stager deems necessary. Often, sellers feel insulted that the home stager thinks the rug that they picked out or the curtains that they love should go. A home stagers agenda is simple. The idea is to present the property in the best light, literally and figuratively. If there are great wood floors, you want to show them off, not your rug. If the curtains are heavy or a busy design, no curtain, or white sheers, may be better to create greater light in the property. You want to accent the best parts of your home. However, nice furniture does help, though it is not an aspect of the condo or house itself. Most home stagers will want you to remove clutter, as much as a third of your furniture, and paint any dark- colored rooms with light paint. You want the buyer to be able to imagine themselves in your home, which might be hard for them if your bedroom is maroon. Also, all smells should be eliminated and air fresheners in vanilla or another less-perfumey scent is a good idea also. Lastly, a bit of greenery can really add to the overall feel of your condo or house for very little money. Take the time to prepare your home and you will have a much more positive response from buyers and a higher sales price.

The Dog Days of Summer

Sellers often ask whether it is a mistake to put their property on the market in the summer. Ideally, you want to put your condo or home on the market in the Spring. Though the inventory increases across the board, the buyers come out from hiding after the winter and it is traditionally the strongest time of year to sell your property. In Hudson County, "Spring" starts as early as mid-February. We had an early Spring in terms of sales this year, in fact. Activity slows down after Memorial Day and is extremely slow from the 4th of July through Labor Day. A second market picks up in the Fall. However, if your condo has not sold by now, do not despair! Last year, as an agent, I closed on three properties in late July, all of which went to contract in June. And the previous year, I sold several properties in August that closed in September and October. The lesson is this: if you are selling your home and it is on the market in the summer, be prepared for it to take longer than it might otherwise. Buyers are at the shore, on vacation, or just not motivated to brave the heat and look at properties, let alone consider moving in the dog days of summer. Selling a home in the summer takes patience but it can certainly be done!