Dutchess and Putnam counties may be considered “Nextchester” in some circles, but despite the hype, sales of new homes fell in June by the largest amount in five months. Brokers continue to describe the market as “flattening””“ a kinder, gentler way of letting anxious sellers know to expect prices will continue adjusting downward.  And where they will settle, nobody knows ”¦ or is willing to venture a guess.
Whether new construction or existing homes, both markets continue to lag as banks and mortgage brokers tighten lending restrictions and subprime borrowers faced with unmanageable mortgages are darting to dodge foreclosure.
Sal Previdera, director of communications and special projects for New York State Association of Realtors, is optimistic despite pessimistic reports. He says Hudson Valley numbers are “looking good. The mid-Hudson region is still healthy. Although there is a bit of a drop in Putnam, it only seems to be by a couple of sales.”
Previdera said the state is falling back from its record-setting years, but as a whole is not displaying the gloom and doom the national level is experiencing. “We are seeing a landing from an all-time high ”“ we set a record for sales in 2005. Bidding wars are a thing of the past, and they”™ll remain a thing of the past.”
The median home price across the state is reportedly $250,000, the same as it was in 2005.  Previdera”™s advice: “Price it right and it will sell.”
Similarly, Roberta Glinton of Hawks Nest Realty in Port Jervis says the same of her market, which covers Orange and part of Sullivan County. “The market is slow, but we are selling. Buyers are more savvy than ever. They have the Internet at their fingertips and can pick and choose without leaving home ”¦ houses priced competitively sell. If someone wants to hold out for their price, they might be holding out for a long time. It”™s not the same market as it was a year ago.”
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“Sellers must make concessions and realize home prices are not what they were a year ago,” said Don Maher, associate broker of Prudential Serls in Fishkill. “Most homes priced under $450,000 are selling. Dutchess is an entity in and of itself in that we have several major corridors. We have Metro-North on this side of the river. If we”™re being referred to as ”˜Nextchester”™ it”™s a pretty good analogy. Westchester taxes are driving people farther north and right into Dutchess.”
Jean Rowe, executive director of the Builders Association of the Hudson Valley in Orange County”™s New Windsor, said new home contractors who also do remodeling on the side are “faring the best” in the market. “That really just confirms what Dave Seiders, chief economist for the National Association of Homebuilders in Washington, D.C., told our members three years ago.” Rowe said the regional builders are hoping to lure Seiders back to the Hudson Valley by the end of this year for an update.
All agreed mortgage rates are still attractive, and it”™s a great time to enter the housing market ”“ as long as you have the money and good credit standing to do it with. “The bottom line is, the seller has to be happy with the price they are getting, and the buyer has to be happy with the price they are paying,” said Maher
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