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Q. Since 2000, the real estate market has been simply a roller coaster. Tell me a little about the geographic area you work in and how your market has seen its ups and down over the last ten years.
A. I sell in Rhinebeck, NY and New York City. Rhinebeck is primarily a weekend/vacation home market. It is a serious buyers’ market right now. In the early 2000’s, The Hudson River Valley was viewed as the next (and more reasonable) Hamptons. Stores and restaurants developed around this hope. The market grew strongly until about 2004, but never became anything like the Hamptons market. Right now some wonderful country homes are at “bargain basement prices”; but, the weekend/second home purchase will be the last to bounce back. We are seeing many more potential buyers with the advent of warmer weather; but the Rhinebeck market (even though under-valued by comparison to other locations) may take several years to return to normal. The NYC market is starting to get a bit livelier. We are seeing more potential buyers at open houses and some low-ball offers and more sales with each passing month. As most people are aware, the NYC market had become way over-priced over the last 5 years. Prices seem to be normalizing or at least appear more reflective of actual value, rather than perceived value.
Q. How is your region currently faring? I am concerned with media hype and false information about alleged turn around in pockets. Seriously, is the market picking up and stabilizing in your town and surrounding areas. Give me 3 factors that helped here.
A. Oil prices and smaller families are having an impact on the size and style of what is sought in the second home market. Buyers are looking for smaller, greener structures that require little or no improvement. People still want a country feel to their country home; but no longer want to be more than 10 minutes from grocery stores, restaurants and movies. We are seeing more activity; but purchasers are driving a hard bargain.
Q. How has the implosion of the mortgage industry affected the home sales in your area? Do you see a lot of deals falling through because people cannot get qualified for a mortgage after weeks of going through the process?
A. I see a lot of deals not even beginning because of a lack of available, uncomplicated financing. The all cash buyer is king and she/he wants to steal the property – so, again the deal does not occur. Sellers are still not willing to budge off their asking prices either because they won’t or they can’t. Remember, many people purchased their homes at the height of the market, leveraged to the hilt and are now suffering with upside down mortgages.
Q. The appraisal process has been completely modified by HVCC, often making values come in lower than the purchase/listing price. How do you do your homework to assist the appraiser?
A. It is very difficult to assist the appraiser. In some areas, sales are so low that it is difficult to find relevant comps. What has helped is that more and more people are challenging their real estate tax assessment based upon the inability to sell at anything close to the purchase price. Again, there is no control over the value of a home it is simply based on market and recent sales. When they do come in below the contract price, the seller needs to decide whether to go down in price or simply walk away from the deal. Depending on what the seller’s circumstances and mindset are will determine the outcome.
Has the slowdown in the real estate industry hurt employment your area? Many long time professionals have exited the market for many reasons. Do you think this is a natural tendency for the industry to shrink in bad times? And do you think when the market gets better; it will attract new players again?
A. We’ve seen the slow times before and we’ll see them again. I have been told by brokers who have been in the business far longer than I that they have seen worse in years past. Accordingly, I am in a second home market and people have a different ideal about what is important to them. Again, real estate is very cyclical and still the best investment one can have in the long run- thus I am positive about it.
Has the $8,000 Home Buyer Tax Credit increased business in your area? When the term is totally over, do you see signs that business will slow?
A. Not as much as what one might have hoped. The time limit attached to the credit adds an urgency to factor to the home search process that people are unwilling to deal with. I know there has been a lot of press and hype about the rush to save $8,000, but I do not see it s a reason to buy a house now. I think of it as the icing on the cake.
Buyers are now doing more research on the internet. Are you familiar with sites such as StreetEasy, Trulia and PropertyShark among others? Has it made for a better more informed buyer or simply someone with too much bad information?
A.I am familiar with all of those sites. They seem to appeal to the buyer who wants to appear the “expert” and challenge everything they see. These sites provide facts but it is the interpretation of those facts based upon real experience and knowledge of a given property that makes the difference. 
Q. If you were a first-time homebuyer, how would you go about finding a realtor that is a good fit for you and your home buying needs?
A. Referrals are the best means of finding a competent broker. Get three or four referrals and interview them to see if their style, patience and knowledge is a match for your approach to the home search process.
Q. Homebuyers, first- time and repeat, make mistakes when shopping for a home. What are a few that you see all the time and how can they avoid them right out of the box.
A. A major issue is the inability of a purchaser to act when they see what they want. Even in a buyer’s market, the good things will move fast. It is important to recognize what is well priced and what the negotiation factor is. Too many people lose the place that interests them by trying to drive to hard a bargain. It is the responsibility of the broker to educate both his buyers and sellers. The seller should be pricing to the market based on information provided by the broker. The buyer also needs to be educated regarding what is well priced and what type of an offer will ultimately be in an acceptable range. We are seeing a lot of bad feelings between sellers and potential buyers. Once that starts, the sale is halted. I tell my buyers to recognize a good deal and work with me to build the relationship with the seller. I tell sellers to be pleasant and play the game when they get a low offer rather than spurning it.
Q. What is your dream client (besides someone that wants to buy a $5,000,000 dollar house for all cash?) What are the best client and worst client you can have?
A. Dream clients know what they are looking for and recognize it when it is presented. The worst clients are the opposite. They change their mind about style, price range and location weekly.
