Tips for sellers
I don't have many, alas. The Wall Street Journal ran an article recently on just this subject (not worth linking to, as it's subscription only) and it had eight or nine tips that we Realtors have been preaching for years. Clear out the clutter, paint to refresh, fix as many defects as practical, don't spend a whole lot on major renovations and, above all, don't over-price your house. The author said that, depending on where you live, expect to sell your house for as little as 50% of what it was worth in 2003. The situation is not that bad in Greenwich, but I recently had, then lost (thank God) a listing that was hugely over-priced by its owner. He took what he'd paid for it three years before, calculated a 7% annual appreciation, added up the money he'd spent on renovations, threw in commissions and taxes and announced his price. Despite my warning that the market no longer supports that kind of financial "thinking" he insisted, then became furious when we had no - literally no - showings in 3 months. He insisted on being released half way through his six month listing contract and I was glad to let him go. The new agent, four months on, has yet to sell it, despite a modest price reduction.

One reader urges me to "think outside the box" and come up with ideas for sellers, aside from pricing a house properly. Unfortunately, there is nothing I know of that will overcome a bad price. I've seen cruises, increased commissions and huge bonuses offered to any agent who brings in a buyer, but aside from ethical concerns (how can I claim to represent a buyer and then recommend an over-priced house because I can earn a Caribbean junket?) I don't think they work. Neither do classical piano players at broker or public open houses, clowns handing out lottery tickets or painting a house day glow orange.

I do believe in decluttering a house, and I mean a severe cleansing of all or almost all of the objects that make your house personal to you: family portraits, kids art on the refrigerator, that nude of your wife hanging in the bedroom (I've seen two of those) etc. Once you decide to sell your house, remove your personality from it to make room for a potential buyer to envision herself living in it. That's hard to do when she's tripping over 4,000 stuffed toys in the playroom. If you don't believe me, take a tip from David Ogilvy. I have an occasional difference of opinion with David on his initial pricing decisions, but you will never see an Ogilvy listing that isn't neat, pristine and in move-in condition. It's a technique that's worked well for David over the decades and it will work for you, too.

But price it right. If you think you've done so, and no one's making offers, you were wrong and you should lower the price, immediately.