The Summer Season Heads Toward Dusk

This post was contributed by my friend and teammate, Michael Dubour...
A collective groan was heard, throughout my office last week, as the stock market performed like the Cyclone at Coney Island.  Instead of tasting sweet cotton candy after a wild ride and giggling about the head rush, the real estate market had the mouth puckering taste of a sour lemon Italian ice.
Buyers who had been shopping and ready to make the leap, suddenly had to be coaxed back off the benches to make offers.  Sellers, cautious the market, eagerly worked with qualified buyers whose weight is worth their mortgage in gold.
This comes after somewhat of a productive summer, a traditionally slow time for sales.  The Real Deal, real estate news magazine, reported that "business, while not quite back to normal, has vastly improved over the last year, especially for new luxury rentals and large family-sized apartments."

“Don’t let your ego get too close to your position, so that if your position gets shot down, your ego doesn’t go with it.” – Colin Powell

Game Day... The Open House

“Pay attention to the journey into the apartment as opposed to just the apartment itself.  There’s plenty of time to slice the apartment once you’re in there.” 

“Do not dwell on photos and other personal effects in the home.  Picture yourself there, not someone else.”

“Peek around corners and under carpets.”

“Make note of the sights and sounds and feelings that you get.”

“Look out the window; sit on the couch.”

…All great advice for prospective buyers, according to the recent article in the Sunday New York Times (Aug. 7, 2011).  As Mr. Plambeck notes, the internet goes only so far to give buyers a “true picture” of a property’s details.  Having floor plans and photos on your laptop, while sipping morning coffee, is a ritual that most Buyers enjoy.  In the comfort of your home, you can peruse the large selection of properties, and weed out the ones that “don’t make the cut.”  But eventually, personal inspection is always necessary.

Just as this is good advice for Buyers, it is also important for sellers to note what happens when their home is “OPEN” to the public for view.  One buyer recalls falling in love with a Hell’s Kitchen apartment because of the layout and balcony, but upon closer inspection, noticed water damage behind a plant.  Not a “touchdown” for this seller and the penalty flag was down.

Sellers need to set the stage for a successful Open House, especially in this market.  Once a home is on the market for sale, it needs to be “merchandized” as one would do with any product for sale.  One would detail a car prior to selling it; why not do the same for a home.  Be sure everything is in working order and nothing is in disrepair.  Depersonalize and neutralize when possible.  Updates should be completed.  Sweat the details, because buyers will be checking them all.  Work in tandem with your broker to create an amazing first impression.  Game Day is here and as a seller you need to score big!