What Did Sellers Learn in 2010?

Here are the top 7 lessons learned by Sellers in 2010...

1. New York is not Miami, NY is different. While Miami and many other placed dealt with 50% price drops, NYC hit bottom at only A 20% drop.

2. Renovations sell, fixer uppers don't. Only contractors enjoy doing work, everyone else just wants to move in.

3. Proper Pricing works. All the properties that sold had one thing in common...they were priced where the market felt there was value.

4. Renting is a real option. With rental inventory low and some sellers on the fence about now being the time to sell, some sellers chose to become landlords for the time being.

5. Cash is still king. All cash offer went right to the top of the list and negotiations were most brisk with when financing was off the table.

6. Appraisals matter. No matter how much you may have been lucky enough to see your home for, if it doesn't appraise you will have to renegotiate.

7. Sometimes its the building. Many mortgage turn downs this year were not about the buyer but rather, about the building. Be sure to know if there are issues in advance.