Q&A: Coldwell Banker, Holbrook

Real estate was booming up until a few years ago when the subprime mess exploded and took the economy with it. Sachem Patch recently spoke with Chuck Schaefer, a real estate broker and the owner and manager of Coldwell Banker at in Holbrook for a discussion on the real estate market in the current economy.

Sachem Patch: A few weeks ago, another Long Island media outlet reported that a poll of Long Islanders said they believed the economy will not turn around for at least another five years. Do you think that is an accurate assessment? 

Chuck Schaefer: No, not five years. I have a gut feeling it will change in two to three years. I think by then the unemployment rate will be better and the economy will be stronger.

SP: Has the expiration of the first time home buyer rebate decreased sales?

CS: No, it has not impacted much at all.

SP: Are houses selling on Long Island through traditional sales or are just foreclosures selling at this point?

CS: Houses are selling as far as traditional home sales go. The problem is not that many are selling.

SP: If 100 houses are for sale, what percentage of that number is selling?

CS: About 15 percent.

SP: What is the average time it takes to sell a house now?

CS: About eight months.

SP: What is the biggest difference with buyers today versus five years ago?

CS: Five years ago houses sold like hotcakes so buyers had to decide quickly if they wanted to make an offer. The buyers generally know now it is a buyer's market. There is no urgency. If they wait until tomorrow, or next week, or next month, the house they looked at is still available. Now buyers can wait for the perfect house to come along.

SP: What can a seller do to stand out from the other homes on the market today?

CS: The general rule of thumb is for sellers to make their home mint. Make it sparkle. If they have to invest $500 or $1000 to do that, then they should do it. If the kitchen or the bathroom needs to be replaced, I'd say don't do that as you won't see a return on your money now. Just clean them up the best you can. Whatever sellers can do to make the house clean and shiny, it's well worth their while to do so.

SP: A recent study on line said more single women than single men are buying homes now. Do you see that?

CS: I do not concur with that. I do not see that many single women buying homes, but as a manger, I don't see as many clients as other brokers do.

SP: Do many brokers have to work a second job when the market is slow?

CS: Yes because there is not that much business to be had so if taking on a part time job brings in the money they need to do that.