Monday, March 12, 2012

Why Didn't My House Sell?

Following are some tough questions for home owners:
  • Did you have a dollar amount set when you priced your  home?
  • Did your price reflect what you want to get for the sale of your home?
  • Did your price reflect the current local real estate market activity?
  • Do you understand the current local real estate market:
  • Did your price reflect the actual condition of your home?
  • Are you really aware of the actual condition of your home?
Next, a walk around the home.  Have you learned to live with things that you no longer see?  Do you really understand how a buyer will see your home?

Routine maintenance. A new roof is routine maintenance.  Septic repairs are routine maintenance.  How is your heating system? Is it new? That is routine maintenance by the way.  Because if it is broken, leaking, not working properly, it should be repaired or replaced.  But here is the key--and easy to remember.

1. If it is repaired or replaced, it is not going tot cost you money off the price of the home! Yeah!
2. If it wasn't, if your roof is at the end of its life, if you need a new septic system, if any of your mechanicals are not working properly it will cost you.

If you did keep up with the routine maintetnance of your home, you get a gold star, a pat on the back, an atta boy, atta girl, but you don't get extra money.  But you don't get money deducted! It is a great selling point though, something to be featured prominently in the marketing of your home.

Are you the nicest house on the block? Here is the real answer to that question.  It didn't sell because buyers didn't find itt attractive enough to make an offer.  If it is not priced for condition, for location, accoding to the current local real estate market you will not sell.

And here is something you may not even realise.  If it is overpriced they won't even consider it because it is off their radar in the first place!

When you call us and ask why your home didn't sell, I will let you know.  The proper diagnosis will help you make the most important decision of all.

Are you really ready to sell your home?

Because if you price it ahead of the competition, if you price it according to the current local real estate conditions, if you price it according to the condition of the home, condition of your neighborhood, you stand a far better chance of selling.  If not, you will be asking that question over and over again.


(adapted from Swiedler & Adams, Prudential brokers, Litchfield County)

A book for consideration:     The Art of Fielding by Chad Horbach

Although the main character, Henry Skrimshander, is a magical, but scrawny, young shortstop who factors prominently in this excellent first novel by Horbach, the novel is much more than just a baseball novel.  It is a campus novel, a romance novel (including a full-fledged gay romance), and it is about the human condition in all its various aspects.  Read it.  You'll meet an interesting group of characters and think about life, all while being captivated by the drama and tension of the stories.

Until next time, or, contact me anytime!

Doris Sisley
Prudential CT Realty

Sunday, January 8, 2012

Review of 2011, thoughts for 2012, and a couple books. . . .

End of year snapshot of the GR market:
  • the number of units sold increased in 2011 over 2010 
  • the average sold price remained within 1% of the 2010 average sold price. 
  • Inventory available is slowly dropping, but is still generous.
  •  there are over nine months of houses available and more than a year's supply of condos and coops. 
  • Greenwich prices are holding, and have not decreased or increased markedly  in the last two years.

  • People need to move--downsizing, upsizing, tranferring in and out of the community, buying a first home--life goes on.  With today's low interest rates, and if inflation continues at 3% a year, and you want to live in your home for 5 or more years, buying definitely outperforms renting.
  •  Historically, buyers are most active starting at the beginning of February (after the SuperBowl) through September--80% of GR sales in 2011 occurred during those ten months.  The 'shelf months' October through January, had 20% of the total sales for the year. 
  • Note: In the midst of preparing and recovering from the holidays, dedicated buyers were out there through snow, sleet, rain, shopping and cookie making!!
  • During 2011, the median single family home in GR sold in the mid teens, while the average single family home sold at the mid two million mark.
  • Condo/coop:  average price; ~$760,000  About 1/3 of condos sold were over the $1 million price.

GR is a viable housing market.  The world and U.S. economy have affected us all.  How long before we see inventory reduced to minimal  and prices increase markedly is unknown.  Historically, it's always happened, and if the world can recover, certainly our town will.

Books I have read; 

The Dovekeeper by Alice Hoffman. 

This is not a short book, but it is a fascinating one.  It is about the Jews flight from Jerusalem, in 70 ce, their retreat to Masada, a fortress in what is today Palestine where they fought the Romans.  The story evolves around the lives of four women, and the themes are fate/destiny,religion/love,and the depths of devotion, custom/secrets along with magical elements.  There's an assassin's cloak that makes the wearer invisible, amulets that protect the wearer from harm;a lead character that magnetically attracts birds, and a witch whose spells actually work.
I found the scenery, the historical backdrop, the suspense, the love stories, the bravery and ingenious resolutions captivating.  I'd recommend immersing yourself in the fantasy and lushness of it all.

The Social Animal, by David Brooks.

This book explains through examples and the development of two characters from childhood until old age, how our social/emotional experiences have major impacts on all our decisions, and how some traits are inbred in all of us and affect our opinions and sense of justice.

Brooks has done his research, his style is totally readable, and at times quite humorous. 

A good read for a new perspective on life, love and decisions.

Until next time, and feel free to let me know if there is something in particular in the real estate market that you'd like me to blog about.

Doris Sisley
Prudential CT Realty
c: 203-536-7936
b: 203-637-1713, x327