Q & A: Is Now the Time to Sell?

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I'm trying to decide if I should put my home on the market. It is a condo in NYC. I hear inventory is low so it's a good time to list your home, but I am unsure what exactly that means for me as the seller.

Inventory levels are extremely low and the pent up demand for both condos and coops has had a very positive impact for sellers. Properties that are priced to sell are attracting buyers within days of coming on the market. Because of the demand, it is not unusual to have multiple buyers and "bidding wars." Hiring a real estate professional who can manage current market conditions and help you to achieve the highest and best price from the most qualified buyer is key to a successful transaction. While mortgage rates remain low, credit is tight and qualifying buyers is most important. If you need assistance in selecting a real estate professional familiar with your condominium, we will be most happy to assist you.

I am unsure if I should rent or buy an apartment. I'm not totally familiar with different areas of Manhattan and I am unsure what makes the most financial sense at this time. Is one market performing better than the other and can I get a better deal with a rental or a purchase?

Due to low inventory levels, market conditions thoughout Manhattan, are performing favorably. The Upper East Side, where there is more product, offers the best value in co-ops; as does Murray Hill and Gramercy Park. The areas that are more trendy, and have a lot of new construction, are more expensive.

Working with a real estate professional who has knowledge of the available listings and their history, will help you in making a decision. With mortgage rates still at record lows, it can be advantageous to buy now.

My husband and I bought a property on Long Island in 2009. We got the home at a fair price, however, since we have put so much money into the property. Every appliance has been replaced as well as hot water heater, washer dryer, boiler, new kitchen and all bedrooms. How do we decide what price to list the home at for sale in order to get some of our investment back?

Knowing the comparable sales in your neighborhood and what is currently on the market will be a good guide in helping you to decide how your home will fare in comparison to those with which it will compete when listed. Buyers today are more inclined to buy homes that have been renovated and updated, but it's all a function of marketing and pricing. Consulting a real estate professional who has a track record in sales in your area will save you a lot of time and, hopefully, get your home sold quickly.

My husband and I just sold our home and need to quickly find a new one. We saw one we liked, made an offer and think the people will accept. How fast can we realistically go to contract and close on the home? We are paying all cash and do not need a mortgage.

Once you have reached a price agreement it is important for you to consult your real estate attorney so that the proper due diligence is done prior to your going to Contract. You may want to have the house inspected and, because it is all cash, you may also consider having it appraised. Once your attorney is satisfied with his due diligence, a Contract of Sale and a mutually agreed upon Closing Date can be put into place quickly.

Dottie Herman is CEO of Douglas Elliman (www.prudentialelliman.com). If you have a real estate question for Dottie, please send it to; Reporters@WPCnews.com