Ithaca, NY

Sellers whose homes have not sold in the peak selling market of Spring and Summer are worried. Not enough showings, no offers and how are they going to get their homes sold. The biggest problem seems to be, as always lack of communication, between the listing agent and the sellers. Agents don't like to talk to sellers when they have no good news, no activity to report.

The sellers at today's listing appoiintment have had their home listed since February. They have made price reductions; both times they suggested the reduction to their agent. Other complaints were that the agent never made suggestions of what they could do to enhance their home through buyers' eyes. They were of course concerned that their home will not sell if they do not get buyers in to even look at the house.

The solution is simple but not simply executed. Honest, prompt and on-going communication. We can't change the market but we can try to make the selling process as "pleasant" as possible. First, sellers need reassurance. They are "hurt" that no one likes their home. They need a reality check....honest pricing and suggestons about what needs to be done to get their house sold. They even accept some of the responsibility. Perhaps they priced the house too high to start. Mostly it sounds like they were not educated about the process or the market. Education needs to be on-going.

Many sellers are ready to move on. Not just to their new life in a new community but until that happens, to a new agent. Someone who can help them move the process forward. They don't want false promises. They are more saavy about the professionals they choose. This is a great opportunity for agents to prove they are professionals and despite a soft market work with these motivated sellers to markeet the home, bring in new buyers and hopefully put up that red SOLD sign.

Beth Carlson Ganem

Lic. Real Estate Associate Broker

Audrey Edelman Realty USA

www.BethGanem.com

Something spectacular happened today... I opend up our local daily newspaper and found a positive real estate news story! This isn't really shocking news since I am immersed in real estate everyday and I am aware of what the market is doing, but it's shocking that they actually reported on it! There was no doom and gloom regurgitated into the story from the national media---- a reporter actually went out and interviewed four local real estate agencies.... RE/MAX In Motion, Coldwell Banker Shaw Real Estate, Warren Real Estate and Audrey Edelman/Realty USA... the top four real estate agencies I might add, to find out what is happening in the local marketplace. What an ingenious idea! I guess you can say I'm a little tired of hearing the national media doom and gloom so this article was refreshing. The article points out that Ithaca is sheltered from "the real estate bubble". Click here to read the article.

Comparing home sales statistics from the first 11 months of 2007 with those from the same period in 2006:
2007 / 2006 / % change
Median selling price: $189.5K / $188.9K / 0%
Sale vs. list price:* 95.31% / 96.03% / -1%
Closed sales: 892 / 959 / -7%
Total dollar volume: $176.0M / $186.7M / -6%

*number reflects percentage of asking price for which the home sold.
Sources: Ithaca Board of Realtors, New York State Board of Realtors.

Lindsay Hart, Dir. of Marketing/Communications RE/MAX In Motion