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Laurel Sweeney's Blog

Laurel Sweeney

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Displaying blog entries 111-113 of 113

Real Estate Market Review for the Past 4 Years

by Team Ulster

The last four years of residential sales for all of Ulster County MLS are as follows;

 

’05   1761 homes sold        av. SP $281,000        median SP $246,000

’06   1473 homes sold        av. SP $283,000        median SP $247,000

’07   1387 homes sold        av. SP $302,000        median SP $253,000

’08   1038 homes sold        av. SP $290,000        median SP $240,000

 

(The above  represents a decrease in the number of homes sold in the last 12 months of 25%, while the decreases in average and median selling prices were only 4% and 5% respectively, in a year when the Standard and Poor Index lost 38%.  They should also be  compared to the National Association of REALTORS published stats which show a national median home price decrease of 21.7% from July ’06 to November ’08Ulster county homes actually had a net increase during the same time period)

The relatively stable market for homes in Ulster is in no small part due to our connection with NYC and our strong commitment here to reasonable development and subdivision of lands.  We have not had an over abundance of new construction over the last 10 years, as compared to many other areas of the country which are now suffering.

 

Opportunity knocks… It is now a great time to be a home buyer with the greatest selection in a decade providing a wide variety  to chose from (with the lowest  number of foreclosed homes in all of New York State), available mortgage money at near record low interest rates, first-time homebuyer tax credit of $7500 from the federal government (if you have not owned a home in 3 years), and some very motivated sellers, ready and needing to move.  And, most importantly, the best means of a lifetime to accumulate wealth… through home ownership.

 Note that the average selling price of a home in Ulster County went from $60,000 in 1983 to $290,000 in 2008 (an increase of 400% in value)

If you or someone you know is on the fence about buying a home right now, remember that you will only know when the market has “bottomed out” after it becomes obvious, and the pundits have declared it to be so…and that will be nationally.  Sellers will learn the news when everyone else does, and their flexibility will likely change instantly with more showings of their home, and lots of buyers  ready to act.  Plus, real estate markets are local, like the weather, not national.  As you can see from the above, Ulster County is not like the national market.  Right now is probably the best time to buy here in decades.

2008 Full Year Ulster County Real Estate Statistics

by Team Ulster

 

The following statistics were taken from the Ulster County Multiple Listing Service (MLS). These statistics include all single family homes sold in Ulster County that were listed on the Ulster County MLS. We will be comparing statistics for the full 2008 year with the previous year's statistics.

There were small statistical changes (decreases of up to 4%) from 2007 to 2008, except in one area: the number of single family homes sold, declined by about 24%.

The average sold price for single family homes decreased by about 2% from 2007 to 2008, from $304,891 to $297,256.

The median sold price for single family homes decreased by about 4% from 2007 to 2008, from $255,720 to $245,000.

The number of days a sold house was on the market from the time it was listed until the closing date, decreased by 2 days (about 1%) from 2007 to 2008, from 164 to 162.

The sale price to list price ratio decreased by a little more than 1% from 2007 to 2008, from 95.22% to 93.79%. That means that in 2008 the average single family home sold for about 6% less than the final listing price for that home.

The number of single family homes listed in 2008 decreased by about 4% from 2007, from 2,939 to 2,802.

The number of single family homes sold in 2008 decreased by about 24% from 2007, from 1,224 to 931.

If we go back to 2006, we see that in the past two years, the average sold price of a single family home increased by about 3%, from $287,827 to $297,256; and the median sold price decreased by about 2%, from $251,750 to $245,000.

Prices for single family homes haven't changed that much in Ulster County over the past couple of years. So, Ulster County real estate is an excellent investment, as it continues to hold its value.

Should I Buy a Home Now?

by Team Ulster

I’m often asked if this is a good time to buy a home.  Some clients are concerned that home prices may fall further than they have already.  They are assuming that the best course of action is to wait for the bottom in the market and then buy.  The problem with this approach is that you don’t know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability.  Even though interest rates have gone up in the last six months, they are still near historic lows.  Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life.  It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.”  To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Displaying blog entries 111-113 of 113

Contact Information

Photo of Laurel Sweeney Real Estate
Laurel Sweeney
Berkshire Hathaway HomeServices Nutshell Realty
1209 State Route 213, PO Box 452
High Falls NY 12440
Office: 845-687-2200
Toll Free 877-468-5783
Fax: 845-687-4162

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