J Philip Faranda

Croton on Hudson is a small village just north of Ossining located in the neighboring town of Cortlandt. I spent a great deal of my youth there. As a scout I camped at Croton Point Park many times, and my high school youth group was based at Holy Name of Mary on Grand Street. It has a charming downtown, multiple riverfront parks, and lots of classic pre-war architecture. My brother and his family have lived there since the early 80's. Here's the weirdest thing about Croton. There are (count 'em) THREE attorneys there that I actually like and refer. If you knew me, you'd agree that is quite the anomaly.

Comparing the first quarter of 2009 to the same time period in 2008 tells a great deal about how the market has changed for single family home sales in the past year. All data is from the Westchester-Putnam MLS; I cut the time off at March 23 because today is March 23. I limited the search to the Croton-Harmon school district, so there are some data with a Croton mailing address that is not included.

The transaction number is way down from the prior year. And things were pretty consistent until 2009 in Croton. Consider 2006 and 2007:

What can we learn from this? Transaction totals have always been in the double figures, for one. And the median price has been roughly half a million dollar rather consistently. But thus far in 2009, it is out of whack. A few more expensive homes have sold in the district, and the lower priced part of the spectrum is en absentia.

There are 7 homes either under contract or pending sale, which doesn't bode well for a strong spring either, especially when you consider that a whopping 54 homes are actively for sale. If another 15 or 20 go on the market in the spring (a distinct possibility in the traditional cycle) and only 7 sell in the next 90 days, inventory will be even more out of balance. It will be out of balance if 20 sell, and that won't happen.

It will take some time for this to even out. And that isn't good news for anyone except someone planning on buying. Buyers, what few of them are, have their pick this Spring in Croton.

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You can search the MLS like an agent at http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.

Clarktown is a sought-after town in Rockland that comprises New City, Congers and some other small hamlets. I have 2 listings in Congers, which could be considered unusual for a Westchester-based agent. However, my clients understand that I am where the most likely buyer is going to come from. Rockland has always been an attractive alternative for Westchester residents seeking lower prices.

These statistics are taken from the Greater Hudson Valley Multiple Listing Service. Since we still have 9 more days in the first quarter of 2009 I cut off the data at March 22 of each year.

The number of transactions is higher, but the sales prices are down by about $100,000 no matter what metric you use.

The most dramatic price decline is among 4 bedroom homes:

The average sales price for a home a year later is a whopping $125,000 lower. Are there still buyers? Absolutely. But what they are buying, and how much they are willing to pay, are both shrinking. If you are in Congers, New City or anywhere else in Rockland and you want to sell this Spring, this is valuable information.

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You can search the MLS like an agent at http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.

I have a position open for a buyer agent to work with a growing number of buyers in Queens. If you have a license in good standing, high professional standards and a knack for working with buyers this might be perfect for you. You HAVE to be good at following up, staying with people and getting their questions answered.

Unfortunately this is not for inexperienced licensees, those without a reliable car or anyone who doesn't show homes on weekends. I need an agent who can hit the ground running.

The benefits of associating with my company are numerous-mentorship from me, a constant supply of quality buyer leads, coaching, support, a good split and a positive environment.

Right now I have 12 Queens buyers who are ready to go- pre approved, motivated and eager to find something. More are coming. I won't hire just anyone- all my agents are very good. I believe quality trumps quantity. If you are interested, call or email me for a confidential interview.

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You can search the MLS like an agent at http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.

A question was asked on Trulia earlier today that stated a desire to not use a buyer agent so as to save 3%. Now, aside from the mistaken presumption that all buyer agents are paid 3%, the questioner inadvertently brings up a point that all purchasers should understand:

You don't bring a knife to a gunfight.

My answer began as follows:

The notion that you are spending an additional 3% if you use a buyer agent is inaccurate. The listing agent already has a contractual commission arrangement with the seller, and they will not cut it in almost all cases just to make the deal work for you. Moreover, you are not represented in the largest transaction of your life. A good buyer agent will save you more than 3%.

Some people think themselves as skilled and savvy enough to deal with the seller's advocate without assistance. Most of them are sadly mistaken. They'll get Uncle Lou or someone they don't know out of the yellow pages to do their home inspection. They'll hire the cheapest lawyer. The transaction can get stalled at the 11th hour because they didn't know that there was no Certificate of Occupancy for the finished basement or extra bathroom. They lock their rate too early and end up paying an expensive extension fee (this is especially sad when the fee is unnecessary- if rates have gone down they'll benefit from the common worst-case-scenario policy from a prudent rate float). They get to closing and find out the property taxes are $2000 higher than advertised. They get left out in the cold a week before closing by a sham Internet mortgage deal. The list goes on, and I've seen it all.

Skills alone won't make MLS data and comparable sales materialize. Negotiating on a home is unlike any other transaction. If you treat it like a car, PC or ebay you are tempting fate. There may be some lame listing agents, no doubt. But I know agents that, if given the chance to sell their own listing to an unrepresented buyer, will smack them about the head and face & call them Shirley and have the buyer think they just got a foot rub. It has nothing to do with deceit. It has everything to do with knowing the things at the deep end of the pool. This is the biggest transaction of your life and there is no need for machismo. USE A PROFESSIONAL with references, a track record, and local knowledge.

Now, I haven't shared the question with you yet. It was as follows:

Can someone send me the details on how to buy a home without hiring a buyers agent? a format of offer letter

Folks, if this is your starting point you need a buyer agent. This guy won't save 3%.

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J. Philip Faranda is the Broker and Owner of J. Philip Real Estate, LLC in Briarcliff Manor, NY. He is a Top 10 Producer for closed single family transactions out of almost 7000 licensees in the Westchester-Putnam MLS in both 2007 and 2008. You can log onto the company Home Page at www.jphilip.com

You can search the MLS like an agent and find your dream home before other buyers for FREE confidentially & at no obligationat http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.