Westchester Real Estate Talk

So I have been a real estate agent for the past fifteen years.  I started on Long Island in Great Neck and then moved to Westchester County.  Each of these areas while both close to New York City practice real estate in different ways.  Two different real estate boards, different rules, same ethics.

So, having done this for a while I know that there is always something to learn.  Each sale is a new experience.  This is my newist.  In my area of the country everyone uses an Attorney, both buyer's and seller's.  This is not the case throughout New York State as their are areas upstate New York that do not use Attorney's.  So, I recently had a buyer and I did all of my usual pre-approvals, showed the client her price and we found a property that she liked.  She is from California.  After getting an acceptance on the price, closing, terms I spoke to her and said that I would need the name of her attorney to proceed.  I had explained at the beginning that we do use attorney's.

So began a back and forth about why in the world would she need an attorney.  She will review the contract herself, how complicated could it be, she tells me the title is a bank issue, and she has the right to represent herself.  For me, this was new.  I had never had a client who wanted to represent themselves and it raised all kinds of interesting questions.

First of all, is it really a problem? The answer to that in my mind is absolutely.  She has to do the title search, deal with the title company if there is an issue, has to coordinate the closing getting all of the parties in one place, dealing with the banks, the RESPA, and insuring that clear title and all New York State laws are followed.

So, if she represents herself who is she hurting except herself?  The first thing that comes to mind is if something goes awry she will say she wasn't represented and use that as an out.  Should the seller's attorney or is the seller's attorney obligated to work with a client who is representing herself.  Who is going to explain the process, what happens, first, second and third.

Live and learn.

Lead Generators in the Real Estate Business came into being because there are a hugh number of buyers searching the internet for properties and information on buying and selling. The public is in most cases not aware of the different types of web sites that are out there. The access to information that the internet has provided is tremendous and has exploded over the past 5 years or so.

There is the company web site. The national companies, RE/MAX, Century 21, Sotheby's, ERA, GMAC, Coldwell Banker, etc. all have national websites. Then each of their regions have sites and then local offices have sites.

Then you have sites like REALTOR.com and REMAX.com where you can search all listings throughout the country from one location. The difference between these two sites is that on REALTOR.com the flashing advertising is distracting where on REMAX.com you can see all of the same listings but advertising free.

Then individual agents have websites. From these sites you are dealing directly with the agent, you can get a feeling for who the agent is, what they offer and whether or not this is an agent you might be comfortable with.

Then come the "lead generators". These companies do not add value to the buying and selling process. They contact real estate agents and sell "zip codes" for a monthly fee to the agent. They tell the agent that any leads that come to their site in that zip code will be sent to the agent. You the consumer do not gain anything from signing up with a lead generator. Their sites do not provide anything you can't find on a local agents site. Informed REALTOR's are not signing up for these lead generating sites any longer. It is my hope that all REALTOR's will stop paying these company's. You the public are best served by shopping and interviewing real estate agents directly and then making your decision.

I have written this post because I am tired of constant phone calls and solicitations from these lead generating companies. Remember before the "DO NOT CALL" law came into effect how annoying unwanted phone calls were, well these companies are that annoying to me and I wish we could stop them. 

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In the aftermath of 9/11 http://www.iceyourphone.org/ was developed. It is a very simple concept, has nothing to do with Real Estate, is something I post from time to time, and you should do it. With over 50,000 accidents last year what would happen if you had an accident, weren't with anyone, how would anyone figure out who you are or who to contact?

Create a New Contact on Your Cell Phone

1. Name the New Contact "Ice"
2. Enter Your Emergency Contact information

Emergency workers are now trained to check for this information and it can save your life. How Simple, why not?

The spring real estate market in Westchester County has arrived early this year. With the mostly warm weather we experienced in January and the beginning of February, and with mortgage interest rates still low, buyer are out looking. The good news as well is that some sellers are now becoming more realistic.

While prices may still adjust in the 3-5% range before stabilizing the housing market has calmed. Buyers are buying. Properties including single family houses, condo's and co-op's that are overpriced are still languishing. Properties that sit on the market for too long are discounted by buyers. If you are selling, pricing it correctly is the most important part of the equation. The temptation to price it high and "see what happens" is a mistake.

From Sunday' New York Times Real Estate Section - The Buyer's are Out - The Market Is Strong

2006 4th Quarter Residential Real Estate Report for Westchester County, New York

Just Posted! The 2006 4th Quarter and Full Year Residential Real Estate Sales Report from the Westchester-Putnam Multiple Listing Service. Some excerpts:

''The median price of a single-family house declined last quarter in Westchester County for the first time in nearly 12 years, and further price declines can be expected early this year, the Westchester-Putnam Multiple Listing Service said yesterday.

Inventories rose and sales dropped for every type of housing in Westchester fourth quarter of 2006, year over year. The only housing that saw increases in median prices were co-op apartments in Westchester. The median house price of $630,000 was down 3.4 percent from a year earlier. Condominium median prices dropped by 2.3 percent to $375,000. The median price on Westchester co-ops rose 5.1 percent to $184,000"

Many sellers today are demanding prices that their neighbors had obtained during home sales of a year earlier, Mercurio said. In the meantime, some buyers "think there are fire sales going on,"

Year-end inventories of all housing types grew by 20.9 percent in Westchester

Average sale prices have doubled since 1999, and the proportion of single-family houses that have sold for $1 million or more has increased from 10 percent in 1999 to 25 percent a year ago, the MLS said"

Read The Full Report