Friday, July 24, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
A sales report released Thursday by Corelogic showed real estate activity in the Hamptons setting an all-time high for the area's median home selling price. Buyers furiously raced to buy properties and drove the median up 27% in the second quarter. All this while the number of transactions fell by 13%, a sure sign that homeowners in New York are holding onto their homes, causing an inventory shortage as they wait for prices to rise further to meet demand. The Hudson Valley reflected similar, if less dramatic price increases as it dealt with its own inventory shortages.
So why are some experts worrying about a price decline this fall?
Curbed, an American real estate and urban design blog network, reported today that the legs beneath the stool keeping prices up may be kicked away come October, affecting prices into 2021. They blame it on the Coronavirus pandemic. Says Curbed, "The belated decline would ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, housing sales inventory, pandemic, the future of real estate
Thursday, July 23, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
The Hudson Valley real estate market has changed dramatically in the last four months. The effect of the coronavirus pandemic has put much of the business of buying and selling homes on hold. For buyers, it has tightened the mortgage market, restricted the inventory, and made traditional means of transactions meaningless. Right now, the competition for homes is hot in the Hudson Valley, and buyers need to prepare themselves.
Here are 6 ways home buyers can give themselves a competitive advantage in getting a house.
1. Select a good mortgage lender.
(Due to the Coronavirus outbreak, obtaining a mortgage may be a bit of a challenge. Lenders are dealing with demand and staffing issues.) Finding a mortgage lender involves more than just getting a good interest rate; you want to work with the best mortgage companies, staffed by professionals who will guide you through the process. Barry Goldenberg of L ...
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Wednesday, July 22, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Second quarter home sales reportedly hit the predicted slump, but were high enough to suggest Q3 numbers may surge. Hudson Valley real estate brokers struggled with restrictions to battle the coronavirus pandemic in New York State, during Gov. Andrew Cuomo’s “New York on Pause” process. Agents were forced to conduct business online and show homes virtually. New York State permitted notary services online and attorneys conducted business in parking lots, in tents and between cars.
According to the July report by OneKey™ Multiple Listing Service LLC, home sales were down 39.8% in the Bronx; 27.9% and 27.4% in Orange and Westchester counties respectively, and 6.2% lower in Putnam County, as compared to Q2 of last year.
The report concluded that although sales in the second quarter were down, "real estate brokerage executives believe that since the home sales market entered the ...
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hudson valley real estate, hudson valley home, 'urb to 'burb, selling your home, housing sales inventory, first time home buyer, pandemic, the economy, health crisis, the future of real estate, saving the world
Tuesday, July 21, 2020 / by Vanessa Saunders
We wrote yesterday about the factors keeping homes for sale off the Hudson Valley real estate market. We named six "suspects" causing the dearth of housing inventory. There's one more:
30 year fixed rate mortgage interest rates that recently fell below 3%.
Freddie Mac’s nationwide survey of mortgage rates, released on Thursday, July 16th, showed the average on a 30-year mortgage at 2.98 percent, the first time this key rate has fallen below 3 percent since the government-backed mortgage finance firm began publishing the data in 1971. But unfortunately for home buyers in the Hudson Valley, mortgage rates so deliciously low have caused many existing homeowners to to refinance and stay put.
Mark Fleming, the chief economist at First American said in an appearance on Yahoo Finance, "I never thought I’d be able to say that a 30-year fixed-rate mortgage would be less than 3 percent but now we have it,” Fleming said. “That is in large part because of the economic ...
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hudson valley real estate, hudson valley property, hudson valley home, hudson valley home owners, housing sales, selling your home, housing sales inventory, financing, pandemic, mortgage, bidding war
Monday, July 20, 2020 / by Vanessa Saunders
Photo credit: Mohammed bin Rashid Space Center
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Why are there so few houses to buy in the Hudson Valley real estate market?
If you've searched for a house to buy in the Hudson Valley real estate market, you may as well be shopping for houses on Mars. In October last year, the nation had a 3.9-month supply of existing homes for resale. That means, at the pace of sales then, it would have taken 3.9 months to sell all the homes on the market. A supply under six months puts home buyers at a disadvantage.
“Overall buyer demand will remain very robust, particularly at the entry-level, in 2020,” Realtor.com senior economist George Ratiu wrote in a forecast. He was putting it mildly.
Who is responsible for the shortage of homes for sale and why? Here are six very good suspects.
Baby Boomers aren't moving out.
There just aren't many good reasons for boomers to sell. Coupled with ...
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hudson valley real estate, hudson valley property, hudson valley home, buying a home, 'urb to 'burb, hudson valley home sellers, hudson valley house, housing sales inventory, bidding war, the economy
