Selling

The blistering pace of the Brooklyn real estate market has eased slightly with fewer sales and more inventory.  The median sales price slipped 1.9% to $780,000 from the same period last year to the third highest level ever recorded and the first decline after twenty-two consecutive increases.  Luxury median sales price, representing the top 10% of all sales, declined 2.1% to $2,467,500 with a 4.4% lower price threshold of $1.840,000.  The number of sales declined year over year for the second consecutive quarter after 10 consecutive quarters of gains.  Sales fell 5.7% to 2,683 from the year-ago quarter.

The absorption rate, the number of months to sell all listing inventory at the current rate of sales, was 3 months, up from 2.4 months in the year-ago quarter.  The average days on the market rose 15.1% to 107 days, and listing discounts slipped to 2.6% from 2.9% in the prior-year quarter.  Take a look at the graph below and click here to view the full 2nd quarter Brooklyn sales market report.

Filed under: Blog, Brooklyn, Buying, Douglas Elliman Real Estate, Market Report, Real Estate, Selling by Ryan Roberts
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There is no doubt about it; first impressions count with buyers.  Potential buyers are much more likely to return to a home that resonates with them at first glance, while homes that appear disorderly or poorly maintained seldom sustain a buyers interest.  Below are a few helpful tips that are simple, quick and inexpensive things you can do to prepare your home for sale.

• Tip #1 – The entryway sets first impressions.  So make sure it’s in great condition with fresh paint and clean floors.  If the entry tile floor has build up, consider using a commercial stripper and re-waxing.

• Tip #2 – Clear out about one-third to one-half of your furniture.  You want your home to look uncluttered and the rooms to feel open and bright.  The average home has way too much furniture and you need to move anyhow.  So you might as well pack away any furniture that clutters any rooms in the home.

• Tip #3 – Make sure your home is clean by doing the following:  1) Shampoo carpets, 2) Clean washer, dryer and laundry tubs, 3) Clean the refrigeration and stove, 5) Clean and freshen the bathrooms.  Hire a professional cleaning service if needed.  Here is a link to a local, reputable cleaning company “We Can Do It”.

They are a cooperative of women based in Sunset Park; they bring their own supplies and they work all throughout Brooklyn and the tri-state area.  The money you spend on these areas will come back to you in the purchase price.

• Tip #4 – Speaking of bathrooms.  Repair loose tiles.  Remove loose grout using a grout file and apply new grout.  Faded tile colors can be improved using an epoxy spray.  Remove old tub and tile caulking with a hooked scraper, install new white silicone tub and tile caulk.  Concentrate on areas such as counter corners, shower corners and the base of the toilet.  Clean mildewed caulk by spraying Tilex, or use diluted chlorine bleach and let stand for at least 30 minutes before rinsing.  Old tubs can often be sprayed with an epoxy coating.  Remove all soap scum and dirt build-ups.  Again, diluted chlorine bleach will help here.  Clean glass doors with vinegar, and replace badly soiled shower curtains.  Don’t forget to vacuum exhaust fans.

• Tip #5 – Your Kitchen.  Clean ovens thoroughly.  Clean cook-tops and exhaust fans.  Remember to clean behind your appliances.  Double-check all burners to make sure they are working.  Defrost freezers and thoroughly clean the interior of your refrigerator.  Remove mold from refrigerator gaskets.  Empty the water collection tray under the refrigerator.  Neatly arrange soaps and cleaning accessories.  Thoroughly wash fronts of cabinets using Murphy’s Oil Soap or Pine Sol.  Cover counter burns with ceramic tile or heat resistant glass.  Make sure all handles are securely in place.  Install new shelf and drawer liners.

• Tip #6 – Wax or polish floors and glue down any seams if you have vinyl flooring.

• Tip #7 – Save those receipts and utility bills.  If you need to make or have made substantial repairs to your home, save the receipts in a manilla envelope.  This will show what has been updated in the home.  Many times extra work will increase the value of your home beyond your costs.  In addition, save those utility bills as well.  Buyers frequently have questions about the utility costs of owning a home.  This information will provide a prospective purchaser with greater confidence in making their final decision and assist in helping to provide precise answers to important questions.  Save electric, gas, water, oil, sewage and waste management bills.

Filed under: Blog, Brooklyn, Buying, Douglas Elliman Real Estate, Real Estate, Selling by Ryan Roberts
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