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Westchester’s Top 5 Markets: Most Homes Sold in 2010

0 Comments By Gay Prizio on January 18th, 2011
Tags: , , , , , ,      Categories: Buying, Market Area, Market Conditions, Selling, Westchester

Over the next few weeks, we will take a look at year-end home sales data ranked by the Top 5 in our market.

Our first Top 5 is Westchester County school districts with the highest number of homes sold in 2010.

It is not surprising that these school districts are among the largest in Westchester County.

School District Total Homes Sold
Yonkers 320
New Rochelle 248
Mamaroneck 236
Scarsdale 202
White Plains 192

Source: EAMLS, Single Family Homes Sold 1/1/2010-12/31/2010

For more information and data on these towns, go to www.houlihanlawrence.com for Market Reports.

Our video channel provides a slice of life in these communities, watch them on HLtv.

12 Staging Tips to Help Sell Your Home

0 Comments By Bobbi Egan on January 5th, 2011
Tags: , , , ,      Categories: Dutchess, Market Area, Putnam, Selling, Westchester

open door1 12 Staging Tips to Help Sell Your Home

There are many factors to consider when marketing your home for sale whether in Westchester, Putnam or Dutchess County. One important thing to remember is that your home is now a product that you need to “sell” to another. Staging your home for sale brings out the best features of your home and gives you a competitive advantage. Staging can facilitate a quick sale and get the best possible price for your home in today’s challenging real estate market.

Your real estate agent can provide an honest appraisal of what you need to do to help sell your home or put you in contact with a professional stager, if desired. For additional reference, research “home staging” on the Internet.

If you don’t have access or the budget for professional home staging services, you can incorporate many techniques to help promote the sale of your home. Here are a few tips to keep in mind:

1. Maximize your interior space by placing excess/un-used furniture in
a storage unit to make rooms appear larger and showcase the room’s purpose.

2. De-personalize by packing up your personal photos and family heirlooms so potential buyers can imagine the home filled with their possessions and not be distracted by yours.

3. Remove excess clutter. Selling your home is the perfect time to get rid of anything you haven’t used in a long time and don’t plan to take with you when you move anyway. Remove refrigerator magnets, organize closet and cabinets, clear off countertops and dressers, file paperwork and pack up those knickknacks and books! Donate it, pack it up or throw it away.

4. Clean. Is your bathroom lived-in or a showcase? What would you want to see? Show you care and maintain all the areas of your home by using a critical eye to eliminate dust and cobwebs – make your house sparkle!

5. Brighten your interior space by washing the windows, opening all the shades, removing window screens and checking to be sure all the light bulbs are in working order using the highest wattage allowed.

6. Apply a coat of fresh paint to walls in a warm neutral color. Your home will be more appealing and will have one less thing for the new homeowner to do.

7. De-odorize your home by freshening the air and removing any traces of pet bedding or litter boxes, cigarette smoke and mildew. The number one homeselling issue is odors! Ask a friend or neighbor to walk through your house and let you know if they detect anything you may be unaware of.

8. Remove and replace favorite items such as heirloom light fixtures or fireplace screens that you want to take with you to your new home.  Pack up what you aren’t willing to leave behind before you begin showing your home to potential buyers.

9. Walk through your house with an objective eye. Pretend you have never seen the house before. Take note and fix any repairs that need to be made… especially the ones you’ve been putting off.

10. Take a hard look at your wallpaper. Is it out of date? Are you the only one who likes it? Consider removing the wallcovering if you’ve answered yes to these questions.

11. Create curb appeal. Just like a great exterior photo, the front entry of your home is your first and best chance for getting a potential homebuyer inside your door. Look around – is your yard inviting? Are toys and equipment put away? Are the shrubs trim and neat? Is your front doorway neat and clean? It’s a great time to clean your gutters. Make a great first impression by paying attention to the front of your home.

12. Disappear. Take your self, your family and your pets and don’t attend the showing. If you stick around, you’ll intimidate the potential homebuyers who really want to take a good look at your house.

Do you have any home staging experiences or tips you’d care to share with us? Please comment and let us know!

Listing Your Home For Sale During the Holidays

0 Comments By Elizabeth Nunan on December 21st, 2010
Tags: , , ,      Categories: Dutchess, Putnam, Relocation, Selling, Westchester
List now or wait

I’ve been asked a few times recently whether I thought it was worth it for someone to list their home now as opposed to waiting until after the New Year. I’m reminded of my own experience when I relocated to New York nearly 15 years ago.  I was hired by Houlihan Lawrence and my start date was January 2nd. I listed my home for sale in Annapolis, Maryland three weeks before Christmas. I didn’t think there would be any activity until after the New Year. In fact, I almost waited until after the first of the year to put my home on the market. Good thing I didn’t.  calendar 150x150 Listing Your Home For Sale During the Holidays

Serious buyers in December

There were showings almost immediately. That’s when I realized that anyone looking at homes in the last few weeks of the year, is likely a serious buyer. I was in the middle of negotiations when I started on the 2nd and I closed on February 28th. Of course it was a different market – a different time and place. But I’ve often wondered, had I gone with my initial plan of not listing my home until after the New Year, those buyers may never have seen my house. They may have decided on something else based on their timeframe before my house was ever for sale.

Fear not

So, If you’re one of the many sellers who’ve just put their home on the market and you’re second guessing your decision, fear not. There are buyers that need to buy now. Everyone’s circumstances are different. Just don’t go too crazy with the Holiday decorating.

Have you had an experience, good or bad, in selling or buying during the Holidays? Feel free to share with us in the comments section.

61 Reasons to Send a Referral to Houlihan Lawrence

0 Comments By Elizabeth Nunan on December 8th, 2010
Tags: , ,      Categories: Buying, Dutchess, Market Area, Putnam, Relocation, Selling, Westchester
High Conversion Rate

61%. That’s our closing percentage of  all incoming broker referrals in the past 12 months. General talk in the industry says the average is about 25%.

It’s common practice for real estate agents to refer clients to one another. How do you choose a company to receive your referral? How will you know the agent on the other side will treat your referral with care and provide you and your client with exceptional service?

Team Effort

At Houlihan Lawrence we take pride in each and every successful referral. It’s a team effort – from the referring agent or company to our relocation division staff to our assigned agent to the client themselves. We’re all working together for the same goal – a closed transaction and a satisfied client whether a buyer, seller or renter. Year to date our closed referrals range in price from the lowest – a $115,000 co-op that we listed and sold, to the highest – a buyer that purchased an $11,450,000 home. And everything in between.

High Standards

Several years ago we developed a minimum standard that agents must meet in order to work with our referral clientele. The criteria includes a minimum number of years of experience, a certain number of closed transactions, relocation training and signing a pledge of service agreement. When a real estate agent sends a referral to Houlihan Lawrence they can be assured that we’ll make the best agent selection based on the clients needs and that we’ll pull from a pool of talented agents who’ve met or exceeded our requirements. Additionally, a relocation team member stays in touch with the referred party all the way through until closing, to be sure their needs are being met.

We think we’ve raised the bar in servicing our referrals, and it’s confirmed with a 61% conversion rate. What’s been your experience when referring to another brokerage?

10 Photo Tips to Help Sell Your Home

0 Comments By Bobbi Egan on December 7th, 2010
Tags: , ,      Categories: Dutchess, Market Area, Putnam, Selling, Westchester

camera 10 Photo Tips to Help Sell Your HomeThe phrase, “A Picture is Worth 1000 Words” emerged in the United States in the early part of the 20th Century. This has become all the more important in today’s real estate market because most Westchester, Putnam and Dutchess County homebuyers now begin their home search online.  According to the National Association of Realtors, nine out of ten homebuyers use the Internet as an information source in their home search process.

Now, more than ever, the first showing of a house takes place on the Internet. For that reason alone, a great photo will attract attention and help sell a property. Here are some tips to consider when having your house photographed for sale:

  1. Use professional photographers whenever possible
  2. Focus on the main features and detail of the house, not the contents
  3. Determine what time the best light is on the front exterior of the house
  4. If you are on a waterfront property, let the photographer know when it will be high tide
  5. Only photograph open pools that are clean & sparkling and free of pool toys
  6. Remove any cars or bicycles from the area to be photographed
  7. Open draperies, turn on light fixtures and replace burned-out bulbs
  8. Stage the house inside and out, make sure it’s free of clutter
  9. Avoid scheduling a photo shoot on trash day and make sure trash bins are put away
  10. Add decorative touches such as fresh flowers and plants, but don’t overdo it.

Your Houlihan Lawrence agent can assist you when its time to photograph your home for sale in Westchester, Putnam and Dutchess Counties. They understand that good photography – on the Internet and in print – is an opportunity to make a great impression.

5 Most Common Questions Asked by Sellers

0 Comments By Gay Prizio on November 9th, 2010
Tags: , ,      Categories: Market Conditions, Selling
  1. How’s the market doing?
  2. Is now a good time to sell?
  3. What is my house worth?
  4. If I make improvements to my house, will I get a good return on my investment?
  5. What are the most desirable features in a home and community that today’s buyers are looking for?

House as Home or Asset Class?

0 Comments By Gay Prizio on August 26th, 2010
Tags: ,      Categories: Buying, Selling, Uncategorized

The New York Times recently ran a cover story headlined “Housing Fades as a Means to Build Wealth, Analysts Says”. The article states that amassing your nest egg based on the appreciation of your home may become a distant memory. 

Time will tell whether that prediction is accurate. What the article fails to mention is that prior to the real estate boom and double digit appreciation, a house was purchased to be a home, not an asset class. 

A home provided a safe haven for the family and a place where memories were created. Holidays and birthdays were celebrated in the home and terms such as yield, appreciation and return on investment were confined to stocks and bonds. 

The new reality is that homeownership may no longer be the ticket to easy money, but it remains the gateway to security and stability, the backdrop of family photographs, and the venue of your lifestyle. 

As a trusted real estate advisor to thousands Houlihan Lawrence provides transparent information and a network of experienced agents with insight that help homeowners and buyers ultimately make informed decisions. 

Ownership of a home represents different things to different people. Do you think of your house as an investment vehicle or a home for you and your family?

Westchester Market Indicators for July 2010

0 Comments By Gay Prizio on August 13th, 2010
Tags:      Categories: Buying, Market Area, Market Conditions, Selling, Westchester

The health of the real estate market continues to be a hotly debated subject. Quantitative data, such as months of inventory, is a useful metric to determine supply and demand.

Conventional real estate wisdom equates the following with months of inventory:

  • 1-4 months inventory means there are more buyers then sellers. 
  • 5-6 months inventory means the market is balanced with a healthy number of buyers and seller
  • 7+ months inventory means there is an oversupply of product, with more sellers than buyers.

 The following chart lists the schools districts in Westchester County that showed the greatest decrease in months of inventory from July 2009 – this is a positive indicator and a sign of a more robust market when compared to the same period last year.

  Westchester County School Districts
  School District  Months of Inventory Change from
  July, 2010 July, 2009
  Ardsley 11.1 -55.9
  Dobbs Ferry 10.4 -29.6
  Edgemont 6.6 -25.9
  Bronxville 5.8 -22.2
  Irvington 11.8 -22.2
 Source: WPMLS; Single Family Homes      

What a difference a year makes.  At this time last year, Ardsley had 67 months – or 5 ½ years worth of inventory.
Our Market Report for Westchester County single-family homes is now available with July 2010 sales figures. To see the market activity for other school districts in Westchester County, visit HoulihanLawrence.com and go to the Local Market Reports at the bottom of the page.

Westchester Market Share Increases

0 Comments By Chris Meyers on August 10th, 2010
Tags: , , ,      Categories: Buying, Houlihan Lawrence News, Market Area, Selling, Westchester

To thrive in times of great change, successful companies challenge old assumptions, debate new strategies, and sharpen their thinking about all aspects of their business. The best companies have a dynamic business strategy, and are capable of innovating and growing regardless of market conditions.

Few industries have experienced as much change, both cyclical and structural, in the past 5 years as real estate.  At Houlihan Lawrence, our strategy for the new market reality has been a simple one:  1) increase the transparency of market information to our buyers and sellers; and 2) empower our agents to develop true advisory relationships with their clients, helping to make informed decisions about real estate. 

While the strategy is not complicated, executing it has required a lot of work from everybody in the organization – our management team, our staff, and of course our agents, who must deliver on our client commitments every day.  In the past year alone, through one of the worst real estate markets in our lifetime, we have rolled out a brand new “Web 2.0” version of houlihanlawrence.com; an advanced technology platform, Client Connect, that enables our agents to deliver real-time market information to their clients; and created dozens of new ways for our agents and the public to tap into the wealth of market data that we collect daily. 

 It is very gratifying to see the market rewarding our efforts in 2010 with substantial increases in market share across virtually all the communities we serve.  Consider these numbers:  

  • Houlihan Lawrence now has a 39% market share in dollar volume for Westchester single-family homes, up 7 share points from 2009.
  • In the luxury market segment, Houlihan Lawrence now has a 50% market share of homes with a sold price of $1 Million and above, an increase of 7 share points over last year, and a 60% market share of homes sold for $2.5 Million and above, an increase of 11 share points over last year.
  • In Putnam and Dutchess counties, our market share has grown by 3 share points over last year to 27% and 14%, respectively. 

 Source:  WPMLS and MHMLS; January1 through July 31, 2010

While it is encouraging that we seem to be heading in the right direction, holding on to these market gains will require that we continue to innovate and respond to our clients’ changing needs. 

Tell us what you expect from a real estate broker.   What could your agent do to help you better navigate today’s real estate market?

Home Buying and the Single Girl

0 Comments By Gay Prizio on May 18th, 2010
Tags: ,      Categories: Buying, Selling

Single women are one of the fastest growing home buying segments of the market according to a recent study by the National Association of Realtors, outpacing single men by almost 2 to 1. Women more frequently purchase a condo or townhouse/rowhouse than a single family home and expect to stay in the home 10 years. The single female buyer’s first home is typically smaller than that of a single male’s.

The reason single women purchase a home is their desire to own. They have the financial means to purchase and do not need to wait to co-own with Mr. Right. Parity in the workplace has trickled down to the real estate market, giving women the ability to independently satisfy their need for shelter and security. 

For home sellers, this growing segment offers an opportunity to market your home with a woman’s needs in mind: the safety of a home and neighborhood are paramount and simple enhancements such as well-lit exteriors help to create a sense of security when arriving home in the dark.  New is better than old because it requires less repair and maintenance; and larger closets are a sure way to a capture her attention.

Are you a single woman in the market as a first-time home buyer? What features are important to you in your home search?

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