It is a tricky thing to sell or to buy a house these days. Economic indicators are at odds, so it's hard to get a good picture of what will happen with the economy and the housing market in the coming months.
The country is flirting with a recession, but hasn't officially reached it yet. (GDP actually grew almost 2% in the second quarter of this year.) In Rockland County, comparing Q1 2008 to Q2 2008, employment was up slightly. The average home sale price dropped from $525,600 to $501,500, and the number of units sold increased from 215 to 281. And the number of units for sale increased from 5765 to 6602. Good news or not good news? Depends on where you stand.
Percentage wise, the amount of inventory on the market that sold increased, because many sellers lowered their asking price. For buyers who have good credit, and money to put down, now is an excellent time to buy. Sellers who really want to move on are negotiating and interest rates are still historically low. However, buyers with less than perfect credit and/or very little money to put down may be locked out of the market for a while and won't be able to cash in on the best deals.
For sellers who've owned their homes for a long time, now is a good time to sell, if you're looking to move up, or downsize to an area where homes are less expensive. These folks will likely make a neat profit on their sale, and get more out of their purchase in terms of real dollars. If, however, you bought during the crazy boom during 2004 to 2006, you probably have to sit tight for a while to see a profit on the sale of your house.
(Statistics from Greater Hudson Valley MLS, 9/2008)
jennifer mallory | associate broker | "real integrity in real estate"
keller williams hudson valley realty | 18 laurel rd, new city ny 10956
845.639.0300 x.119 | 845.323.6247 mobile | www.jennifermallory.com