Dutchess County”™s housing market is “healthy,” according to Emily Craig, broker for Prudential Serls Prime Properties in Fishkill. Despite the nature of the current market, “the sales time has been prolonged for the residences that have not taken modest price reductions,” said Craig. “Therefore, compared to last year at this time, properties for sale take longer to close.”
According to Craig, the lack of municipal water and sewers in most Dutchess County townships is “one negative effect which buts desire against ability and availability for ”˜affordable housing.”™” The large lots, cost for private septic systems, “coupled with the cost for subdivision of building lots that are frequently zoned larger by different towns in the county, make it difficult to build new residences for the general work force,” Craig said.
Craig said increased interest rates for mortgages are also affecting the number of sales.
She said prices have been coming down in Dutchess. “There is an increase in available inventory in most price ranges so it is definitely a buyers market.”
In comparison to some neighboring counties, Craig said, “Buying and living in Dutchess County include lower prices and taxes, commuter convenience for desired sustained employment, economic diversity, excellent public and private educational institutions, quality health care and interesting cultural and varied recreational opportunities.”
President and broker Robin Ham of RGH Realty #1 Inc., who deals with real estate in Putnam, Westchester, Rockland and Orange counties, said the national subprime crisis has had an affect on all of the markets.
“(The market) is a little slow right now.” said Ham. “Buyers are nervous and banks are re-evaluating buyers right now. With me and my clients, I”™ve been having problems with the subprime ”¦ that”™s been my major problem. Having good credit is so important and lenders were being so lenient with loans that it has caused these problems.”
Since the mortgage meltdown, Ham said it is the first-time home buyers whom the market has been unfair to.
“Sellers are frustrated because their houses aren”™t moving and buyers are taking their time because the prices are too high,” Ham said. “But sellers aren”™t being realistic right now because they”™re still in the mindset that prices should be high.” In general, Ham said prices are coming down slowly.
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