June Real Estate Results for WNY Western New York

And they are in….

Actual Real Estate results for Western New York, including  homes and condos sold by members of the BNAR, Buffalo Niagara Association of Realtors through the MLS system for the following counties: Erie, Niagara, Cattaragus, Genesee, Chatauqua, Allegany, Orleans and Wyoming – with a small number in Livingston, and Monroe.

Homes Sold is June remained steady compared to 2006 (1146), 2007 (1146) and 2008 (1152)

Average price for June home sales looks very promising in what the nation is calling a depressing market.  The average sale price of a home in this area in June of 2008 was $114,000, up from the past few years, in June of 2007 the average price was $107,500 and in June of 2006, take a look at this, the average price was $109,00.

What does this say for our particular market? It says, we are doing quite well and holding steady with our home prices and value.

If you live in Western New York, it is a reasonable time to buy a home for a reasonable price, I say this not as a Realtor, but as an informed professional.  We are holding solid in regard to value in the housing market. Actual numbers can’t lie, only people can, you can’t argue with facts.

Thankfully, we live in an area that is rich in culture, diversity and steady values.

Where Do You Want To Live ?

So, you’ve met with an agent and you are ready to start looking at homes.  You call him or her up and give them a list of 10 homes you want to see on Saturday, OK – oh my, they are 4 different cities and within a 50 mile radius!! STOP – you need to sit down and think about “where” you really want to live, because at this point, you have no idea at all, even though you think you do.  When Saturday is over you are going to be even more confused about what you want, here is a short check list to think about prior to going out and looking at homes on the market.

1) WHAT TYPE OF LIVING IS IMPORTANT TO YOU?  Do you want to live in the country or the city? Is suburbia the place you want to be? Once you decide that, then you can narrow it down even further.

2) WHAT’S IMPORTANT TO YOU? Are schools important to where you live? If so, then research the best public school systems.  If schools are not important but public transportation is or maybe your commute, then find out what areas have the amenities you need.

3) NOW YOU CAN NARROW IT DOWN TO ONE OR TWO COMMUNITIES !  – Good for you, you have now made your life so much easier and you can actually focus on finding the perfect home for yourself and or your family.

Yes, these are all simple questions that can be easily answered and or researched, but by doing your homework and asking for the answers from your Realtor, you will actually speed up the process of finding the home you want to live in.  Good luck ~

What To Avoid When Selling Your Home

What to avoid when pricing your home

What To Avoid When Pricing Your Home

People often make a huge mistake when deciding on a price for their home. Rather than answering the question What is my house is worth?, they answer What is my house worth to me?. The difference between those questions is more than two words. Their are many factors that go into  determining the value of your house that will bring a price that’s in line with what the market and the neighborhood will bear – and usually results in a quicker sale. There is an old saying, “They only thing that sells a home, is price, if it’s not priced right, it will not sell”, that really is a fact.

So what doesn’t matter when you determine a price for your  home?

What you paid

Unless you bought your home a month ago, your sales price has no bearing on what a buyer should pay. The real estate market changes constantly. Comparable sales should be no older than 12 months and sometimes that is even too far back.

How much you spent on repairs

You just paid $2,000 to fix the plumbing? Good for you. Buyers will no doubt appreciate that there is now hot water in the master bathroom. That doesn’t mean, however, that you can add the cost of your repairs to your asking price. Running hot and cold water in a home is generally considered a given, not an enhancement that increases the price. Everyone deserves hot and cold water in their home.

What a home just like yours sold for … in a different location

The same builder who constructed your house may have built 300 identical ones across the state. However, unless the other 299 are on your block, their sales prices do not affect the price of your house. You are buying a neighborhood and a community, not just a building – this in my honest opinion is why so many homes are over priced.

What a home just like yours in your neighborhood sold for 18 months ago

As mentione earlier real estate markets change constantly. It’s useful to know the sales price of that house, but take it in the context of what’s selling today. Maybe your area was a seller’s market then, and that price was the result of a bidding war. If your area now is a buyer’s market, you likely won’t approach that price.

How much you need to purchase your next home

Whether you’re flush with cash or broke, your home is worth the same. Your financial situation isn’t relevant to a buyer or to the bank when it comes time for the appraisal.

Your 25 years of memories in the house

Those memories are priceless to you and mean nothing to everyone else.

What the Web says your home is worth

Web sites that estimate your property’s value offer a good starting point when you’re trying to decide on an asking price. Most home-valuation Web sites will tell you the same thing themselves – that their information is just a starting point and no substitute for specific market knowledge in the area.

If the neighborhood generates sales of homes between $400k to $500k and you put $200k of upgrades in your home, I assure you it won’t sell for $750k

You made the decision to put in all the wonderful upgrades in your home, if it was a mistake, you need to move on – any agent that tells you they can sell that home at $750k is lying to you to get the listing, it will sit on the market.  It’s a hard pill to take, but it’s the medicine you have to take if you want to sell your home.  Bottom line is they want that huge listing price under their name, and when they tell you to reduce the price either do it or continue to sit on the property and pay the taxes.  When I walk away from your listing because I refuse to sell it at that price or list it at that price, do you think I don’t want to sell it at $750k? Of course I would like to – who wouldn’t? But I would be lying to you and to me, it’s unethical for me as a Realtor to take that listing and invest time and money into it, when it doesn’t sell – that is something to think about, what Realtor would walk away from a listing like that – I would, it’s not fair for me to tell you something that I can’t produce on.

So, what does matter when pricing your home? Among other things, the condition of your home, any recent upgrades, and the prices of comparable properties selling in the area all affect what you can ask for your property.