We've been bombarded with the doom and gloom headlines for a year now — "Real Estate Bubble Bursts," "Sub-Prime Lenders Go Bust," and so on. It's enough to make a person think that nowhere in America will anyone every sell a house again, ever.

However, that "real estate bubble" was strongest in Florida and Southern California, and those are the areas hardest hit by that big popping sound.

Here in the Hudson Valley, the economy remains pretty strong, and the real estate Market — while not what it was a couple of years ago — is in nowhere near the sort of condition seen in Florida, for instance.

However, it is a tougher market now, no question. Sales of detached single family homes in Orange County dropped from 283 in June 2007, to 172 last month, according to the Orange County Association of Realtors. For the year sales are down 28% and the average selling price is down 2%.

According to real estate agents around the area, the town of Crawford, with its strong combination of rural beauty and reasonable commuting time to Westchester, New Jersey, and even Manhattan, continues to draw people seeking the magical trinity of an affordable house, a yard of their own, and a good school system for their children.

That said, it's true that it's a buyer's market, which means certain rules have changed from a couple of years ago.

"We came off a number of record years, both in prices and units sold," says Hank Sudol of Prudential-Rand Realty, "so people have had to make that adjustment. And for some people, that's been hard to accept. The number of units sold has dropped by as much as 25% in the town of Crawford. So, it's harder to sell a house now than it was three years ago. You have to take some extra steps, both the seller and the agent."

R.J. Smith, of R.J. Smith Realty, agrees. "Inventory is up, units sold is down, and so prices have adjusted downwards too, though not in a catastrophic way. The strengths of our market here remain," he explains.

"Affordability, when contrasted with the suburbs of New York City, the beautiful setting here, and things like the increase in employment opportunities in the Hudson Valley, these all continue to pull people into our market."

So what do people trying to sell a house in Pine Bush need to know?

"It's tough to do," says Hank Sudol, "but sellers have to realize that they have a product to sell. I know it's their home, and so it's special to them, but buyers feel they should be able to shop through the homes that are on the market and get the deal they want.

"So, sellers need to imagine that they're buying a home in this market," continues Sudol. "What they need — other than an attractive price — is the 'wow' factor. That means when somebody walks in the front door that there's something there that says there's value here.

"And to that end sellers have to take certain steps, like minimizing the artwork they have on the walls. They aren't selling the artwork! They're selling the house. The same goes for color schemes and furniture. A seller's house should be a pleasing presentation, without clutter. The bright colors that a seller might like, might also prevent them selling their house."

R.J. Smith makes another point that sellers need to keep in mind.

"Prices go up and prices go down, but the fundamentals remain. If you're selling your house here, then most likely you're going to buy another house somewhere else. So, even if you can't reach the price level of two years ago, you have to remember that prices will also have come down in the market that you're moving to." The other big issue, they say, is marketing.

"This is a great time for buyers," says Smith. "It's been a long time since things were this good for the entry level buyer. Now there are lots of opportunities for those who've been on the sidelines or left out of the market altogether."

For sellers, this means being aware of the change in technology that is affecting the market. Hank Sudol points to the way the internet has arrived in the real estate world.

"Obviously, today, the internet is very important," he says. "Sellers need great pictures, because on a website you have just a few seconds to attract someone. You have to attract buyers to the details of your house. Unless you've got a great product, shown attractively, it's not going to register with buyers in this market. Lots of sellers are still in the mindset of just placing ads in the papers, but the internet has changed things dramatically. So, sellers need to assure themselves that the company they choose to sell their house has a strong internet presence. For instance, we provide reports on the activity on our website. What were people looking for? How many bedrooms? Did they look at your house? If not, then let's get some new pictures, come up with some different language, and so on."

One thing that sellers have to remember in the current market is that buyers are frightened of making a mistake. "They buy something for say,$400,000 this month, and find that it's worth only $380,000 a month later. That scares everyone. That is why realistic pricing is so important."

R.J. Smith also discusses some other trends he sees developing that are related to working with our current economic and environmental situations.

"I'm seeing a trend to smaller, more efficient houses. I think we got too crazy with the sheer quantity of home we were building. Today's energy prices are forcing a rethink there. I'm seeing a lot more questions regarding geothermal heating and cooling, along with a general concern with efficiency. It's the same thing with SUVs. People who have them are left wondering what they're going to do with them now that gas is more than four dollars a gallon.”

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