Rye Real Estate Update: To Sell or Not to Sell

To sell or not to sell is the question of 2010. 

Selling your home is a BIG decision that should not be made overnight.  Take the time to think not only of the pros, but also the potential cons.  Also, think about WHY you are selling?  Think about how you will actually sell your home. Are you using a realtor? How will you find this realtor?  What questions do you need to ask a realtor to make sure they are qualified to sell your home?  All of these questions should be answered before moving forward.

Before I make any potentially life-changing decisions I like to make a list.  Think of the pros and cons for you and your family.  Actually stop and make this list.  Since it's often easier to think about the positive side of things, start there.  Maybe you need more space or you need to downsize, etc.  Continue with the cons and be honest with yourself.  The "why" you are selling may have been incorporated into this list, but take a few minutes to think about this independently.  You may need to expand your list.

If you have decided to use a realtor, qualified real estate agents, including myself, can guide you through pricing your home effectively for the current market.  Here are a few things you will need to do to get started:

If you currently have a mortgage (lien) on your home you should know how much is owed.  You can find this out by contacting your lender or looking at your current mortgage statement.  Provide this information along with property tax information to your realtor.  This information will help them create an estimated net sheet for you.  This sheet will include items like NYS transfer tax, broker fee, attorney fee, mortgage payoff, title fees, tax adjustments, etc.  The actual items on this net sheet will vary based on the property type. It's VERY important to have a clear idea about your net profit or loss BEFORE listing your home for sale.

There are times when you start this process and decide against selling.  It's best to be informed and utilize the services of a qualified professional when deciding whether to sell or not to sell.

Here's what's happening in Rye:

*Properties on the Market:            

Single Family- 129

Condominiums- 4

Cooperatives- 33

Rentals- 63

*Properties Rented/Sold:    

Singe Family- 67

Condominiums- 5

Cooperatives- 13

Rentals- 85

*Data from Westchester Putnam Multiple Listing Service as of May 12, 2010.

Vanessa Jones has more than 15 years of experience in real estate. She is the Vice-President of Paddington Stone Realty of Rye, LLC. Jones began selling real estate in New York in 2006. Prior to that, she owned and operated a private real estate firm in Beverly Hills, California. For more information, you can visit her web site, www.VanessaJonesWestchester.com. Her column, Rye Real Estate Update, will appear twice a month on Rye Patch.