Miriam Bernstein,Westchester County Real Estate

If your property is on the market or you are thinking of listing your property there are some things you need to know about your listing agreement. When you discuss the commission you and your agent will arrive at an amount of commission. You and your agent will then need to decide how to split that amount between the agent representing you (the listing agent LA) and the agent that brings the buyer.

There are three ways on the Westchester Multiple Listing agreement that you can split the commission. You can agree to pay a sub-agent, a buyer's agent or a broker's agent.

1. Historically we were all agents who worked for the seller. Even if we brought the buyer, we represented the interests of the seller. The seller was responsible for what we said and what the agent who brought the buyer said. This was called sub-agency. If an agent brought a buyer to a property and the agent said "oh, no problem, of course you can expand the house" the seller was responsible for that statement.
2. Next came buyer agency. As a seller you could now choose to compensate a buyer's agent. That agent has a fiduciary responsibility to the buyer. That agent is looking out for the interests of the buyer. As a seller it is in your best interests to pay an agent to bring a buyer even if they represent the buyer. Buyer's then have the right to hire an agent to represent them, they don't have to use the same agent as the seller. Their rights are protected. The seller is not liable for the statements made by the buyer's agent. Buyers for the most part need their agent paid out of the proceeds of the transaction, most can't pay a down payment and have enough cash to also pay their agent, which is why seller's agree to pay out of the total commisson for this.
3. Now we have something called broker's agency. This is an agent that the listing agent is responsible for. If a broker's agent says something without checking it first, the listing agent is responsible for that statement. The seller is not liable for what the broker's agent says.

As a seller it is important that you clearly understand this part of the contract. The way agents (brokers) approach this subject can differ area to area. There is an area in Westchester County where they advise their sellers to not compensate a sub-agent or a broker's agent and only to compensate a buyer's agent. That way the seller is not liable nor is the listing broker. The buyer's agent is responsible for what they say.

Copyright © by Miriam Bernstein, All Right Reserved*The Agent Said What?Selling and Things You Should Know*

The following are for zip code 10530 which is for Hartsdale, New York. There are currently 59 active single family houses on the market. The lowest price is $405,000. 3 Houses are pending. 9 co-op's sold.

Active

Average price is $755,923
Median price is $625,000
Average days on the market is 107

Sold

10 Sold in August
Lowest price was $425,000
Highest price was $1,680,000
Average price was $743,500
Median price was $595,000
153 average days on the market

As of September 1, 2008 there are 26 active single family homes on the market. 34 single family homes have sold since January of 2008. One single family is pending.

January 1 - February 29, 2008

• 8 Single Family Houses sold
  • Average price was $850,188
  • Median price was $701,000
  • Days on Market were 175

July, 2008 9 Single Family Houses sold

August, 2008

• 8 Single Family Houses sold

Average price was $897,275
Median price was $896,600
Days on Market were 130

According to the New York State Association of REALTORS the monthly housing statistics through June of 2008 for single family houses in the County of Westchester are:

SOLD June 2006 646
June 2007 602
May 2008 305
June 2008 417

PERCENTAGES June 2006- June 2007 -6.8%
June 2007- June 2008 -30.7%
May 2008- June 2008 -36.7%
June 2006-June 2008 -35.4%

MEDIAN SALES PRICE June 2006 $750,000
June 2007 $768,500
May 2008 $702,000
June 2008 $675,000

During the first two weeks of July hundreds of short films were submitted for considersation in a contest sponsored by local corporations. Out of these hundreds are 15 finalists that you can view and vote for your favorites, here.  To see all of the videos, here.