Q & A with Dottie Herman

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Q1 - I want to put my home for sale; however, people have said that now is not a good time since people purchase before the school year. Is that always true? I assume there are buyers all year long, correct?

A - Real Estate no longer necessarily has a season. In this market environment, it is best to get your home on the market while mortgage rates remain favorable.  The majority of properties that are priced correctly will attract qualified buyers who are ready, willing and able to purchase. If you do find that the school year is an issue, you may consider, with your attorney's counsel, a later closing date to accommodate the buyer's needs.

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Q2 - My house has been on the market for about 5 months. We realize we are not getting much traffic because the price is probably a bit high. We do not want our listing to get stale, or people to think there is something wrong with our home, so should we take it off the market temporarily? We can then re-list it in the spring at a lower price?

A - Properties that are priced correctly are selling. Don't waste time;  it is probably most prudent to reduce your price  now while there are still favorable market conditions, including mortgage rates. Today's buyers gather their data on-line and will see the pricing history whether you reduce the price now or later.

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Q3 - What is the most important room to potential buyers? Our home needs to be updated, and we are going to spruce it up before we put it on the market, however, we don't know what room most of our money should go into. Some people say the kitchen. What do you think?

A - Most buyers today want to do as little renovation as possible. The kitchen and bathrooms are the rooms that buyers pay the most attention to and are the most costly to  renovate. Often it pays to adjust the price and sell the property "as is", rather than invest in a renovation that the buyers may not like any way.

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Q4 - I am thinking of purchasing in NYC. I am a recent college graduate, with a stable job, and steady income. I am not from the East Coast so I am unsure which area of NYC is best for me. How do you suggest I decide which neighborhood I should buy in?

A - New York is fortunate to offer a variety of neighborhoods from which to choose. Renting first might give you time to explore and to figure out what your top parameters are before you purchase.  Do some research on-line so by the time you arrive, you may have a better idea which neighborhood works best.  For example, living close to transportation to get to your office is often an important criteria; or if you are a runner, you might want to be close to one of the City's many Parks.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com

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