My house is on the market. I'm in a neighborhood that houses usually sell within the first week--my neighborhood is in a really good school district. But mine has not sold. You might be better off in the spring. Good luck!

Houses are selling, but very dependent upon price. Mortgage credit is still very tight, however, and many sales have fallen through because only the most pristine credit reports are accepted. Also expect lower appraisals, banks are tightening up after having been burned too many times.

If you are competing with new house developments anywhere near you, expect to have to REALLY come down in price to compete with the builders.

Hello Jane NY,

I have to agree with jkom51. I am heavily involved in real estate and it really depends upon your price point and location. I'm assuming you maybe in the NY area from your user name. If so, what town are you living in? This will provide a better answer as I am very familiar with the NY market.

Cheers!

Mine has been on the market since Labor Day, 2 showings no offers. We are reducing the price. Our house has an unfortunately small back yard, but a large side yard. Most people looking at a 4 bed/2.5 bath home want a large back yard though. Plus the kitchen is small.

We are lucky to be very close to Research Triangle Park in Durham, which is an area not affected by the economy yet. People are transferred there all the time, so hopefully someone will want to move on in. The new developments in the area are more expensive than our home, so at least we have that going for us, and there will be a new school going up very soon- another plus.

I expect it to sell and not to lose money, but just break even, after a couple of months.

Things slowed down some here and inventory was up Recently at a couple of open houses when asked realtors I asked about the market for the first time said "it sucks!" surprised I asked why and they said credit. Personally I'm not sure hadn't sucked some before but they didn't want to say without something ready to blame. Still, things do seem to sell eventually, it just takes longer. A guy at work just sold really fast, not sure whether he had a particularly attractive location/property or he just priced really well - I do think price helps a whole lot.

I would be good to mention the area you are selling. I'm in NY, Westchester County a suburban area close to NYC. Haven't put the house on yet, I am making some basic repairs and some updating. Housing prices have dropped quite a bit. It appears houses are selling, but I'm surprised at how low the prices dropped. Excellent schools but I'm wondering about foreclosures. We have many young people who worked in Wall Street out of work. They made huge salaries/bonuses and bought big. Many have lost their jobs.

Some new construction, but not much. Very confusing real estate market. I had the house appraised twice, 3 years apart. Appraisals were so different.

Jane

Hello Jane,

I know Westchester County very well. I lived in Bronxville when I first moved to NY in 2000 for around 5 few years. What town in Westchester if you don't mind me asking? As different parts of Westchester can be very different.

Thank you!

I'm in the Pocantico area, Briarcliff schools.

Jane

Hello Jane,

How are you? Ok, I know the area and I also know that depending on your zip code you can see almost a 60% difference in price itself which is pretty large drop in a short distance.

With that being said, there are many ways to make sure you draw the most amount of quality buyers and it will be important to really make sure you highlight all the positive features of the home and area to retain the value of your home.

So if your home is going to be in tip top shape by the spring and the area is appealing to buyers I would not worry to much. Your about an hour from the city and half hour from While Plains which is really getting huge. That puts you in a really good position to draw many quality buyers.

Although much of the down turn you hear about on TV about the housing market, NYC really has not been affected much due to the Co-Op situation in place and many other factors for home values.

If anything I think that puts you in a stronger situation because if people are looking to move out of the city due to the HIGH cost of living and HIGH rents that just gives you more buyers looking to Westchester for an option. Which is a plus for you again.

I have had many people inquiring about living outside the city as an option and I always point them to Westchester over Long Island (Just my personal choice between the 2).

I would in the meantime keep an eye out in the neighborhood for local sales and attend some open houses to give you an idea of how your home compares. Make a checklist of pros and cons of homes (no matter how big or small they maybe) you view because that info will help you out HUGE when you go to sell your house. Knowing the inventory in your neighborhood can increase the value of your home and get you top dollar if you know how to use it correctly.

Ok, I'll stop here because I could really write forever.

If you have any questions what so ever please feel free to let me know. I would be happy to answer anything for you.

Cheers!

Gee, golfguy thanks's for the 'heads-up.' Trying to stay optimistic with this market. As you know, most people living in Westchester, work in the City.

What area are you selling in?

Thanks again,
Jane

Jane,

I really would not worry to much. I own a International Real Estate business. I live in the city but starting the process of building a home in Virginia.

I specialize in Golf Properties all over the world but I due lots of work in NY and Mexico since that's where I spend most of my time.

Please fell free to let me know if I can do anything for you.

Thank you!

Hi Jane,
I live in Westchester County (Ardsley) and I noticed that the market has slowed considerably. I think the combination of the economy (Westchester is home to many Wall Street people and their families) and the season (since Westchester is known for schools, most people buy in the Spring to get ready for the next school year) will work against you. That being said, Briarcliff is a very desirable district and there will be people looking for a fairly priced home in a great school district. Many people who were priced out of Westchester in the past, might be looking to buy now. I do know a couple of people who have bought/sold in the past month. It only takes the right price and the right buyer. Good Luck!

Hi -
My House is on the market right now. I live in Wisconsin (near Milwaukee) and we are moving to the Philadelphia area. Our home went on the market I think around the first week of October. We do have a party interested but it is still in the early stages so I am not getting my hopes up just yet. It has been really quiet though. Not a whole lot of showings. Only 4 showings in 3 1/2 weeks. Very scary times. Keeping my fingers crossed!

Portland, Oregon area ... co-worker got married last month. His new wife sold her house in one day, at the asking price. I don't know how much $$$ - depends on the neighborhood here.

I rarely check in here anymore. Too many people just congratulating themselves on not being like the other folks who are facing financial problems.

It was much more fun and informative here a couple of years ago when we were selling our house in SoCal. We were very fortunate - sold in a rapidly declining market when very few houses in our city were selling. Today similar houses in our old neighborhood are listed at $200k less than what we sold for.

This forum helped me a lot back then, in learning what was important and what wasn't. How to show a house to the best advantage while still living there. How to not go crazy while waiting for the right buyer. What to do when the first buyer vanishes and the house has to be re-listed. That sort of thing.

I hope it will be like that again here, at some point. It was a great resource for me.

I'm on the south shore of MA. Not yet listed on mls, but should be in the next week or so. We were contacted by a realtor with a client looking for a home in our neighborhood and showed the house on sunday. No feedback.

Hi Jane,
My brother and his fiance just bought a house in Croton-on-Hudson, so hopefully his purchase is part of a trend. I am a realtor in upstate NY, in a small town with a reputation for pricey homes. Our market is down 47% right now. And our average selling price is also down $100K. If someone doesn't have to sell right now, my best advice would be to either rent it out or wait til spring. It doesn't help either that highly qualified buyers are having a tough time getting mortgages. I can appreciate the general wariness of banks making loans these days, but we can't address our down housing market if people can't get mortgages (and I am not talking about iffy buyers--I am talking about employed people with 800 credit scores).
Jo

Hi Jo-

We are one of those "good qualified" buyers. Both my husband and I have close to 800 credit scores. We are buyiing our home near Philadelphia. We are putting 20% down on the new home. We have no other debt. My husband makes more than enough money to pay for the new home. I am a stay at home mom of three little ones. And yet, it is unbelievable how horrible it has been to go through this mortgage process! We were locked in at a rate of 5.75. Locked in! Now guide lines have changed yet again and we are no longer "locked in"!!! Our rate just went up to 6.5%. I did not understand! So now I am still wondering if our rate will continue to change?? Does "locked in" not mean the same thing as it used to??? Very frustrating so far. We close Dec. 10th. Who knows what can still happen until then. Uggh - Not fun.

tracy s, i am a recent relo to the Philly burbs...coming from the NYC area, i can tell you it is a FAR cry from NYC...I walked in the city and looked at the ,ahem, "skyline" and asked where the big buildings where,lol...

minet, I hope you check back often. I appreciate the feedback. We have all be affected by the economy, one way or another. My family certainly has. In my area, houses are selling but I'm not sure how easily. NYC was impacted and many young workers in the financial sector have been hurt. Money is not as available as it was and, as been stated, mortgages are getting difficult to get. I'm not looking forward to this.

I'm hoping to list the house in the Spring. Heaven knows what the economy will be like then. Hopefully, when this election is finished, things will stablize.

Its great to hear about houses which sold so quickly. I guess pricing right is the key.I wish we had decided to sell 3 yrs ago.

Thanks again,
Jane

I just sold my condo last month. It was on the market for one month. Here's what I did that I think helped it move:

- I had already moved out, so it was sparkling clean and clutter free and I kept all the big pieces of furniture in there to better show off the space. I had the sofa, armchair, ottoman, coffee table, breakfast table, dining table, and bed.

- Priced it competitively from the start. Price below your comps to avoid having it on the market forever and having to reduce your price.

- My agent suggested I offer a $1000 bonus to the buying agent. This is controversial because some would say you could just offer that to your buyer instead. I had lots of traffic though, so I think that bonus helped.

Mine just sold but lowered 25000 before it did. My feeling is it could go up next yr..it could go down. Whom of us predicted it would be where it is ln 2008?