Rockland Real Estate Perspective

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Rockland County Real Estate Market Snapshot Week Ending 11/16/2008

The numbers held steady this week in Rockland County, NY. I've added a new report metric, Price Revisions. I think it's important to watch over time how many homes are undergoing price revisions because it helps anticipate a trend in sales prices over the upcoming three months.

My strong sense is that in Rockland County, we have not seen the trough in the market in terms of valuation. Owners who want or need to sell in the next six to nine months would be wise to get their home on the market today, and make sure it's in the top 10% of value among the competition. This is likely to be the highest market valuation we will see in the forseeable future.

Buyers, however, should not shy away from the market. I know this sounds like a bit of a paradox, if my prediction is that house prices in Rockland County will continue to decline. However, buyers who are planning to live in a house long term will see an increase in the value of the house over time. Real estate has always bounced back after evey down cycle and prices have risen. (Think about it. The population in the United States is growing every year. So, every year there are new first time buyers coming into the market, meaning more competition. Housing starts are the lowest they've been in 18 years. Law of supply and demand dictates that as demand increases, and supply decreases, prices will go up.)

Also, mortgage interest rates are still historically low, hovering around 6.125% at the end of the week. If inflation kicks in, interest rates will begin to rise, and over the life of the mortgage will wipe out any short term gain seen in purchasing a house for a few percentage points less. (I did ok in economics class during my college years. However, I am finding the application to today's housing market far more interesting than I ever imagined sitting through those long dull lectures.)

 Here is this week's housing market snapshot for Rockland County, NY

Rockland County Market Snapshot
Week Ending 11/16/2008
               
Single Family   Condo   Multi Family
New Listings 36   New Listings 14   New Listings 5
Price Revisions 74   Price Revisions 29   Price Revisions 7
Under Contract 21   Under Contract 12   Under Contract 3
Sold 18   Sold 11   Sold 1
Expired 47   Expired 14   Expired 9
Withdrawn 9   Withdrawn 2   Withdrawn 1
               
Avg Sale Price $446,719   Avg Sale Price $236,850   Avg Sale Price $270,000
Total Active 1252   Total Active 445   Total Active 89

If you are in the market to sell a house or to buy a house in Rockland County, I'd be happy to discuss your goals and help you devise a plan to achieve your goal. If you are curious to see a market snapshot for your Rockland County or Orange County neighborhood, please contact me.

Statistics from the Greater Hudson Valley MLS, as of 11/16/2008

jennifer mallory | associate broker  |  "real integrity in real estate"
keller williams hudson valley realty II | 130 N Main St, Nyack, NY 10960 
845.521.3135 |  845.323.6247 mobile  |  www.jennifermallory.com

Comment balloon 2 commentsJennifer Mallory • November 16 2008 06:27AM

Comments

Jennifer - Your report will give the consumer a good indication of the market.  You gave a good reason to buy now.  Although price might dip some more, this could be offset by higher interest rate if you wait too long.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 9 years ago

Jennifer: In this market, both buyers and sellers need to be very clear on their motivation for selling and their goals for doing so. And then both need to be very realistic and look at the trends for the coming months. What I see in my market is that most motivated sellers and buyers are better off getting in the market now than waiting until the Spring. It is just not clear what will happen to the housing market with the economy in such flux.

Posted by Jennifer Mallory, Nyack NY Real Estate Broker Associate (Keller Williams Hudson Valley Realty) over 9 years ago

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