This article article was published in the "New Rochelle Review" in the September 2006 issue.

“Life And Money” TM – "Steps for Sellers of Homes as Prices Fall"

By Frank Sisco, CPA, PFS

(Word count = 544 plus 69 words for About the Author)

If you have decided to sell your home and you believe that real estate prices will be declining for many houses, coops and condos in several areas of metro NY including Westchester County, then you should consider the following steps that may apply to your circumstances.

Step #1 -  Get more involved in the sales process. 

In most cases, people use real estate agents to help them sell their houses. Surely you've seen "For sale by owner" signs, owner ads and websites, but usually the sellers end up enrolling the help of an agent.  In a seller's market when prices are going up and up, sellers often get their sought price, and, surprisingly, sometimes more.  The agent's role is important but not as critical as it is in a buyer's market when selling is a lot tougher.  Thus, if you figured on relying entirely on an agent whom your cousin or best friend recommended to sell your house, I think you are playing with fire.  You need to go about the process of selecting a real estate agent as you would another professional like a CPA, lawyer, or even doctor.  Put time and effort into the process and ask questions that trigger revealing responses as well as consult several referrals.  But getting the right agent is not enough.  You must get yourself involved fully.  For one, monitor the activities of the agent, without being interference.  Secondly, develop a profile of your house's special features and the special characteristics of the neighborhood, community and town in which you live, including price information based on a realistic thorough analysis.  Next, prepare a marketing plan and write it down, edit it, and expand it.  Although the agent is handling posting to Multiple Listing Service (MLS), ads in newspapers, open houses, curbside signs, inclusion in their website, I believe you should go further.  Put up your own website, with many more photos, and even full-motion videoclips (See my website www.VideoVoom.com for examples), and use the easy access to the webpages to distribute the information to potential buyers.  Get relatives and friends, or part-timers, to help you send the webpages to possible buyers, including the hundreds of email names you already have in your rolodex or computer database.  Ask friends to spread the word.  Make it viral.  Always have with you at least several business cards with the key website contact info and house photo.  No harm in having a looseleaf portfolio of your house info and photos in the back seat of your car in case you meet an interested buyer.  I think you should devote at least seven hours per week to marketing your home.

Step # 2.  Prepare yourself emotionally for disappointments.

In the difficult times ahead, you may experience many unfulfilled expectations.  Fewer prospective buyers.  Reduced sales price.  Longer sales times.  Botched transactions.  Prepare for it.  Do your best.  Express yourself so that you can get the counsel and comfort of professionals such as your real estate agent and financial advisor, family members and friends.  Keep a level head.

Next month's column will discuss steps #3 and 4:

Step # 3.  Put more effort and money into preparing your home for sale, and

Step # 4.  Create a "portfolio" of your home to help the selling process.

About the author.

Frank Sisco is a CPA and Personal Financial Specialist, and author of many articles about personal finance and issues of life and money.   His firm, Financial Management Corporation, is located in Harrison, NY.  Frank resides with his wife and daughter in New Rochelle, NY.  He can be reached at 914.381.3737 or by email at ideasmoney@aol.com.  Visit his website at www.LifeAndMoney.com, which contains this and prior articles.