Long Island house prices are down 14.7 percent for 2008. I am going to take you through a lot of information in this article. The purpose of this article is to lay it all out for you in plain English and simple graphs. That 14.7% figure is directly from Multiple Listing Service data. It is Island-wide, not nation-wide.

Urban Nights Sneak Peek #9: Hop on the Third St. Trolley during Urban Nights and check out everything going on in the Wright-Dunbar Business Village! There will be plenty of music, dancing, spirits and food at the Grilln’ & Chilln’ Cafe and Fat Tuesdays Music & Smoothie Bar, great art and cultural exhibits, historical tours and displays, and much more, including the Wright-Dunbar Stage with a full entertainment linuep starting at 5:45 p.m. Don’t miss a great party in Wright-Dunbar!

Everybody does it. Sellers price their home higher than they expect to sell it for and buyers, knowing that the price has been jacked up, usually make offers lower than the asking price. However, if you go too far, you risk disaster. If you price your home so high that agents lose interest in showing it and buyers reject it at first sight, you will have defeated your purpose. Find out what homes in your area are selling for and take that into consideration when pricing your home. For example, in the Hollywood Hills an phĂș new city market the median sales price of a home is $981,500 but the median list price is $1,295,000. Again, using Internet tools, it is possible to pull up the details and compare your home to the homes that sold.

Lenders don’t want a foreclosure to happen anymore than you do. If that’s hard to believe, read on. When you own the home and you’re paying the mortgage, the lender isn’t putting any money out other than the mortgage itself. However, if a foreclosure goes through, they’re stuck with property 1) they can’t use and 2) they can’t afford.

If, on the other hand, you are thinking of buying a car or equipment for your business, bear in mind that those assets depreciate over time and you might end up losing money in the process.

Urban Nights Sneak Peek #7: Don’t miss two interactive opportunities to help create art at the Sept. 10 Urban Nights! The Main Street Chalk Walk returns, giving you the chance to bring out your inner artist with sidewalk chalk. And new to Urban Nights this time is Gum Art! Kind of gross, but kind of fun – chew some gum… and add it to the canvas between 6 and 8 p.m. to help create one big, sticky piece of art!

Everybody likes bonuses if they are on the receiving end. So think about bonuses and incentives for agents and buyers. More than likely, a local agent will find the buyer for your home. Therefore, it makes good sense to encourage agents to show your home to the right buyers. You can help your cause by doing something special for the Broker and Agent Preview. Put out snacks and drinks for the agents as they come through your home. Human nature being what it is, it is counterproductive to reduce the commission for the selling agent and it is good marketing to add a bonus for the selling agent. Then there are incentives for buyers that you might consider. For example, you might offer to provide the buyers with a Home Warranty package or offer to pay a percentage of their closing costs.