WESTCHESTER COUNTY, NY – in all his 17 years selling real estate has Mark Seiden gone through as many boxes of tissues as he has in the past 12 months.It’s not he who is crying, but some of his customers — as they come to grips with the reality that their houses are worth far less in today’s market than what they had hoped, said Mr. Seiden, who owns Mark J. Seiden Real Estate in Briarcliff Manor.But the sooner a seller faces reality on prices, he said, the sooner a sale can occur. As evidence, he cited Susan and Robert Whiting of Ossining, whose six-bedroom three-bath 1950s Cape had languished six months at $499,000 before they hired him. “At that price, nothing happened,” said Mrs. Whiting, a day care provider. “We didn’t even have one reasonable offer.”The first thing Mr. Seiden did was brandish the tissues and recommend a listing price of $60,000 less. “At first I was in shock,” Mrs. Whiting said. “But then I decided if we wanted to sell, this is what we better do.” A bidding war ensued, and some weeks later the house went into contract at $10,000 over the list price.
By Elsa Brenner, Feb. 17, 2010 WSJ

Link to article