MIDDLE OF AUGUST ADVICE FOR SELLERS & BUYERS

 Here we are in the middle of August and summer fun is in full swing – swimming, boating, fishing kayaking, getting together with friends, dining al fresco at your favorite North Fork location...and you're selling your home or you’re looking to buy a home before fall rolls around.  Both activities – buying and selling are filled with effort, anxiety and sometimes difficult decisions.  How do you get through it all and still have time to enjoy the last few weeks of summer?  Here is some advice for sellers and buyers as we approach Labor Day.

Advice to Sellers:
               Listen to your realtor.  They are out there, meeting with prospective buyers, doing your open houses, and having lots of similar experiences with other clients and properties they represent.  Listen to them when they give you feedback. If your home has been on the market for several weeks and even with aggressive marketing, no one has stepped up, it’s most likely that the price needs to be adjusted.  TRUST them when they recommend you lower the price. There are studied that show the earlier a price is adjusted, the less the overall reduction will be when the property is sold.  Often, a seller has a price they want for their property, and after the home has been exposed to the market it is clear that the property isn’t generating interest.  Sometimes, things can be tweaked in the home, but most often, the price has to be tweaked.  Listen to your realtor when they suggest a price adjustment.  Especially now, this is the peak of our season – you will get the most attention now. 

              

              Keep up with you property. Mow and water the lawn.  Make necessary repairs.  If a major repair comes along, discuss it with your realtor – sometimes it may be better to make a price adjustment.

 Hang in there!  Don’t take things personally.  Look at it as a business transaction.  If you get a low ball offer, don’t take offense – strategize with your realtor as to how to respond.  Be positive, and supportive of the process. It’s a process filled with uncertainly from week to week, but an experienced realtor can guide you through it – trust him or her!

Advice to Buyers:

              Work with your realtor – find one you trust.  An experienced realtor  knows the marketplace.  If they tell you a property you like is “hot,” believe them!  So often, buyers lose deals because they are skeptical of the information they are receiving from their realtor.  If you feel that way, get another realtor!  There must be a partnership between you and your agent. 

              

               Tell your agent what you want to spend within a reasonable range.  If you overestimate, you will see homes you love but can’t afford and then as you move down in price, you will be disappointed in homes you can afford.

   Be willing to look at properties that the agent suggests – especially if you have worked together – pictures don’t always give a good sense of the site.  An experienced agent knows his/her market – ask questions and share your impressions as you look at prospective properties.

                

              Be ready to make a move when the situation presents itself.  The low inventory on the North Fork, makes for quicker sales and multiple offers.  Trust your realtor to guide you through this sellers’ market!

At Beninati Associates, we are experienced realtors, we know our market, we are keen observers of the dynamics of the marketplace and expert at navigating buyers and sellers through the process! Call us at 631 765 5333!