Q & A with Dottie Herman

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Q1 - I just received an offer on my home that is 60,000 under my asking price. I am really torn as to what to do as I countered and the people didn't come up at all. My real estate agent is telling me to take the deal as they say these people really love my house and it is a higher offer than I have received in the past. Could my price just be too high? I really wanted to get closer to my asking price, what should I do? It has already been on the market for a year and I really want to sell!

A - In your question you make two key points.  First, you have been on the market for a year.  Second, you have received other offers but none as high as this.  Both those facts would indicate that your expectations are simply too high.  Your real estate agent is making a sound case for accepting this offer. If you are eager to sell, perhaps now is the time to accept this price and to move on.  You may want to ask your agent for the latest sold comps in your neighborhood.  If the comps reveal this price to be in line with recent sales, it sounds like you have found your buyer. 

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Q2 - I am thinking of selling my NYC condo. We have what we consider a three bedroom, but one of the rooms doesn't have a window. Does that mean it is not a bedroom?

A - As a matter of best practice, you should confirm with an attorney when it comes to any legal definition.  Generally speaking we don't market rooms without windows as bedrooms, but rather as home offices, studies, etc.

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Q3 - My home as been on the market for 6 months- there have been two new houses that came on the market where I live in New Jersey and they both sold rather quickly. Why is mine not selling but all of the new inventory sells? What am I doing wrong, or what can I do differently?

A - You ask great questions.  If other homes are selling in your neighborhood there is no reason to believe yours won't sell.  Have you compared the price of those recent sales with your current price?  Perhaps you need to reduce your price so it is more congruent with recent sale prices. Your agent can provide you with a comprehensive list to review.  You may also want to look at the exterior curb appeal as well as the interior of your home.  Is the home free of clutter?  Could it use a good cleaning?  Does it have a nice aroma? Is your furniture arranged in a way that makes walking through the home difficult? These are all things to consider.  By making your home the best it can be and pricing it right, I have no doubt that you will sell it. 

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Q4 - I am 62 years old and I am retired. I currently live in a rent controlled apartment in NYC, however, I do not need all of this space any longer and I want to move to an apartment in Queens. Would I be able to get a mortgage even though I am retired? I have a nice amount of money in the bank but I do not want to pay all cash for this apartment.

A - As long as we can verify income to support the mortgage such as pension and social security. We can even count income from the interest and/or dividends on your money in the bank.

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