Wednesday, February 15, 2017 / by Vanessa Saunders
Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise. That case cannot be made for the Hudson Valley of New York. The graphic below shows state averages in increased equity over the last year, from CoreLogic’s US Economic Outlook.
But here is where statistics stumble. While New York may have have had an average $12,000 increase in overall home equity growth in 2016, the breakdown by county isn't nearly as rosy for the Hudson Valley. A report on the New York Home Price Index, (also provided by CoreLogic for the Federal Reserve) shows, for example, a mere .6% increase in home prices for Rockland County, not even one percent. Westchester is not much better, raising just .7% over the last year. (For an interactive map of the Federal Reserve's national housing price index, click here.)
The graphic below shows a county by county picture of New York housing prices for the last year.
Pricing continues to be the single most important factor and most frequent mistake sellers make when putting their house on the market. We recommend starting out with an initial asking price slightly below market value to flush out buyers and starting a bidding war. We have seen this strategy to be most effective in this unusual housing market.